While starting a new restaurant business, one of the biggest concerns in searching for an automated restaurant management system, good rental restaurant space, and kitchen equipment is selecting an entirely and perfectly functioning restaurant POS system for your restaurant.
A restaurant POS system comes up in different price ranges, types, and features. This blog is going to explore how much does a restaurant POS system cost. After all, hardware equipment, raw material cost calculation, investment calculation, and estimating a forecasted cost & profit are very crucial while running a restaurant.
Some restaurant owners' might feel this is a waste of money or unnecessary luxury. But, in reality, a restaurant POS system is one of the mandatory core equipment in a restaurant, which many restaurant owners don't understand.
The "Restaurant POS system" is a restaurant billing software. Using this, a restaurant owner will click and record the customer's purchase along with the time & date.
Many restaurants' might say a POS machine is expensive, but in reality, restaurant POS machinery is a time & effort-saving package.
The outer structure of a restaurant's POS machinery is just like the vintage old fat computer, but the difference is the inside interface.
The inside interface is called GUI POS, hence "showcases completely different types of interface, for instance, showcasing the image of the food items along with the price and quantity. And whenever the customer asks to order, the user (restaurant staff) will click & select the item and initiate the purchase.
The fundamental function of a restaurant POS system is to record the customer's orders and accept the payment. Using this advanced POS system, restaurant owners now increase their capabilities, customer capacity, and better customer satisfaction.
Moreover, it will also assist the restaurant staff in sending the customer order to the kitchen display system (KDS). Hence, it becomes easy for kitchen chefs to start the cooking process.
In addition, the restaurant POS system has other features too, which certainly help to manage the restaurant. Features such as:
Now I'm going to explore & analyze the answer to the query for the costing of the restaurant POS system. This total restaurant POS system is divided into 3 different parts: hardware, software, and other additional features of restaurant POS software.
Usually, the cost of POS hardware parts of a restaurant POS system depends on the system a restaurant owner wants to operate in the restaurant. There Are two different types of restaurant POS systems:
Front Of House
Back Of House
Now, we are going to show a cut-down analysis of the hardware parts of a restaurant POS system that is required to run a restaurant POS software and also to manage a restaurant.
A restaurant POS software in a restaurant can change the entire interior of a restaurant and also can boost-up efficiency. For instance, fast & secure restaurant billing. Hence a longer-lasting, durable restaurant POS software is needed for smooth restaurant operation.
So, before you choose a restaurant POS software, make sure it gives you fast & smooth billing service, restaurant management modules, restaurant billing modules, account management, online/offline delivery system, etc.
Moreover, if you want to set up a cloud-based POS system in your restaurant, it might cost you monthly or yearly fees. And before you purchase any restaurant management or billing software, you need to compare the price and features, their customer reviews, and the after-sale support. There are various types of POS software now available in the software market, but before you purchase, make sure you’ve got the following advantage such as:
A rough estimated amount you will need to purchase POS software is $75 per device/ per month, and for KDS software it is $25.
Every restaurant owner wants extra unique features, whichever brand POS system they choose for their restaurant. Generally, the fundamental purpose of having a restaurant POS system is to operate the management process, accept the billing, etc.
But now, in this generation of advanced technology, everyone wants an all-in-one solution. One solution that can give every facility or operation involved in a restaurant. Some super examples of additional features of a restaurant POS system can be:
With Restora POS- you will get the best experience of a full-fledged restaurant POS system integrated with the restaurant management system. As a result, you can only operate, manage & monitor your restaurant at any time from anywhere. One of the best things about Restora POS is that all these exclusive features are included with the software package.
You just need to choose a suitable package that matches your restaurant criteria.
Restora POS offers 4 exclusive packages:
Each package holds different set of features; check out the Restora POS pricing and choose that suits your business.
Based On The Marketing Research:
After you purchase and finish the manual setup of the restaurant POS machine in your restaurant. Now it’s time for software installation and staff training.
But the main complication arises- who will do it?, who will train the staff?, how will my staff/me know how to operate it?
Do I need to do it myself?
Will the assigned POS vendor do it?
Absolutely yes, both the installation and training are very crucial in operating the restaurant because depending on the setup process, and ensuring the right setup of system and network, which will help you and your staff to work with multiple advanced features.
Fact # Be careful while buying your desired restaurant POS; ask the vendor whether or not they give the installation and training for free. Because not all restaurant POS software companies offer “installation” and “training” free of cost.
Check out these advantages you will get before your choose a restaurant POS system for your restaurant:
Moreover, it’s wise to do the installation and training stuff through some professionals, as a result, you can ensure a seamless transition and also get in-person professional training.
Most restaurant owners forget to include the credit card processing fees in the total restaurant operating cost. There are multiple types of credit card processing fees and pricing models.
Even though this type of fee is hard to control, especially after swiping your credit card in your restaurant, if you specify the pricing model in the restaurant POS software, then every time you swipe your credit card. In the USA, people consider up to 2.3% up to 2.5% as standard credit card processing fees per transaction.
01. Transactional fees
Transaction fees can be called interchangeable fees or assessment fees. And every time you swipe, transactional fees get assessed. Translation fees are usually charged by the bank you’re associated with.
These interchangeable fees usually consist of a percentage of each transaction inclusive with an extra additional fixed fee per transaction. This transaction is also calculated on the total transaction volume per month.
02. Fixed fees
Fixed fees such as terminal fees, PCI compliance fees, annual fees, etc. These fixed fees can also be fixed monthly or at a fixed percentage rate.
03. Incidental fees
Kind of transparent fees, and can only be occupied per incident “if any incident occurs” and based on the incident that occurred. Incidental fees are also called chargeback fees, non-sufficient funds, or batch fees.
01. Interchange Plus
This pricing model varies from restaurant to restaurant and is considered as a percentage rate set by the bank, financial institution, and various payment networks.
If you set your pricing model as “tier” based on a set of qualifying categories, as a result, whenever any transaction happens, it happens according to the pricing model.
The best example of blended is PayPal. The blended pricing model is more like a “tiered” pricing model; subtract the tiered themselves.
04. Flat Rate
This pricing model suggests payment gateway will charge a fixed percentage from the credit card you swipe on every transaction.
Service or after sale support is one of the major parts of any software. And to maintain a sustainable operation in your restaurant, proper maintenance & servicing of your restaurant POS system are necessary. The service and support cost of a POS system for restaurant business depends on the POS system you choose for your restaurant.
Many restaurant POS software company offers the first 6-month support service free of installation cost. And if you can choose any SaaS-based, you can check out Restora POS and enjoy the free installation and 6-month call/mail support service.
The Restaurant POS system is one of the important machinery in your restaurant, and most significantly, this is not just a restaurant billing software; Restora POS is not a billing software but also a restaurant management software. Hence, restaurant management software is another advanced technology in your restaurant which assist a restaurant owner in managing, monitoring and recording the operational activity that goes on in the restaurant.
At this point, I think you’ve gathered the general understanding of “how much does a restaurant POS system cost”. In short, I would say, before purchasing a restaurant POS software, you must need to consider these factors, instance, industry, hardware and software features.
Moreover, it’s entirely a myth that you can run a restaurant using any POS software if you use custom-made restaurant POS software for your restaurant. And one of the most significant advantages of having tailor-made software is that you can design it according to your need. Still, the most significant disadvantage of a custom-made is that it is sometimes costly.
So, before you choose a restaurant POS system for your restaurant, make sure you understand how the costing works for setting up a Restaurant POS System.