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Congratulations! You’ve opened your restaurant business. While this role gives you new responsibilities to flex your entrepreneurial muscle, it also comes with its own set of challenges. One such challenge is selecting a POS solution to keep strict tabs on your order processing and inventory, manage customer relationships, or track your restaurant’s spending.
Gone are the days of old-fashioned cash registers. Restaurants (both big and small) are switching to cloud-based point-of-sale solutions owing to their numerous benefits. Not only do these POS solutions streamline inventory and menu management challenges and transaction processes, but they also provide valuable analytics that can help restaurants succeed.
However, the selection process becomes a monumental task with several different cloud-based POS solutions available. The ideal choice for your restaurant will depend on your requirements and budget.
This article will explore the top 5 cloud-based POS systems and discuss their pros and cons to help you choose.
In a cloud-based POS system, all data, including sales transactions, inventory records, customer information, and analytics, is stored securely in the cloud. This kind of connection processes transactions in real-time, which is crucial for everyday restaurant operations today. The system manages sales, payments, inventory, menus, pricing, and customer contacts using a combination of hardware and software.
The cloud-based point-of-sale system has physical components like card readers, terminals, and receipt printers. It is through these that the software works seamlessly. The main advantage of having this software hosted in the cloud is its ability to be scaled easily as business needs change. In addition to this, it has automatic backups and real-time updates.
The debate between cloud-based and traditional POS systems is about how they are built and what they can do. Here is a table representing the apparent differences between the two.
Here is our list of the five best POS solutions for small businesses. Learn their features, pros, and cons, and make an informed decision.
OneHubPOS - backed by Loomis Pay is your go-to, all-in-one POS solution perfect for businesses of all sizes. The solution is designed to fit your use case and industry. Whether it's simplifying sales or managing deliveries, ensuring error free order processing or smooth payments, this POS system is all about making operations smoother, and increasing your overall profitability.
With its easy-to-navigate interface and comprehensive features, and affordable pricing, OneHubPOS stands out as a smart choice for businesses across the board.
Square caters to businesses of all sizes, offering many tools beyond traditional transaction processing. This cloud-based POS system seamlessly integrates with various business tools, providing a unified platform for managing operations.
Lightspeed is a cloud-based POS solution for the hospitality and retail industries. The platform is particularly well-suited for businesses of varying sizes. It also offers flexible and customizable reports on your sales, inventory, and customers.
Shopify POS offers a streamlined solution for retail merchants to manage both their online and physical sales. It ensures a smooth transition for businesses looking to expand their sales channels. Additionally, Shopify POS provides regular updates and security checks to maintain the security of transactions.
Also known as Oracle Hospitality, this POS software is known for its enterprise solutions. It is an ideal solution for businesses with complex requirements and requires robust functionality and flexibility. For startups and big enterprises seeking to optimize their operations, Oracle is a compelling option.
When selecting a cloud-based POS system, you should carefully evaluate several key factors. Ensure that the chosen system aligns with your unique needs and operational objectives. By considering these factors judiciously, businesses can make an informed decision. They can choose a system that meets their specific requirements and helps them achieve their goals. Some key features to consider when evaluating POS systems are:
Restaurants need an efficient POS system. The system needs to be simple for it to be used. It needs to be easy enough for your team to use it without needing help. If the system is complicated, staff could spend hours trying to learn it, taking away work time and leading to low productivity levels.
Evaluate the overall cost of the POS system, including any subscription fees, transaction costs, and additional hardware expenses. Balance the features offered with your budget constraints. Consider the long-term return on investment.
Robust payment processing capabilities streamline transactions, ensuring quick and secure payment handling for enhanced customer satisfaction.
Security is critical, especially when handling sensitive customer information and payment data. Make sure the POS system follows industry standards for data security. It should have features like encryption and regular security updates.
An effective inventory management system will help streamline your restaurant operations. It’ll constantly keep stock counts in check, minimize errors, and automate ordering processes. That way, you won’t run out of anything you need or have too much on hand.
When choosing a POS system, looking out for one with robust analytics and reporting capabilities is crucial. Ideally, You will need software that provides data on inventory levels, selling patterns, and consumer activities. A system that offers advanced reporting tools can help you make strategic decisions.
Look for POS software that supports customer loyalty programs. Reward systems and personalized incentives improve customer retention. They also help build long-term relationships.
Each restaurant has its preferred processes, challenges, preferences, requirements, and goals. When buying a POS system, ensure that the vendor assists you with onboarding, They should also provide customer support and technical assistance when necessary.
A cloud-based POS system is a big step forward in business transactions. Its seamless integration with hardware, real-time inventory management, and seamless operations make it a powerful tool for restaurants that want efficiency, flexibility, and better customer service.
If you’re ready to take your restaurant to the next level, don't forget to check out OneHubPOS. Designed with user-friendliness, this POS system can help boost customer satisfaction and maximize sales. Experience POS at just $1.
Satheesh Kanchi is the Founder and CEO of OneHubPOS, He is the restaurateur behind several popular Indian restaurants in California and India. He started his career as a technology CEO, bringing that same level and learnings innovation and drive to the restaurant industry.
