Point-of-sale (POS) technology has revolutionised the way that we shop and trade. It’s the evolution of the cash register – enabling businesses to process sales and accept payments, whether they are cash, credit cards or being paid via mobile. The right POS system can be transformative for business, enabling more efficient transaction management and streamlining the cash handling process.
How does POS technology work?
POS technology uses software combined with a device to enable sales to be processed, payments taken and funds sent on to business accounts once a sale has been completed. A POS can be tailored to the needs of the individual business, for example printing receipts or scanning bar codes too. Even a small enterprise can benefit from a POS system that enables sales to be electronically processed and recorded.
The benefits of POS technology
- Better inventory management. Making sales with POS provides an electronic trail for everything that is processed. Data on what has been sold is tracked and recorded, which can be crucial to enabling better inventory management and helping a business keep track of what has been sold. A POS can also be set up to provide inventory management support, such as sending out notifications when certain stock is low.
- Multi location options. The right POS will enable the management of multiple locations from a single system. This makes it much simpler and more efficient to monitor different restaurants or stores within a business.
- More flexible payment taking. A POS isn’t just for business with an established premises. It’s also a useful tool for taking payments in a more flexible way from any location. Builders and those carrying out repairs, for example, can take payments for a job on site and are not restricted purely to invoicing after the event (although most POS systems will also integrate with invoice software too). For those in the restaurant industry, summer food festivals, food trucks and pop ups are much easier to enable with POS technology.
POS and the restaurant and hospitality industry
There are a number of POS features that are ideal for the restaurant and hospitality sector and can help any business in this industry to be more effective and efficient, including:
- The ability to quickly change menu items to adapt to availability
- Easy communication with the kitchen or bar with respect to menu item modifiers
- Simple reconciliation of cash sales at closing time or the end of the service
- Integrated tipping to ensure that staff get the extras that customers have intended for them
- Diner and customer flexibility when it comes to the bill – for example, leaving a tab open so that it can be settled later on or splitting bills between different diners
- Simple, accurate, fast order communication and ticket printing between wait staff and the kitchen
A sound POS system provides a strong framework for any business in the restaurant and hospitality sector, whether you’re looking to streamline or expand. Contact us to find out how this technology could support your enterprise on to greater things.