The restaurant business is one thriving business. Many ambitious entrepreneurs are looking to venture into a restaurant, cafe, or a food chain in India. And with the industry witnessing exponential growth every year, it is one of the most lucrative ventures. However, it may all seem hunky-dory from far, but managing a restaurant business is not a piece of cake.
With keeping the inventories, reports, payments, and sales in check, the job is cumbersome and retailers have to face a multitude of problems every day. And to save one from all the hassle, a point of sale POS system comes as a solution. This system provides the solutions for efficiently managing the retail business by accurately collecting and recording data so that you see a clear picture of how your business is functioning and you continually improve it.
Benefits of using a POS machine in your restaurant are numerous. Here is how it is a boon for retail businesses.
Easy unsecured machine loan
Post note ban, people prefer using digital currency more. With card swipe machine, transactions are directly being done in the account. Digital lenders like Indifi offer easy machine loan to merchants wherein they can pay directly through daily deductions from card swipe machine transactions. This allows them to expand their operations significantly.
Detailed and Accurate Reports
Accuracy is a key element when dealing with an extensive inventory. Inventories that fail to match tallies, unrecorded sales and human errors followed by the time wasted on correcting them are very common problems faced by business owners. It can be all avoided with a POS machine which accurately collects and records data for smoother functioning of the business.
Easy tracking of Inventory
A POS machine ensures a better record of inventory and takes into account every product movement like sales, date of sale, price, etc. This allows for easy tracking and a better record of inventory.
In traditional systems, the sales data are maintained in excel sheets after getting it from cash register followed by calculating the inventory movement for each item. But in pos system, all this is done in the same system without the need for fetching data from anywhere else. It thus saves a lot of time and prevents manual errors.
Customer convenience is very essential in any retail business. POS machines offer the best of the facilities to their customers. With more people using digital currency now, they prefer paying with their cards at restaurants instead of cash. A restaurant with a POS machine tends to get a better wallet share of customers and better convenience.
Better customer relationships
A POS system not only holds the full capability of running your business and making it more efficient, but it also takes care of effective marketing strategies. POS machines can give accurate consumer behavior reports around which a marketing strategy can be devised. This will result in better relationships with existing clients and new clients.
A restaurant POS system upholds the quality of generating a variety of essential business reports like generating real-time information about profits and loss, popular items, inventory, stock, credit card transactions, and server’s sales. A restaurant employing this system benefits in a multitude of ways with increased efficiency in record keeping as all data is achieved by the computerized system. These businesses thus find it easier to get machine loans from digital lenders like Indies.
There is no comparison between a traditional cash register and POS system. Being a software, there is always a scope of adding more features to it. Many modules are available for defined functions which can be incorporated with the primary POS machines to make it upgraded and better. It also allows you to control the entire inventory from one hub like the main branch or head office.
The digital lenders like Indifi offer flexible repayments on the retail business loans that are issued against the POS machine transactions. The restaurants get the benefit of linking their repayments to the transactions. Thus, they pay as per their pockets. If they earn more, they pay more and they do not have to bother about paying the same amount of money even when they are not earning the amount during the lean patches.
This is a huge relief for restaurant businesses as they can avail retail business loans that are completely aligned to the business patterns without having to worry about regular EMIs, as is the case with the traditional lenders.
Multiple payment types and customer accounts
A POS system gives options for a number of payment options including cash, credit, debit, payment wallets or account. The system also allows you to keep track of your different customer accounts.