Large Opportunity for Enhanced POS

Though they get plenty of attention for helping build business at Starbucks, Panera and at other restaurants, nearly half (46 percent) don’t have a point-of-sale (POS) system that offers loyalty capabilities, yet almost a third (30 percent) would like to implement one.

“A significant amount of new and emerging technology that can help improve efficiency, loyalty and efficiency,” Julie Pukas, head of US Bankcard and merchant Services at TD Bank, tells Mobile Marketing & Technology. “With these systems, restaurant owners can see if they are forming relationships with customers (repeat business) and if they are taking advantage of everything that is available. Five years ago, these systems did little more than process payments. Now there are integrated systems that support payments and go beyond that to support inventory, scheduling, loyalty and finances.”

The newer POS systems enable restaurant owners to capture more detail about customer behavior, business volume and other pertinent data, Pukas adds. “If a small restaurant works with a bank, the financial institution can help advise on a POS solution that matches [the owner’s] needs.  The more expensive systems aren’t always better.

In other survey findings:

  • Access to data on customer trends (29 percent) was most important to restaurant professionals and their business, followed by implementing the most innovative payment technologies (22 percent) and expanding locations (14 percent)
  • Over one third of restaurant professionals (35 percent) found that data capture was the most important feature of a POS system for their business
  • Most respondents (85 percent) believe mobile payment and loyalty offerings would help market their business to attract and retain millennial customers
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