The High Cost of Being a Cash-Only Restaurant

According to a report by the Congressional Research Service, Americans spent an estimated 42 percent of their household budgets dining out in 2012. Forbes reports that the average American spends at least $1,000 a year eating lunch at restaurants. Though opportunity is ripe for the taking, the real determinant between a restaurant’s success and failure may have as much to do with great food as it does the convenience tools it offers to customers, which can also enhance its own internal processes. Here’s a look at the high cost of a being a cash-only restaurant.If you don’t take plastic, your competition does: The Huffington Post reports that a whopping 92 percent of full-service restaurants now take credit cards, and 81 percent of the money spent at full-service restaurants in America takes place by debit, credit or pre-paid cards. Accepting credit cards is no longer cost prohibitive for small businesses, and doesn’t require bulky hardware. For as little as $69 a month, no upfront fees, and pay-as-you-go plans, Bepoz Restaurant Point of Sale software solutions equip you to accept credit cards and create targeted loyalty programs for new diners you hope will return, and the regulars you want to keep happy.Your service suffers by only accepting one payment form: An unhappy customer costs you money in more ways than one: Not only will they not return, they’ll tell others about the bad experience. Additionally, it’s likely that you’ll have to offer them a discount or free product for the poor service. In addition to the fact that Bepoz POS makes the process of splitting checks at one table simple (even if they pay with different credit cards), Bepoz SmartTAB or SmartPad equips your staff to take and place customer orders from anywhere (the data will even store and sync if you don’t always have real-time Wi-Fi access). Because Bepoz’s Kitchen Display Systems even receive special instructions that accompany an order, you can reduce the likelihood of wasted product when order specifications are miscommunicated.

It’s hard to upsell with cash only: Studies show that customers are less price-sensitive and more likely to buy on impulse when they pay with credit cards versus cash. With Bepoz POS, you can tailor your daily promotions to appropriately “upsell” certain dishes or drinks based on the inventory you have on hand — and even order and receive new inventory on a mobile device.

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