Another important aspect to consider when calculating your ROI and reviewing your investment, is the financial risk vs. the financial reward.
Choosing a new POS system is a significant investment. With countless options on the market today, it’s imperative to determine not only that the hardware and software align with your business goals, but that the associated cost and various payment programs align with your financial situation as well.
New market trends have arisen presenting both hardware and software as a “service” to invest in. Many providers are offering both HaaS, or hardware as a service plans, and SaaS, or software as a service plans. While the upfront cost and overhead of opening a new business, or updating a current one can be considerably pricey, these types of plans allow business owners to “pay as they go”. SaaS is a software licensing model in which the software is licensed on a monthly subscription basis, while HaaS is a hardware delivery model where the hardware cost is also broken down into monthly payments.
These new investment models are a notable way to soften the immediate expenses needed and enable business owners the opportunity to budget accordingly and eliminate some of the hefty start-up costs.
The amount of hardware needed will directly correlate to the size of your business. Are you operating a single store? Are you the owner of multiple fast-casual or quick-serve restaurants? This determines the complexity of your hardware portfolio. Perhaps you need an assortment of tablets and terminals supported by a variety of peripherals and accessories; including cash drawers, printers, kitchen video systems, bump bars, scanners, drive-thru cameras, biometric readers, and magnetic stripe readers, to name a few.
Once you’ve made the decision of which hardware to invest in, it’s time to review software options. The software can either be invested in on an annual basis, by paying a one-time perpetual licensing fee or through the SaaS monthly subscription model. Be sure to find out if upgrades and support costs are built into the annual or monthly fees.
When it comes to services, identify if technical support, training, education services or installation costs are built into your new POS package. While choosing a new POS, working with a skilled deployment team to walk you through the self-install process, or install and set-up the technology for you is an important part of your investment. Ask questions. Do they have onsite service? Do they offer training classes? Do they have regular partner conferences or user group meetings? What are their service license agreements rated? Be sure to align yourself with the right vendor. Having a trusted team of experts for menu configuration, product management and help desk support can help ease the mind of business owners when it comes to making such a large and meaningful purchase.
Credit Card Processing
In our society today, accepting credit and debit cards is an absolute must. By only accepting cash or check, businesses are eliminating a lifestyle choice and market trend that the majority of consumers have adapted to. The days of cash-only businesses are long gone; don’t let your business follow suit by not integrating credit card processing. In order to process credit and debit card transactions, it’s important to keep EMV compliance in mind while choosing a device and merchant account to partner with. While you’ll most likely pay a monthly credit card processing fee, accepting all forms of payment to keep your business open to all financial avenues is well worth it.
Integrations are a significant factor in your ROI. While many features are built into PAR Brink cloud-based POS software, some third-party integrations might be needed to fill in the cracks of your business model to provide your guests with the ultimate dining experience. Solid integration, both core systems, and third-party enhancements allow you the agility and flexibility to select the best customer-facing solutions for your business and your budget and are then easily integrated into your restaurant POS software. Your business will have the ability to continually deliver the innovations your customers need, and the data integration and visibility your operation demands.
Risk and Reward
Another important aspect to consider when calculating your ROI and reviewing your investment is a financial risk vs. the financial reward. Ask yourself the following questions:
- How much risk is involved?
- What is the potential reward?
- How much will I spend vs. how much profit can I potentially make?
- Will my investment continue to grow over time?
- Is my vendor credible? Do they have a longstanding reputation in the industry?
- Is the business losing money due to a decision NOT being made?
Be sure to spend time thinking about all ways to get the best ROI!