Splendid Benefits of Modern Payment System and its integration with POS
Nowadays payment systems are integrated with POS (Point of Sale) for a robust payment experience for both customers and restaurants. There are multiple benefits of a modern payment system for instance you can have complete flexibility in the payment and as new payment methods are introduced and practiced often, a well-integrated POS with Payment Method is surely a lifesaver. While a standard POS and payment processor will allow you to ring up sales, the right solution can boost your business efficiency, streamline your accounting and reconciliations, and even lower your costs.
Benefits of a Modern Payment System
At first glance, it may seem like the advantages of payment integrations are only limited to the checkout counter. But in reality, it has a greater impact as integrated payments have positive effects in multiple areas of your restaurant business, including customer service, business intelligence, and profitability.
Let’s have a look at the benefits of payment system integration.
Complete Payment Flexibility
Get Paid Faster
Secure Payment and POS Integration
Lower Operational Costs
Reduce Human Errors
Get Better Reporting and Insights
1. Complete Payment Flexibility
In order to stay relevant amongst your customers, you need to meet and exceed customer expectations. You are supposed to accept a wide range of payment methods to make it more convenient and flexible for your customers. A restaurant will lose its customers because of a lack of payment options. Luckily, FoodBucket is here for your rescue and provides you with an easy-to-use and managed payment system. Through FoodBucket, you will be able to integrate the payment options at your convenience. In restaurants that accept universal payments, their customers tend to be happier and come back and thus it also demonstrates your business’ drive to stay on top of payment trends.
2. Get Paid Faster
One of the amazing benefits of payment system integration with POS is that you get paid faster by various payment methods. Electronic transactions are much quicker than cash transactions. Furthermore, an updated and modern POS solution speeds up the whole process with technology and the fastest internet connections.
3. Secure Payment with POS Integration
Your payments can be more secure with POS integration rather than stand-alone payment technology. The integration with POS saves you time and money by pushing the transaction directly to the payment instead of manually entering the amount. You can also have the updated invoice automatically and POS Reporting will further facilitate you to track back the accuracy.
4. Lower Operational Costs
Modern payment systems are offering you different ways to lower your operational costs. The greatest benefit to integrate the payment system into POS is the system's ability to communicate seamlessly with multiple payment devices and workstations at once.
5. Reduce Human Error
Chances of human error and mistakes are always there if things are being managed manually instead of systems or solutions. POS systems with payment method facilities reduce errors as orders are punched and processed seamlessly and any human intervention is recorded hence reconciliation and identification of errors are easy. Furthermore, it also eliminates the need for manual end-of-day reconciliations, thus reducing the chances of mistakes.
6. Get Better Reporting and Insights
With payment integration, you can gain data and insights about your business. Through this, you analyze your sales and payment data in one place instead of shifting to multiple platforms to check the reports. Reporting is a powerful tool that helps you track your cash flow, credit card payments, cash transactions, and inefficiencies that affect your bottom line. With powerful payment reports, you can prevent food theft, and human errors. It also helps you to determine how your customers prefer to pay and figure out how many sales are discounted or sold at full price.
Simply put, the right POS and payments reports help you make more informed decisions and forecasts for your business.
7. Split Payments
You can enhance customer experience by allowing Split Payments for seamless and speedy operations. You can only be able to split payments when your payment system is well-integrated with the point of sale. As it is a demand of the current era, customers ask for split payments and have a proportional impact on taxes, discounts, and surcharges with split payment receipts. You can read the complete documentation of Split Payments here.
Payment integration with POS has a tremendous impact on your business with remarkable benefits. That’s why if your POS and payment systems are not well integrated, then consider updating your system and shift to FoodBucket Restaurant Management and Automation System now. FoodBucket allows you to link taxes to your Payment Method which includes Online Payment Tax and GST (General Sales Tax). Nonetheless, you can get paid-based reporting with FoodBucket with the following notable benefits:
FoodBucket POS Payment Reports help you to track cash flows.
It allows you to get separate Reports from each payment method.
It determines how your customers prefer to pay.
You can figure out how many sales are Discounted or sold at full price.
You can help prevent employee theft and errors.
With all the above-stated benefits, you will able to:
Create the right discounts for the right customers at the right times
Apply Discounts directly from the POS
Increase sales, retain old customers, and earn new ones by offering gift cards
Engage your customers and streamline checkouts with a Customer Display System (CDS)
Build a community of repeat customers
Display dynamic and custom imagery on your Customer Display System