What’s a POS Buy?

We discuss restaurant POS systems a lot around here. And it’s no secret why — they have revolutionized how restaurants and retailers do business. And they’ve expanded the reach of payment types, from a small number of options to a world of digital exchange opportunities.

However there are a variety of misconceptions about what the term”point of sale” actually means. Is it a physical station at a counter or host stand? Is it the actual card reader that processes the payment? Formerly, I might have agreed with these ideas.

But because of the growing record of mobile transaction possibilities, restaurant POS system purchases could happen almost anywhere.

Heck, just last week, I moved into a custom made burger joint with a massive line of customers waiting to get their orders. This intimidated me at first until I’d been approached by a staff member with an iPad. Within seconds, I had ordered and processed my order, which was hot and ready by the time I reached the top of the line.

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At the point, I just finished the purchase that had already been opened, admitting my order was complete and satisfactory. Click and I was out the door — no wonder that there was a gigantic lineup for this location. (It kind of reminded me of the expanding pizza POS system industry!)

Later that dayI went to get groceries for dinner and had the capability to scan and organize my cart as I shopped, eliminating the interminable wait at the checkout lines. Regardless of the fact that I hadn’t even stopped searching, I had been involved in a POS purchase.

Because of advancements in user-friendly and reliability design, modern systems make it possible for clients to generate POS purchases in near real time, adjusting orders and payments throughout their meals. But if they change their mind in their own choice of sides, or if they need dessert, an iPad-based POS system empowers users to update their purchases without having to re-open a check or create unnecessary stress for wait staff.

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Even if restaurants opt to leave the POS ports in the control of the servers, there is still much less confusion with updating orders, as a consequence of the real time inventory and tracking built into the POS program.

To put it differently, there are no voids, no hiccups, and no orders that are confused. Just satisfied customers who feel comfortable spending more money on your organization without second-guessing themselves while waiting for workers to come by.

So, to answer a very simple question, a restaurant POS system buy is all about port that a restaurant chooses to serve its clientele.  It might be an iPad, a dedicated terminal, mobile app users have on their own mobiles, or another setup that enables customers to buy your food, with no hassle and minimal wait.

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EMV is quickly becoming a global standard for all payment and processing. With card security being a continuing concern in restaurants, the shift to EMV chip compliance isn’t simply a nice-to-have feature for restaurant POS systems–it’s on its way to becoming mandatory. As important information hacks continue to crop up, clients are more aware of where their information is going and how vulnerable it is whenever they swipe their card.

Imagine the toll it would take on your company if your restaurant has become the epicenter of a data breach. Not only would you get a big (and expensive) mess on your hands, you would also risk your good reputation. While this situation is easily avoidable with EMV compliance, it’s well worth it to look into the choice.

Whether you are prepared to make the leap to an EMV restaurant or you’re attempting to get ahead of the game as you begin a completely new location, here’s a crash course on EMV compliance that restaurateurs, from fast food to fine dining, should be aware.

What Does EMV Compliance Mean?

EMV compliance only means that you have upgraded your restaurant POS to incorporate an EMV chip reader. If you can accept credit cards by including a processor as opposed to swiping a magnetic strip, and then you are EMV compliant!

EMV has been a frequent sight in retail locations considering getting a global initiative in late 2015, but its technology dates back to the 1990s. Known on behalf of its developers Europay, Mastercard, and Visa, EMV chip technology has been used to enhance security through the embedding of cardholder information. All credit cards are essentially little memory banks of information. The magnetic strip and embedded chip are where all the cardholder’s payment information and electronic data is saved.

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Where magnetic strip technology remains more vulnerable to hacking, embedded chip cards are magnitudes safer with encryption that is almost impossible to hack and helps prevent counterfeiting. Although most cards have both stripes and chips at this time, we are on the road to chip-only payments. Like smartphones replacing flip phones, it’s merely the direction technology is changing.

The United States was one of the last nations to adopt EMV technology, but worldwide credit card fraud has dropped significantly since its execution.

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What’s the distinction between EMV and NFC?

As we mentioned, EMV is an acronym for Europay, MasterCard, Visa, and clarifies the security chip benchmark in credit cards versus the magnetic strip.

When studying EMV you may also hear the acronym NFC, which stands for Near-field Communications. This is the technology that permits data to be transferred by two compatible machines that don’t actually touch. Examples of this are Apple Pay and Android Pay.

Is EMV just for credit cards and NFC just for mobile phones?

No, this is a frequent misconception. EMV is associated most closely with credit cards and NFC with mobile phones, but both technologies can be used with each payment option. By means of example, the processor that makes NFC payments possible in mobile phones are also used for contactless chip cards. Likewise, the EMV encryption technology is used to protect information on both sorts of payments.

Why Should I Create My Restaurant EMV Compliant?

The main reason why those credit card companies got together to create EMV chips was to reduce the amount of fraud payouts they are liable for.  In most cases, any merchant that doesn’t have an EMV compliant system will then be accountable for fraud such as chargebacks, where formerly it was the credit card companies on the hook for all these losses.

While the probability of needing to repay massive fraudulent charges in a restaurant are slim, there’s a possibility you could end up having to pay chargeback amounts if a user with a fraudulent card receives through your stripe-only system. Precisely how much money that ends up costing you depends on the business you function; it could be as small as a breakfast sandwich or as enormous as a good dining table for eight. But even when the cost is something as small as a latte, these very small costs can accumulate over time, compounded even further for restaurants, because working on razor-thin margins is your norm.

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4 Tips for Easier EMV Compliance on Your Restaurant

1. ) Educate your employees on EMV compliance

It’s crucial that you train your whole staff thoroughly in relation to a new tech changes. For an update this substantial, schedule a team training session to get everyone on the same page at once and answer everyone’s questions together. Ensure shift supervisors have more rigorous training so that there is always an expert on hand at each shift.

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2. ) Help your customers understand EMV compliance

EMV implementation is not just about training your employees, it’s also about informing your customers. Businesses have adopted this technology at different paces and in a variety of capacities, which means that your visitors may have questions. Train staff to explain any new procedures to your customers, and be sure they clarify that this technology is beneficial to both of you because it makes transactions secure and cuts down on fraud.

3. Look out for fraud

Educate your employees to keep a look out for fraudulent cards. Cards that contain only a magnetic strip and no EMV chip are increasingly rare, so these should raise some cautionary red flags. Be sure the staff is asking IDs, and if a card was declined, ask a new kind of payment.

4. ) Plan ahead

It’s extremely probable that we’ll start to move toward a pay and PIN alternative, as opposed to the current pay and sign procedure. If you’re making a massive investment on your restaurant’s technician for EMV implementation, ensure the technology you select can grow with you into the future.

The Way Your Restaurant POS Can Assist With EMV Compliance

Most cloud-based restaurant POS systems include EMV compatibility supplying you with a laundry list of alternatives past earnings, yet the experience remains unchanged for customers. Using a”chip and signature” method, your customers won’t notice any difference in the manner in which the bill is paid, split, tipped upon, or confirmed. However they will appreciate the comfort of knowing that their information is encrypted and protected.

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