December 17, 2018
You may see bigger companies pushing loyalty programs more and more recently and they’re doing it for a good reasons. Earning loyalty rewards may be a good reason for customer’s to return but you can benefit more than you think.
Who are your customers?
Knowing who your customers are and where they’re coming can save time and money while allowing you to focus on specific times or events to bring in better business.
Your customers age may play an important role into what time and what items are going to be the most ordered. While the younger age group may spend more money late night on Craft Beer, the older crowd may spend their time on liquor and earlier in the day. By knowing this information, you can evolve your specials and menu around these two statistics. This information can also be used to attract the clientele you’d want by putting items on special that they order the most.
Where are your customers coming from?
Zip codes are commonly requested while signing up customers for their loyalty account. This is for the merchant to track where most of their customers are located. If a good portion of customers are coming from a specific part of town, a new location in that area may be worth looking into.
What’s most popular?
Tracking the most sold item is part of any competent Point of Sale system but learning who and when may bring a new dynamic to planning events, specials, and menu effect times.
Making Customers return.
Knowing your clientele’s tastes, location, and preferences may lead to you molding your business’ operations to cater to new potential customers and returning loyal ones.
New Mexico POS interfaces our POS to any pre-existing loyalty program or can help engineer a new loyalty program!
The national trend of merchants passing on their credit card fees continues to accelerate, aided last week by a federal court striking down Texas’s “no-surcharge” law as unconstitutional.
The Texas ruling follows the defeat of no-surcharge laws in Florida and California, but it is a unique milestone: Texas is the first state in which a surcharge ban that was previously upheld has now been struck down under last year’s Supreme Court precedent in Expressions Hair Design.
Now businesses in all states can benefit from including the merchant service fees on transactions. What can you do with an additional four or five percent on your bottom line?
NM-POS can set up all of our products to collect electronic funding fees automatically. Unfortunately First Data Corp.’s Clover Unit removed this ability from their App putting their merchants in the hole regarding this ruling.
A recent analysis by industry experts confirms, “When cardholders bear the cost of their own rewards, they are motivated to choose a lower-cost option.”
VIVA la Merchants and Free Speech!
November 21, 2018
When it comes to Credit Card Processing fees, it’s important for a merchant to look closely at every aspect of a quote before choosing the right processor. Though some fees are set in stone, others can be negotiated or discounted. While even a minuscule amount doesn’t seem like much, most merchants tend to stick with a processor for several years and savings add up to a substantial amount saved. Before joining with CoCard, New Mexico POS was free from any ties with Credit Card Processing companies and learned the best ways for their customers to save a significant amount of money. In the coming blogs, we will highlight and define certain aspects you as a merchant should consider before signing up with a new processor or maintaining your relationship with your current processor.
Interchange fees are included in every statement, quote, and general statement provided to the merchant. They make up the majority out of all the fees and are often presented as a percentage plus an additional fixed amount. This fee is based on multiple different factors such as:
- MCC (Merchant Category Code) – The way your business is categorized and each transaction processed will effect the interchange and what fees apply to you per transaction. For example, an electron ic retailer with high $ amount transactions but fewer may pay more per transaction than a quick service with lower $ transaction amount but with greater transaction count.
- Card Type – Ever notice you get a great discount or reap loyalty rewards if you use a store brand credit card? Or if you pay for gas with a credit card instead of a debt, you receive a $ discount per gallon? This is because fees are based off of the card type. Typically, running a credit transaction is far less than running a debt.
- Payment Processing – Processors can monitor how transactions are settled and this can skyrocket the rates or keep them at the lowest possible point. This is dependent on whether the transaction is ran through an EMV chip reader, MAG card swipe, manually input into the terminal, and more.
- Network – Visa, MC, Discover, and AMEX all have their own networks and charge different interchange rates to utilize them.
Though these are not the only fees attached to processing credit cards, these are some of the mandatory charges in which the processor usually has no control over. To lower this rate for the best possible price, make sure your business is processing with the most secure option, running cards as a credit transaction, and keeping your payment processing network secure.
Any questions? Contact New Mexico POS at 505-293-7551 and we will more than happy to help!
September 14, 2018
Turning a profit in your bar is simple in theory. Having a nice atmosphere, creating tasty cocktails, attracting customers with great food, and catering to customers through fantastic service. But a little time spent calculating numbers and introducing new practices in your business can and will improve your profit margin. Your Point of Sale should be the starting point and will give you fantastic reports to achieve this.
How to Calculate Your Bar’s Profit Margin
Profit Margin is defined as the amount by which revenue from sales exceeds cost in a business. We calculate this by subtracting the COGS (Cost of Goods Sold) from your Revenue. The total of this calculation is your Gross Profit. We divide the Gross Profit by your Revenue and express the number as a percentage.
Let’s calculate the Profit Margin with numbers from our Point of Sale:
- Cost of Goods Sold: 300
- Revenue: 800
(Revenue) $800 – (COGS) $300 = (Gross Profit) $500
(Gross Profit) $500 / (Revenue) $800 = (Profit Margin * 100) 62.5%
Below are different ways to help you automate this equation and raise the Profit Margin.
Analyzing Report Data from your Point of Sale
A big portion of time can be saved by taking certain reports from your Point of Sale. A Menu Mix report can provide you with detailed item sales such as a count of items sold, % of total sales the item makes up, ingredients cost, and sort items by their popularity between a date range. Having this data will be important for reasons as the ability to eliminate items rarely sold to control stock and working with vendors to reduce costs on the ingredients of the most popular items.
Controlling Inventory and Calculating Pour Cost with Optimal Cost
A crucial, if not most important, factor in a bar’s profit is found in the pour cost. Pour cost is a common term to describe the Profit Margin of a bar’s goods. Once the pour cost is found, it’s highly recommended for an operator to compare their Cost Percentages to their Optimal Cost. An Optimal Cost is determined by the price the item is sold minus cost of ingredients. Listed below are the most common Optimal Costs for alcohol.
- Liquor ~ 15-18%
- Wine ~25-30%
- Draft Beer ~20%
- Bottled Beer ~25%
April 27, 2018
Our flagship product, Focus POS, has introduced a Wait List feature in their newest point of sale software version 18.3.8. This built from the ground up feature can have your host/hostesses retain valuable information such as party size, preferred table type, seating location, custom special notes, time quotes, and much more! This function can be utilized by any staff member at any station, including iPad / Tablet point of sale workstations!
To make it even better, this feature comes with the stock software with no additional costs!
Contact New Mexico POS to schedule a demo today!
January 25, 2018
A while back I met a wonderful women. She tagged with me to many restaurants while I was servicing their Focus POS systems. Being extremely personable my friend inevitably ended up talking to owners who inevitably opened up to her. Early on my friend said, “damn, everyone is stealing from everyone”. Unfortunately she was right. Restaurateurs are dependent upon their employees but not obligated to their employees. Focus POS insures the rules and regulations of the owner are enforced to the staff. Job codes for employees dictate what an employee can do at the point-of-sale and insures staff don’t over step their responsibilities. No other POS system provides the security Focus POS does. As an owner you can feel confident your policies and security is in tack. An investment in Focus POS is an investment in security!
November 28, 2017
Owners set policies for staff members. From the dishwasher to the general manager everyone has their job to do. Your Focus POS system and NM-POS are key tools to enforce your policies which in turn create a well oiled, smooth running and profitable organization.
NM-POS delivers your new Focus POS system programmed with security in mind. We lock down all negative type transactions: voids, discounts, refunds, transfers, reporting and time clock punches to appropriate job code of authority. Every Focus POS system comes with 10 manager mag cards for management staff. Mag cards are used by MOD’s, managers, chefs and GM’s to authorize exceptions for the staff so the staff will never learn the pass-codes. Safe and secure with policies enforced so owners earn the absolute most income on their sales.
November 16, 2017
Staying at the forefront and providing New Mexico restaurateurs the best products in the point-of-sale industry, New Mexico POS is proud to announce the addition of QSR Automation Systems exCeed kitchen video automation product line. QSR products are installed in over 70,000 restaurants world wide. Unquestionably the kitchen automation heavyweight, QSR ConnectSmart Kitchen solution will make your kitchen more efficient, provide higher quality food production and increase your bottom line by providing a superior customer experience at your restaurant.
NM-POS has a demo system in our showroom. Schedule a demonstration and see how QSR Automation can move your kitchen up the professional ladder to super stardom.
November 15, 2017
Focus POS is brilliant software. It is brilliant in it’s simplicity and it is this simplicity that makes Focus POS the most reliable point-of-sale system in the industry.
First, Focus POS has no Microsoft Windows installation. It is one folder residing in the root directory of the hard drive and has one executable program. Simple!
Second, Focus POS has no Window’s VXDs, DLLs or any other complexity and Focus POS never touches the Windows operating system. Brilliant!
Third, Focus POS is logical. Installation after installation servers, bartenders and managers tell us Focus POS is the easiest and best point-of-sale system they have ever used. Our twenty years of installation experience insure owner operators painless trouble free POS investment. As a tech, Focus POS is a snap without stress.
I could go on and on about how good Focus POS is to a tech. Here is the bottom line; Focus POS runs like a tank. Day in day out, weekly, monthly, yearly for decades Focus POS runs. That’s what I like about Focus POS as a tech.
Focus POS has set a new standard of value in the restaurant POS industry. Performance and features cheesy cloud tablet systems can’t touch. Full size 15″ color touch POS workstation that includes: touch screen, mag card reader, printer and the best software in the industry ‘Focus POS’. All this for under two thousand dollars and no hideous monthly usage fees. Couple this with New Mexico POS providing all system database programming. installation and our outstanding full year of on-site warranty service and full year free system support. THERE IS NO BETTER VALUE IN NEW MEXICO FOR A POS SYSTEM!
This is exciting – call for a demo today and see why Focus Byte technology is the best value in the Point of sale industry.
Don @ 505-293-7551