This is how to choose the best payment system hospitality industry

Finding the right hospitality payment system

Choosing a hospitality payment system is an important step for any hospitality business. There are many different cashless payment systems available, each with their own unique features and benefits. When choosing a payment system, it is important to consider factors such as cost, reliability, acceptable payment methods and the ability to integrate with other systems. But how do you find the right system for your hospitality business? In this article we would like to take you through key steps on the way to a good and efficient system.

Finding the best payment system hospitality industry: What should you look for?

There are a number of factors to consider when choosing the right payment system for your hospitality business. Below we would like to tell you more about them!

• The functionalities

It is important to choose a system that meets your specific needs. For example, see if the system is compatible with your existing hardware, if it is capable of processing loyalty cards and if it can generate reports.

• Integration with other systems

Make sure the POS system can be integrated with other systems you use, such as an accounting program or inventory management system.

• Usability

Choose a system that is easy for you and your employees to use. This can be achieved, for example, through intuitive design or availability of training and support.

• Reliability

Make sure the system is reliable and that support is available quickly if there are problems.

• Price

Compare different systems and their prices to make sure you get the best system for your budget.

More on deploying payment systems:

• Switching to cashless payments
• What is a POS?
• The benefits of a hospitality POS system

Hospitality ordering system: functionalities

A payment system has different functionalities, depending on the specific solution being used. Below are some of the most common functionalities a payment system can offer:

• Accepting payments

The system should be able to accept payments through various payment methods, such as credit card, debit card, bank transfer or e-wallets.

• Safety

The system must meet security requirements, such as PCI DSS, to protect payments from fraud and theft of personal data.

• Integration

The system should be easily integrated with other software, such as e-commerce platforms, accounting systems or CRM systems.

• Payment statuses

The system must be able to track payment statuses such as completed, canceled, rejected or declined.

• Report

The system must be able to generate reports on transactions, such as sales statistics, payments by means of payment, and fraud and risk profiles.

• Refunds

The system must be able to process refunds, such as refunds to customers or chargebacks to credit cards.

• Customer Service

The system should provide customer service for support with problems with payments or other questions customers may have.

Comparing prices payment systems

If you're looking for a way for customers to pay in your hospitality business, it's smart to check out several options before making a choice. Here are a few things to look out for when comparing payment system hospitality prices:

• Transaction costs

Pay attention to the transaction fees charged for each payment. Some payment systems charge a flat fee per transaction, while others charge a percentage of the sale.

• Monthly or annual fees

Some payment systems ask you for money every month or year to use their system. Check the costs of different systems to see which is cheapest for your business.

• Additional costs

Note if there are additional costs, such as fees for installing or maintaining the system, or fees for using certain features.

• Opportunities

Pay attention to the features and capabilities of different payment systems. For example, some systems offer the ability to checkout at the table or generate reports, while others do not.

• Integration

Note the ability to integrate with other systems, such as ordering and menu systems. This can help automatically link orders and payments and increase efficiency.

Choosing a payment system hospitality industry - Sjef helps

Choosing a good payment system for your hospitality business is important and can significantly impact operations and customer experience. When looking for such a system, it is smart to check for transaction costs, monthly or annual fees, additional costs, features and capabilities, integration, reliability and support. With our information, you have all the tools to make a smart choice for the best payment system that suits your hospitality business. 

Are you curious what Sjef can do for you? Then discover our POS system here. Or would you prefer to spar with one of our employees first? No problem, contact us today.