No matter whether it is about live concerts and sports matches or cocktails and educational initiatives, the truth is that most of us love going to events. Apart from the event itself, a big part of the whole experience depends on the organization, the payment processing services and the smooth operation of the main purchasing points. That is why, event managers’ main goal is to ensure that all registrants and visitors will benefit from a seamless organization, faster and easier services.
Miami-based Unified Payments, a subsidiary of Net Element Inc. since 2013, earned the No. 1 spot on the Inc. 500 list of America’s fastest growing companies in 2012. Today the fast pace continues with tech-driven, value-added innovations. Most recently, Same-Day ACH (automated clearing house) payments became an option on its gateway for the benefit e-commerce and card-not-present merchant clients.
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Owning a small to medium-sized retail business, operating a service or proprietorship within the hospitality industry, and other such for-profit endeavors are all on the verge of coming with a requirement to integrate POS technology into every aspect of operations. Those whose limited understanding prevents them from getting on board will simply fade out — unless they have a very generous benefactor who enjoys wasting money. If your spectrum of knowledge pertaining to POS technology — and all of the various operational tasks it streamlines — consists of envisioning it as a high-tech form of checkout, it’s time to POS-up.
More than a Fancy, High-Falutin’ Cash Register
A POS system is vastly more than an improved method of producing speedier checkout processes, although POS technology is certainly capable of doing that. By Integrating POS technology into your operations, you have a tool for creating, most efficiently and effectively using, storing, accessing, assessing, retrieving, comparing, counting, replenishing, projecting — just to list a few. Within the scope of POS functionality, you have broad spectrum information and impeccable aptitude for effectively micromanaging every component of your responsibilities — including products or inventory, employees, vendors and customers. A POS system, while being a super-charged form of accepting payments, is also about the furthest-away business tool that you could ever conceive of — no matter how hard you tried.
Your Best Worker, Ever
With a well-matched POS system to complete your business operations, it becomes your financial advisor, your manager, your CEO, your accountant, your bean counter, your customer satisfaction engineer, your undercover security system and much more. And unlike humans — even the most well-intentioned ones can occasionally slip up, with some others who are not so lacking in harmful intentions capable of providing incorrect information that could prove nearly ruinous in the right scenarios — so unlike humans, your POS can not let you down. This is, obviously, provided that the info is entered in correctly and succinctly. This being stated, at the very foundation of POS technology lies the critical need to match functionality with need, mostly on a “by industry” basis.
Educated Choosing is Imperative in POS Shopping
It is your responsibility as a business owner to make sure the POS system is well-suited for your business. A small, Mom and Pop-style business in Zeb Oklahoma will certainly have different needs than a Food Truck enterprise consisting of multi-trucks and operating out of NYC. In the same manner of thinking, a sit-down dining establishment and bar’s POS requirements would not be the same as those best-suited for a trendy boutique that’s selling sunglasses at a mall kiosk. You must first learn enough to be able to narrow down your choices by need. A program loaded with an excessive number of features will prove to be more overwhelming than helpful — particularly for the novice. On the other side, not having a way to manage a business’ core operations would parlay into a waste of time and money. The time you spend on getting the right system will pay off, exponentially.
Prevent Problems with a Smart POS Start
There are a number of ways in which a less than stellar start can threaten your relationship with your new potentially best friend — your POS. The following are among the most frequently shared POS “don’t dos,” from now-seasoned POS fans whose starts almost nixed the deal:
- Don’t Neglect Training Your Employees. A great aspect of POS systems is the training they provide, ensuring the same information and methods are given to each employee.
- Don’t Give Blanket POS Access to everyone on Staff: While certain POS components are designed for use by different sectors, like servers, bartenders, sales associates and more, limit all other access to only one or two trusted employees in addition to yourself.
- Don’t Dispense with Customer Support too Soon: Make sure you’ve thoroughly “got it” before winging it on your own.
- Don’t Think Because One Type of POS Works for a Buddy, it’s What You Need: Again, every business — even two different ones within the same industry — will have different priorities. YOU do the homework and YOU do the choosing.
- Don’t buy the POS Hardware Before Studying Software Options. Just don’t, and you’ll understand why, rather quickly.
- Don’t Take too Long to Program Your POS, Fully: Snooze ya lose, or better, piecemeal starts are a good way to become frustrated to the point of giving up. Invest the time, and your POS will make you a happy camper, all the way around!
Anyone whose job at one time entailed the arduous days of Excel spreadsheets, and spending hours on end trying to make sensible disbursement tallies from endless cells of numbers pertaining to restaurant operations does not want to be reminded of it. Thanks to modern POS systems — particularly Software as a Service POS systems, all of that stuff is typically built into the software. You can expediently locate any needed report in real time on the cloud, and by using any device, from anywhere. Now, the best POS systems provide a customizable-by-priority POS dashboard for all your reporting, based on the details that work best for you, or whomever is to use it.
How a Multi-Check Dashboard Makes the Server’s Job Smoother
Typically, the amount of time and energy your servers must spend on guest checks — from printing them, to splitting them and closing them out (often requiring more than one payment form,) winds up reducing any opportunities they might have otherwise had to sell menu items. A Multi-Check POS Dashboard makes it possible for your servers to easily add subsequent orders to the check, and at the very same time, they are able to see all their open checks simultaneously, where they can perform a multiplicity of functions on multiple checks. They never have to leave the dashboard, in the former standard requirement of switching back and forth. And from this same multi-check dashboard, each server can print and close out the bill. With this dashboard, management can seamlessly overview each server’s performance for any shift and make key assessments to determine each server’s strengths and weaknesses.
The Dashboard Improves Special Payments
With the POS dashboard, orders are smoother, quicker and almost impossible to screw up. Additionally, the dashboard takes carryout orders consisting of several different orders paid by just as many individual parties to a new level of proficiency, with both pickup and those orders placed in-house. Staff-personalization optimizes productivity, providing the creation of up to thirty commands up for personal touches. The prior tedium of applying discounts, specials, promotions and gift cards is improved, as all become expediently and easily handled.
Dashboard-Facilitated Sales Reports
Obviously, sales are what sustains your business, and are your number one priority. The POS sales report dashboard gives you an excellent overview of every transaction that was completed within a time span which you select. This at one time, would have been more complicated to navigate, and a general headache. The most sought-after POS features to look for include net sales, charged gratuity and tips, total of guests served and table turnover time. It should include the different service types as well as the various methods of payment. Your restaurant’s sales report dashboard will give you an overview created from the operational metrics most important to you. Then, specific categories can include details broken down as finely as you need to develop the most profitable strategies and to operate with the highest level of organization. With the benefit of the multi-check dashboard, managerial diagnostics are best facilitated with the best succinct evidence.
The chief reason for any business — of any kind, size, location and age — was, is and will be to generate revenue. Profits don’t always have to be in the form of cash or money — they can consist of anything deemed to be of value to the proprietor. And on a side note, the IRS is just as interested in bartered transactions as it is cash, but that’s another story, for another time. Because revenue generation is at the forefront of all business ambition, it makes sense that anything stopping its progression or otherwise detracting from it would be regarded as counterproductive, and unfavorable. Among the most frequent revenue-reducing issues that businesses today face are:
- Being closed
- Being understaffed
- Decline of traffic/purchases
- Products or services becoming obsolete
- Competitors offering better deals
- Increase of overhead
Surely, ever since the dawn of retail, some kind of theft has been an issue. In many ways, it’s one of the most personal affronts a business owner can face, and because of its prevalence, most large corporations actually factor in a certain amount of loss by theft into their budgets, along with monies allocated toward loss prevention.
The Classic Employee Lift
Most employee theft occurs during the checkout process, by artful manipulation of a transaction, whether it be to the cashier’s advantage or the purchaser. Among the methods most commonly practiced you’ll find register/cash drawer totals reduced by surreptitiously-entered refunds, discounts and voided sales. They can modify prices, cancel completed transactions and report the purchase’s inclusion of nonexistent coupons. In restaurants, it’s estimated that billions of dollars are lost annually from food, alcohol, cash — supplies, equipment and more are taken by employees.
POS Technology Promises Theft-Reduction Solutions
Among the myriad of benefits derived from POS-transacted theft prevention is just how affordable it is. And according to statistics, it’s not so much shoppers (or in this case, shoplifters,) who are doing the pilfering, but employees. This particular discrepancy exists exclusively in the U.S., where employees minimally more than double their percentage worth of the world’s stolen stuff from businesses. The loss gets passed along to shoppers, who must pay more for their purchases, averaging around $400 per American household on a yearly basis. While no method of total eradication exists, POS technology is quite promising in reducing those numbers.
Video Surveillance with POS
From the moment employees know they’re being observed, employee theft will be significantly reduced. With your POS system, you can integrate security cameras and video recorders that record food and drinks being delivered, sales as they’re rung up, with the exact identifying details of each transaction superimposed in print onto the recording. These are stored in chronological order, for easy access when needed. Cameras can be set up to record anywhere staff handles cash, the traffic to and from all establishment portals, inside walk-in coolers or where other valuables are stored.
Compare log-ins and server activity against the inventory control feature of your bar POS to find out which employees are giving away drinks or charging less for top shelf brands. By reviewing employee paid-outs and discounts, and auditing staff time and attendance records, you’ll have easy access to any theft-related inconsistencies. There is so much more you can do with your POS system to bring that bottom line to a much happier place.