Simplifying Restaurant Finances with a Payment Processor

The volatile conditions that restaurant owners and managers face when attempting to build, maintain, and streamline operations can be overwhelming and – if not handled well – catastrophic. An Ohio State University study found that 60% of restaurants fail in their first year and 80% don’t make it past year five. Those aren’t encouraging numbers on any plane.

How can a payment processor improve your restaurant’s chances?

Simplify your restaurant’s financial operations

Many payment processors come pre-configured to handle the daily tasks that take up the largest portion of a restaurant manager’s day. Most are equipped to facilitate rewards, loyalty programs, and gift cards in addition to credit card payments. Some even allow for online reservations and tableside ordering. All of this data is tracked within the system, enabling managers to get an accurate read on financial matters anytime, anywhere.

Streamline day-to-day operations to save time

The analytical potential of a payment processor doesn’t end at payments. Many modern processors integrate with software like Upserve, which was designed specifically for restaurant management. This powerhouse tech combination keeps managers up-to-date on operations with a daily digest and prepares them for each night’s service with Shift Prep. Even social media outreach can be streamlined through an Upserve social media aggregate.

Improve labor management to reduce staff turnover

Labor management is one of the most time-consuming tasks that restaurateurs struggle with. Hours may be spent scheduling, rescheduling, and tweaking schedules to accommodate staff needs and the ebb and flow of customers. With a payment system that integrates processing and Upserve, managers can determine which servers are performing and which aren’t towing their own weight. Basing schedules on an accurate picture of server performance ensures return customers, higher sales, and a happier staff.

Forecast with precision to reduce overhead costs

What if you could know exactly which dishes were the most profitable and which were eating into your profits? Software like Upserve finds opportunities to lower your overhead through the use of a matrix that identifies the dishes that your patrons are eating up and the dishes that are leftovers waiting to happen. Knowing what’s working and what’s not has the potential to impact high overhead costs significantly.


Reduce wasted time and money to increase your chances of success

To beat the odds, a restaurateur has to be good at more than food and service. She’s got to understand basic principles of sound business practices. Despite the unique challenges that she may face, the same rules apply to her business as to any other: improve operations and eliminate wasted money and you’ll stand a better chance of succeeding.

A dynamic payment processor has the power to simplify and streamline your restaurant’s operations while controlling costs and resources. That means more time for you to spend in the kitchen, on the floor, or at your customers’ tables doing the thing that you do best.

What are your chief challenges as a restaurant owner or manager?