Read CIBC's Information Technology Industry Update. In this report, CIBC highlights 41 private companies and their opportunities. The report aims to with help investors discover the next Shopify or Lightspeed and also profiles its founders and leaders earlier in their corporate life to make for higher-quality investment decisions. See page 50 for TouchBistro.Read more >
A research report published today by TouchBistro on “The State of Full Service Restaurants in 2019” highlights benchmarks on key operational factors that affect profitability for FSR restaurant owners in the U.S. The benchmarks cover adoption of online ordering and mobile payments; staffing challenges, how to find and entice new hires, optimum employee qualities; inventory management and controlling food costs; cost of rent by geographical location and as a percent of sales; funding sources for opening a restaurant and unexpected expenses; POS and payment processor choices and utilization; and average profit margins.Read more >
Restaurants are diversifying the payment methods they accept. Cash, credit, and debit payments are almost universal across full-service restaurants in the U.S., but restaurants are increasingly accepting digital wallets like Apple Pay, Google Pay and Samsung Pay.
As of December 2018, it was found that nearly 20% of FSRs are set up to take all three. These findings are based on an independent study conducted by research firm Maru Matchbox on behalf of TouchBistro in December 2018 of over 500 FSR operators.Read more >
TouchBistro released a report on the state of full-service restaurants in 2019. The point-of-sale company interviewed more than 500 full-serve employees from across the country. Two-thirds of the restaurateurs had five or more years of experience in a senior management role; 95 percent worked at venues with more than 20 seats; and 41 percent were employed at restaurants with 41–80 seats.Read more >
A research report published today by TouchBistro on “The State of Full Service Restaurants in 2019” highlights benchmarks on key operational factors that affect profitability for FSR restaurant owners in the U.S. The benchmarks cover the adoption of online ordering and mobile payments; staffing challenges, how to find and entice new hires, optimum employee qualities; inventory management and controlling food costs; cost of rent by geographical location and as a percent of sales; funding sources for opening a restaurant and unexpected expenses; POS and payment processor choices and utilization; and average profit margins.Read more >
Frustration with payments runs high among full-service restaurant operators, so much so that only 20% expressed no frustrations in a new TouchBistro Inc. report released Monday. The other 80% had some issue with their payments services, with many of them, 21%, citing a lack of transparency on pricing. That was followed by 18% who are tired of manually entering batches into accounting software and 16% who do not like to deal with multiple vendors and point-of-sale terminals. Other top frustrations are manually entering transaction amounts in terminals (15%) and dealing with small vendors or resellers that do not inspire trust (9%).Read more >
TouchBistro customer 3 Corners Grill & Tap weighs in on the benefits of integrated POS solutions. 3 Corners Grill & Tap (www.3cornersgrill.com), with two locations in the Chicagoland area and a third set to open in April, has several separate networks: one for processing payments made using its TouchBistro (www.touchbistro.com) mobile POS system, a private network for its back-office systems, and a password-protected guest network. “It makes sense for us because it’s the most secure,” says Frank Militello, owner. “Also, guests can use the WiFi without interference from the payments and back-office sides, and vice versa. That’s very important to getting them to engage with us.” Of course, the network must be secure. This can be done by using the most advanced wireless network security protocols, according to Netsurion (www.netsurion.com) and Homebase (www.joinhomebase.com). WPA2 is currently the standard, but that is expected to change by the end of 2019, when more secure WiFi encryption in the form of WPA3 becomes available. Sources note that investing in the most airtight WiFi protocols to secure any network on which mobile payment data is being transmitted is worth the investment, despite the fact that mobile payment services themselves are often very secure. Integrating mobile POS with a labor management system bolsters staff efficiencies by making it possible to generate schedules based on previous and forecasted sales as well as on labor projections. Earlier this year, 3Corners Grill & Tap integrated its mobile POS with its 7shifts (www.7shifts.com) labor management system. “With this integration, our managers are cutting schedules that are more accurate coverage-wise, so our level of productivity is just where it should be,” says Frank Militello, owner. At the same time, he notes, 3Corners Grill & Tap is beginning to realize labor savings from the integration because it enables the enforcement of set schedules. Each time employees clock in on the POS system, their information is transmitted from that system to the labor management system. If they are not scheduled to work at that time, they are prevented from clocking in.Read more >
What are your predictions on 3 top challenges that will have the biggest impact on the merchant payment ecosystem in 2019?