POS systems offer a wide range of benefits for both restaurateurs and employers. However, these benefits come at a cost that can feel daunting for new and expanding restaurants.
The good news is that with point-of-sale financing programs, these vital tools are both affordable and accessible.
Here’s what every restaurant should know about financing a POS system.
What Types of Merchants Could Benefit from POS Lending?
POS software is often used by retail merchants since it speeds up the in-store purchase process tenfold.
However, it is even more popular in the food and beverage industries. Here, servers and restaurant owners can take faster, more accurate orders and payments with a few simple taps on a screen. From small coffee stands in the city to massive bistros in the suburbs, POS systems greatly transform an establishment’s ability to provide superior customer service.
Despite these long-term benefits, many food and beverage establishments wait to adopt POS tools due to the cost. Time, money and energy are required in order to transfer to a POS system, and these resources can seem already depleted for a busy restaurant.
So what is a growing restaurant to do? That’s where POS financing swoops in to save the day.
What Are the Benefits of Point-of-Sale Financing?
Point-of-sale loans have been popular in the restaurant industry since POS tools first emerged on the market. However, recent financing innovations have made it easier than ever for small businesses to access POS software.
Here’s how your company can benefit from fast, affordable POS financing.
Faster, Stronger Checkout Process
Point-of-sale financing is beneficial because it allows you to upgrade your payment processing tools right away. Rather than waiting until you have the finances to purchase POS tools and software, financing helps you start accepting and processing payments in an instant.
With the ability to start making more money at a minimal initial cost, POS financing is a no-brainer for many up and coming restaurants.
In fact, many restaurants turn to POS financing so that they can enjoy the benefits of POS processing without paying the major upfront costs sometimes associated with a full POS purchase. Restaurants are constantly spending capital on food, upkeep, marketing, rent and more, so owners and operators may think that a POS system is an expense that simply isn’t worth the extra cost.
With POS financing, you don’t have to make this sacrifice. Keep your daily operations flowing as normal without worrying about making budget cuts. Then, see how your business begins to grow.
Better Customer Experiences
It’s important to understand that a POS system isn’t just about improving the purchase process. In fact, it’s about providing your restaurant with deeper, on-demand insight into what your customers want and expect.
What is the most popular menu item this month? What have people stopped ordering? How old are these customers? Where are they visiting from? What do they expect from you? A POS system can answer all of these questions and more.
It also equips your employees with the on-demand knowledge they need to better cater to customers. A POS system provides access to detailed information on purchase history and order behavior, so servers can easily make suggestions that delight and impress customers new and old.
A Low-Cost Long-Term investment
A POS system provides your customers with a stronger, safer, and more satisfying experience. And when that POS system is financed, these irreplaceable benefits are available to you without the stress of a major investment.
Whether you’re selling street tacos or you’re a full-service French restaurant, your customers need you to be reliable, dependable and on your feet. Finances shouldn’t hold your company back from reaching its ultimate potential.
With POS financing, the nuances of a great customer experience are no longer reserved for five-star restaurants; they’re (affordably) at your fingertips.
What Does POS Financing Involve?
Financing a POS system requires access to the right hardware and software. The specific tools you loan depend on your company’s size, but the best lending systems provide fully customizable technology that suits your specific needs.
A POS financing system will typically involve tablets, but desktops and mobile phones can also be added depending on your company’s day-to-day actions. Tablets can be stationed at the bar and hostess stand, as well as the back-of-house office, for on-demand order-taking and status updates.
A POS system provides your customers with a stronger, safer, and more satisfying experience.
Tablets are also required for taking orders on the go, making it easy for customers to order and pay at their table. As a manager, mobile phones can come in handy for helping you access restaurant information on-demand, from anywhere.
Expertise and Training
If you don’t know how a POS tool works, investing up front might seem daunting. Plus, you have a staff and employees who need to quickly learn and leverage this tool in order for it to be worth the investment.
Financing provides your restaurant with instant access to all of the essential benefits of a POS tool, as well as a dedicated team of support experts should things go awry. Whether you have questions about the software tool, or you want to make sure you’re using it to its full capability, financing allows time and space to get up and running with the tool.
Choosing a POS financing program can improve the customer experience, boost patron satisfaction and increase overall sales. Plus, it makes all of these benefits available to a growing restaurant at an affordable cost.