For small businesses in the restaurant industry in Canada seamless, and reliable payment processing is crucial to help ensure you deliver the ultimate in customer service. Not only that, the efficiency of your payment systems goes along way in making your job alot easier when you have to do the “books.” As restaurants increasingly adopt digital solutions to enhance dining experiences, it’s essential to understand the unique considerations and challenges related to payment processing. Here’s a comprehensive guide to navigating payment processing; with POS considerations for your small business:

1. POS System Integration

In order to leverage the many technological tools that are available to small business owners, today, you need to find a way to navigate them in a seamless manner. When choosing your stack be sure to consider these main points:

• Compatibility: Choose a POS system that integrates seamlessly with various payment methods (credit/debit cards, mobile payments, etc.) and can handle the volume typical of your business’ transactions.
• Feature set: look for features like, split-checks; tipping options; and compatibility with kitchen display systems (KDS), to streamline operations from order to payment. Some of these capabilities can also offer for a more enjoyable customer experience: allowing patrons more options to accommodate their desired method of payment.

2. Security, and Compliance

Trust is a cornerstone of establishing a strong, sustainable relationship; so be sure the payment processing set-up you utilize is suited to:

• PCI-DSS Compliance: ensure your payment processing system adheres to Payment Card Industry Data Security Standard (PCI-DSS) requirements to protect customer card data.
• Tokenization: use tokenization to replace sensitive card information with a unique identifier (token); reducing the risk of data breaches.

3. Payment Options

To enhance your customers’ experience, go to ensure that you offer flexible payment options that will cater to the diverse needs of your patrons.

• Digital payments: more and more consumers are relying on digital to pay for their purchases. Be sure to offer mobile payment options such as, Apple, or Google, Pay, for example.
• POS compatibility: make sure your POS system supports near field communication (NFC) technology: this will allow for you to process contactless payments.

4. Online Ordering, and Delivery

E-shopping is here to stay; so don’t let your competition pass you by. Be sure that your payment processing set-up can accommodate this vibrant commercial outlet.

• Integrated solutions: if offering online ordering or delivery services, integrate payment processing with your online platforms to provide yourself a unified, easy to use set-up.
• Security measures: Implement robust authentication and encryption protocols for online transactions to protect customer data, and prevent fraud.

5. Tip Management

The days of physical money are dwindling; complicating the practice of leaving tips. If your business relies on the hard-work of servers, and the like, to drive your revenue, ensure that they are equipped to receive that “little something extra” from those they cater to to help your business succeed.

• Digital tipping: enable customers to add tips digitally through your POS system, ensuring transparency and convenience of service.
• Tip payouts: streamline the process of distributing tips to staff; and ensure accuracy, and compliance with labour laws.

6. Reporting and Analytics

In order to scale, you will probably need to make difficult decisions; diving into loads of data in order to gain better insight about your small business’ performance. Make things easier on yourself by utilizing the right tools to get the job done right.

• Real-time reporting: utilize POS systems that offer detailed reporting and analytics on transactions; and revenue trends, to make informed decisions about your business.
• Integration with accounting software: making sure you have a balanced book helps you recognize the actual financial health of your business; allowing you to make sound decisions. Ensure that your POS can link up with your accounting software to streamline this vital business aspect.

7. Cost Considerations

Running your own business is costly; and people can overlook expenses that end up significantly damaging their operation: POS systems can fall under this umbrella. Have you considered what each transaction is actually costing you?

• Transaction fees: remember, each transaction comes at a price and will cut into your bottom-line. Do your research to see which payment processing provider offers the best solution for your business’ unique needs. INKAS® Payments, for example, prides itself on offering the lowest prices in Canada, for payment processing services and hardware.
• Value-added services: evaluate additional services offered by payment processors (e.g. gift card, and loyalty, programs) that can enhance customer engagement and retention. Perhaps you can bundle services to cut your costs, and enhance the capabilities of your business’ tool-kit.

Conclusion

Navigating payment processing considerations for restaurants involves balancing efficiency; security; and customer satisfaction. By investing in robust POS systems, like those offered through INKAS®, you can easily “check all those boxes”; so see how INKAS® can help you today, by giving us a call now!