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How to Compete with Toast (And Win!)
Merchant Sales Podcast · How to Compete with Toast (And Win!)
Toast has 48K+ restaurant clients as of the fall of 2021 when they filed for their IPO. This is a huge number, but only represents about 5% of the total restaurant segment. In this week’s edition of the Merchant Sales Insight, I worked with one of my favorite, truly processor agnostic POS systems, Quantic to provide a road map of what you need to offer in order to compete with Toast and win in the restaurant space.
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- from high-end steakhouses to family buffets,
- from local taverns to neighborhood sandwich shops.
- From inventory management and order taking, to payment and loyalty.
- From marketing support and CRM to sales reports and personnel management.
- SMS marketing,
- contactless ordering,
- in-house and take out dining experiences.
Re-imagining Capital Allocation
Addressing Opportunity Costs
- You are a local business offering a local touch, not a nationwide behemoth.
- You can offer attractive processing fees.
- Toast doesn’t publish its processing fees. However, because it’s a third-party or PayFac, much like Square or PayPal, they are certainly charging significant markups.
- You can easily undercut those markups.
- Boost restaurant sales with table-side, mobile, and online ordering support. Some restaurants report sales increases as high as 30% when implementing an omnichannel POS system.
- Enhance the customer experience by improving workflows and simplifying the transaction process.
- Inform better business decisions with detailed and sophisticated analytics. Because a restaurant POS system is cloud-based, owners/managers can better monitor inventory, adjust pricing, and make quick decisions from anywhere with an internet connection.
- The ability to offer restaurants more than just another way to accept payments. When selling a POS system, you’re offering a business management tool.
- Revenue improvements. Not only are there subscription fees, but average tickets tend to be higher at restaurants with POS systems.
- Improved retention. Merchants that install POS systems to help them better manage their businesses in the front and the back of the house, are less likely to switch to other providers, even those offering lower fees.
Competing with Toast: The Quantic Approach
- State-of-the-art technology priced so even the smallest restaurants can afford to implement it.
- Quick and easy checkouts.
- Integrated loyalty programs used to encourage diners to return often.
- Detailed analytics with live cloud reporting. They can gather data from every transaction to support marketing and daily reporting needs.
- Offline modes that continue operations even when power or the internet are down.
Quantic POS checks all these boxes for ISOs interested in selling POS systems to restaurants. Quantic offers an affordable solution that can be private labeled. With over 1,000,000 establishments, the restaurant sector represents a huge opportunity for ISOs and agents.
The Toast POS solution today is used by just a small fraction of the market – about 5%. Isn’t it time you began offering POS systems to the other 95% of the market?
Contact Quantic to see how they can help or email firstname.lastname@example.org.