In an effort to help its members and the restaurant industry better understand the complex elements of purchasing or leasing a point of sale (POS) system, the National Restaurant Association announced the release of new tools and solutions for understanding the essentials of acquiring such systems.
With the release of its “8 Essential Elements of POS System Ownership” and its companion “POS Tool Kit,” the Association is working to educate its members and others in the restaurant industry on how to effectively and economically make POS system acquisition decisions. Acquiring technology is a complex and difficult task. POS systems are only one component of the technology platform a restaurant needs to operate efficiently in today’s market. The tools and solutions introduced by the NRA help a restaurateur identify the components, costs, vendors, and hidden fees associated with the most expensive technology purchase in their restaurant.
“Point-of-sale systems are one of the most critical tools for restaurant owners, and a fast, secure, and reliable system is crucial for a restaurant to conduct business,” says David Gilbert, the National Restaurant Association’s chief operating officer. “But POS systems are extremely complex and can include costly solutions for payment processing and complex vendor contracts and fee structures that adversely affect a restaurant’s bottom line.
“We saw the need for education in our industry and to help bring to light the issues that can lead to costly mistakes,” Gilbert says. “This is a continuation of the NRA’s ‘8 Essential Elements’ series and offers must-have information all restaurateurs need to know to avoid POS pitfalls and hidden fees often wrapped into POS contracts. POS technology is a required tool for today’s restaurant operator, but the technology must be acquired carefully to protect and increase restaurant profitability.”
The Association’s “8 Essential Elements of POS System Ownership” and its “POS Tool Kit” offer straightforward information on understanding POS system ownership and how to choose a POS vendor. The free POS package, which contains the information a restaurateur needs to know to successfully manage POS system contracts, service, and costs, includes:
· “8 Essential Elements of POS System Ownership,” which explains the what every restaurateur must know to purchase a POS system;
· “POS Checklist,” which is an easy-to-use, step-by-step process to determine which POS services a restaurateur needs and which services are provided by a POS provider or a third-party technology provider. It is intended to be appended to the POS purchase agreement to document specific responsibilities and charges by party;
· “POS Definition of Terms,” which translates complex POS “language” into simple English, and
· “POS Terms of Agreement,” which is a document that a restaurateur can download, fill in blanks, and add to their POS purchase agreement to document the exact services expected from its vendor. The Terms of Agreement is intended to establish who is responsible for what and for what duration.
Additionally, in conjunction with its “8 Essential Elements” release, the Association announced that it is endorsing Retail Solutions Providers Association (RSPA) Certified POS System providers who endorse the “8 Essential Elements.”