9 in 10 businesses saw results in 60 days.
Each month, TimePayment accesses POS industry research to help you make the most of today’s opportunities. This month, we examine how leveraging big data from POS drives business opportunities.
The big takeaway: 9 in 10 foodservice businesses who used POS data to improve the customer experience saw revenue increases in just two months.
By the numbers: A survey of 2288 QSRs, C-stores and independent grocers* found:
- 27% would consider a POS alternative in the next 2 months if they could show how data derived from the system could be monetized into returning or new customers.
- 91% of POS customers leveraging POS data to create enhanced customer experiences – through offers, reviews, and recommendations – reported revenue increases within 60 days.
- The largest concerns limiting investment in this area are not having the staff to drive insights from the data and take the necessary actions to derive maximum value.
- Patrons are 2.4x more likely to recommend restaurants with pay-at-table, according to customer satisfaction ratings.
- 94% of owners who have used pay-at-table used a finance solution to acquire this technology.
Our thought bubble:
- POS big data is a big deal. And it’s now far beyond simplified accounting and pay-at-table. It’s about creating stickier customer experiences that drives revenue.
- Among businesses armed with this technology, 87% used a finance solution like TimePayment to acquire it.
Help your clients leverage big data’s benefits: TimePayment helps POS retailers say “Yes” to more customers, by offering best-in-class equipment lease financing, industry-leading technology, access to API, and superior account service, training, and back-office support. TimePayment has helped over one million customers with transactions from $500 to $1.5MM+, and POS retailers rely on us for the speed, convenience, and technology solutions they need to grow.
Get started: It’s fast, easy, and free to sign up. Maximize your revenue with funding for many types of POS and terminal equipment. Attract new business with options from 12-to-60 month terms. And sell more often to existing customers with programmatic solutions like Lease-to-Own, Fair Market Value, and Rental. Visit our POS and terminal page if you want to learn more or contact us if you want to discuss how we can help your business.
*2023 Sawbux Greenwich Study of Commercial Finance Decision Makers