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The importance of POS in the hospitality industry

April 12, 2024

  • Account Payments
  • B2B digital payments
  • B2B Merchants
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By Sigurður Guðmundsson, Chief Commercial Officer (CCO), emerchantpay

Sigurður Guðmundsson, Chief Commercial Officer (CCO), emerchantpay
Sigurður Guðmundsson, Chief Commercial Officer (CCO), emerchantpay

In the fast-paced hospitality industry, Point of Sale (POS) systems are not only crucial for payment success, but they can also play a key role in enhancing customer experiences. This article explores the vital role of POS technology in transforming how hospitality businesses operate and serve their customers. By examining the various benefits of POS systems, we uncover how these solutions are boosting efficiency, accuracy and customer satisfaction for an industry that never ceases to evolve.

Enhanced efficiency

POS terminals, specifically SmartPOS systems, can significantly improve business efficiency by offering several beneficial functions. A SmartPOS combines traditional payment processing with the capabilities of a smartphone or tablet and is designed to offer merchants more value-added applications. Through Electronic Point of Sale (ePOS) and SmartPOS apps, hospitality businesses can effortlessly manage tables, maintain real-time menu updates based on product availability, showcase daily specials, track both in-person and online orders, facilitate bill splitting and dynamically adjust pricing, catering to fluctuating demands such as during Happy Hours.

Additionally, by integrating phone orders with over-the-phone payments, businesses can streamline operations for their staff. Commonly referred to as MOTO payments, they allow a restaurant to manually input the customer’s card details directly into the terminal.

For added convenience and security, hospitality businesses should consider partnering with a payment service provider offering both POS terminals and a Pay by Link solution. This approach ensures that customers have a secure method to prepay for delivery orders or table reservations, enhancing service offerings.

Improved accuracy and precision

Improving payment accuracy is a critical feature of POS systems, especially when integrated with ePOS solutions. By automating payment processes with an ePOS integration and the card terminal, the hospitality industry can benefit from reduced errors associated with manual entry, ensuring seamless and precise transactions.

Moreover, the synergy between POS terminals and ePOS systems facilitates self-ordering at kiosks, granting customers the freedom to review and tailor their orders at their leisure. This approach not only minimises errors but also elevates the overall customer experience.

Insights into transactions

Understanding the performance of various locations is crucial for businesses operating across multiple sites. For example, a restaurant chain with several branches that uses POS solutions can create distinct Merchant IDs (MIDs) across all its sites to ensure precise breakdowns of profits from each location. This not only facilitates accurate financial analysis but also enables businesses to tailor strategies and operations to the unique needs and performance of individual outlets. Therefore, organisations can gain valuable insights into the profitability and operational efficiency of each location, enabling informed decision-making and targeted improvements for sustained success.

For long-term insights, it’s important to ensure payment providers offer a comprehensive dashboard that breaks down transactions by MID, channel, payment status and selected time ranges. Additionally, taking advantage of simple daily reports right from the POS device provides convenient, real-time information. Furthermore, integrations with ePOS providers can yield more detailed insights into customer order preferences and trends.

A tailored payment experience

POS systems provide customers with a diverse array of payment methods, including contactless payment options. Tip preferences are customisable, offering customers the flexibility to either opt for a percentage amount from a selection of choices or input a bespoke tip directly into the system. Additionally, customers have the option to receive their receipts in print or digitally, via email or SMS (text message), catering to their preferred method of record-keeping.

Hospitality businesses can also elevate their customer experience with a more engaging payment solution, such as a HD touchscreen interface. By collaborating with their payment service provider to personalise the POS interface with the brand’s logo, businesses can enhance brand recognition and engagement.

Ultimately, partnering with a trusted payment provider empowers businesses to elevate operational efficiency, optimise financial management and deliver exceptional customer experiences. These initiatives culminate in bolstering growth and fostering competitiveness within the ever-evolving hospitality industry.

 

 

 

 

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