As a former CIO, I spent countless hours arguing basis points and return on investment. I've always been shocked at how few operators realize the cost of new technology, and how few operators really understand that there is a TON of money still on the table in hospitality. Hey CEO's - ask your teams about this math.....
Your ancient Point of Sale, for which you paid a ton, and for which you're still probably paying 18% (or more) of the initial cost in "maintenance," does not connect easily to other systems. It probably doesn't report sales in real time to your mobile phone (without using another paid service). Its likely that it does not schedule your employees and forecast your sales and item usage. It probably doesn't track each guest and let you know what percentage of your daily guests are new. It puts your customers’ credit cards at risk because it can't process EMV without an expensive "upgrade." It doesn't make you a penny more than it did in 2006 when you bought it. You've since paid for it two times over in maintenance fees since - for the same garbage.
For example's sake, let's say that a restaurant does $150,000 per month in sales, processes about 4,000 guest checks, and has an average transaction of $37.50. That’s a fairly representative table service location.
Some may believe that they just "invested" in a new system that was half-price because of a "sale." But perhaps you didn't read the fine print, and now you’re paying 2.8% processing fees in your second year - instead of the original 2.2% processing fees. In other words, costing you an extra $900 a month. For more on this, check out Jordan Thaeler's blog on ReformingRetail.com.
Why not select a system that was launched in 2007, updated every two weeks, has run billions in transactions, and manages almost every aspect of operations? We're as transparent as we can be about payments and residuals, in fact we'll even help you save money on processing! Why not look at a system that - based on the example above - would only cost you a little more than 3 Basis Points per month, with no software fees up front? For many, you can even run on your existing hardware. For those not in on the jargon, that's 0.3%. Not three percent, but THREE TENTHS of a percent. The most valuable technology player on your team costs a fraction of a minimum-wage earner! We work 100 times harder than the payment companies, and actually do something for you. Oh yeah - the code is written 100% in the U.S., and supported by real live humans. Replacing your interfaces with other systems is easy. Your staff will learn the functions within hours and you will operate better.
So what's stopping you? Who wouldn't spend 3 basis points on systems that have been proven to increase sales and decrease costs? (To the tune of real percentage points, not basis points.) For more, contact us!