Technology has paved the way for a more convenient way of dining. Instead of the slow and manual computation of your bill, what you get now is the fast and efficient Point Of Sale System that can generate the payment lightning fast. The POS Terminal has now replaced the old school cash register and almost all restaurants have been using them while others are looking into purchasing one. The restaurant POS system cost is one expense that most restaurant owners are adding to their budget and thus we will discuss their various price range and fee.
Cost Of A Restaurant POS System
A POS System is more than just your average cash register. It records data as well as track customer orders and includes the acceptance of cash, debit and credit card transactions. A POS System can also connect to various machines in your network and other POS System has an accounting and inventory feature making the restaurant business a bit easier. The cost of POS system will vary depending on the features and processes involved.
Here is the common restaurant POS system cost that you would need to know:
A simple cash register with a cash drawer and printer will usually cost only less than $100.00 to the more sophisticated terminals which can cost $500.00 or more. But note that this is only for the terminal and not the software. If you already have a software then all you need is the terminal but if you do not have a software then you would need to purchase it. Other devices that can influence the price of the terminal are touchscreens, barcodes scanner, weighing scales as well as other self-service capabilities.
There are also other companies that offer the free use of their terminals if you would be also be using their software for a monthly fee. If you would choose this option then the monthly license fee for the use of their software will cost from $40.00 for a simple system to around $1400.00 depending on the feature and the services that they will offer.
An example POS package would include a complete hardware setup, thermal receipt printer, cash drawer with a drawer mount and a PayPal card reader. The cost of POS system with this type of setup will be around $700.00 with all of the amenities stated.
A basic first terminal package will cost you $995.00 and this will include a package of Sales, Inventory, Customer and reporting. The sales portion will include Sales Invoice/Receipts (touch-screen), till management, gift cards, credit card payment processing, Special Orders & Layways as well as discounting. Their inventory system includes purchasing and receiving, barcode labels, transfer, vendors, and many others.
A more expensive type of package or pro package will typically cost $2395.00. This will include additional features such as Advanced Automatic Discounting, advanced tax, and remote sales. It also includes accounts receivable and recurring bill as well as service and repair module, time click and event manager.
But if you want a package that is somewhere in between, you can always buy a core package worth $1695.00. This package is a combination of the basic and pro package. It has enough feature that can jump start your restaurant business and keep you going. It has the option to change the view and design of the GUI as well as Item Grid View and kit builder.
But if you already have a terminal setup and just needs the software for your restaurant. A locally installed restaurant POS software will have a one-time license fee of around $1000.00 to $2500.00. But if you are using the web-based system then there are no license fee for the software.
If you want an additional support from your software provider, you can pay them $25.00 to $100.00 for a local software but for an online or off-shore purchased software the monthly maintenance and support fee will cost you around $50.00 to $200.00.
Cost Of POS Installation
Aside from the restaurant POS system cost including the software license and hardware, another fee that you have to pay is the Installation cost. The installation cost of a restaurant POS system will sometimes be included in the package that you have purchased or it may have a different rate if you just purchase the software and the hardware separately.
For you to be able to know if the installation is already included in your package, you would have to check the details of your contract and if not, you would have to ask how much it would cost.
A typical setup of terminal and installation of software will usually range from $100.00 to $200.00 for a single terminal but if you have additional terminals within your restaurant then the additional cost of the installation will be lower compared to the first one.
Cost Of Training For A POS System
Now that you already know the cost of POS system installation, hardware, and software, the next thing that you need to know is if there is a fee to train your crew on how to use the POS System. Many service provider will tie up the training of employee in their bundle but this is only limited to one group. Any additional users who will be using the system in the future would have to rely on their colleague on how to use the system. But if the service is not included, usually the training fee will only be minimal from $50.00 to $150.00 per person. The training will usually happen on site which is convenient for you and your employees.
How You Can Save Money Using Your POS System
Now that you have purchased your first ever Point of Sale System or are still be considering in getting one, you would be happy to know that you can definitely save money with the use of your POS system. This means that getting a POS system will definitely be beneficial for you in the long run.
One way that your POS can help you save money is that the system can track the high-cost items on your restaurant. You can see your sales trend of the high-cost items on your list and you can see which products are being ordered in high quantity. This way you will know the products that are selling and which are not. You will be able to determine how to change your menu items and remove the ones that are not giving you income.
Secondly, the sales report provided by your POS System will let you see the sales trend of your restaurant. Once you receive and study it you can compare the sales and match it with the labor so that you can staff accordingly. If you have higher sales volume and guest in the evening and at certain days of the week, you can immediately hire an extra hand to help your regular employees cater the needs of your customer. This way you can give faster response during pick days and hours which will give great customer review in return.
Lastly, once you have accumulated a yearly report from your POS, it is the right time to sit down and make the needed decisions that can affect your restaurant business. Oftentimes, restaurant owners get caught up in the daily running of the business that they forget to look at the bigger picture.