Andrea Kando, Chief Payments and Strategy Officer for TouchBistro restaurant POS, went from elementary school teacher to payments industry leader. Her diverse roles in strategy and operations at Fortune 500 companies have equipped her with the skills to add immense value to smaller organizations. In this episode, Andrea shares her insights on optimizing revenue streams and enhancing the restaurant experience through TouchBistro’s innovative solutions.
Key Takeaways:
- Diverse roles in strategy, operations, and payments add value to smaller firms.
- ISV: software solutions for specific verticals like restaurants.
- Key dining trends: online menu research, loyalty programs.
- Restaurant trends: balancing tech deployment with human interaction.
- Flexibility in delivering the right dining experience.
- Evolution of payments: focus on monetizing and optimizing experiences.
- TouchBistro’s intentional approach to payment workflows.
- Future of payments: the potential of soft POS solutions.
- Fraud management: layered security and optionality in payments.
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The Changing Landscape of Restaurant POS Systems
On this SMB Tech Innovators Podcast episode, Andrea Kando, the Chief Payments and Strategy Officer at TouchBistro, discusses the evolution of restaurant POS systems. She shares her journey from teaching to leading payments strategy and offers insights into how restaurant POS systems have transformed over the years. Focusing on the unique challenges and opportunities in the industry, Andrea provides a comprehensive view of how TouchBistro has adapted to meet the needs of restaurant operators.
Andrea’s Career Journey: From Teaching to Strategy
Andrea’s career journey is as diverse as it is inspiring. Beginning her professional life as an elementary school teacher, Andrea transitioned into the business world, where she gained extensive experience in payments across Fortune 500 companies. Her varied roles in operations, strategy, migration, and offshoring have equipped her with a unique skill set, which she now applies at TouchBistro. Andrea emphasizes the importance of taking on different challenges and gaining experience across multiple functions, which has been instrumental in her success at smaller organizations like TouchBistro.
Defining the Role of a Strategy Officer in Payments
Andrea’s role as Chief Payments and Strategy Officer at TouchBistro is multifaceted, allowing her to challenge the business and drive strategic initiatives. At TouchBistro, this role involves optimizing revenue streams, particularly in payments, while ensuring that the company’s strategic objectives are clearly defined, prioritized, and executed. For Andrea, staying focused on key initiatives and avoiding the distractions from too many simultaneous projects is essential.
The Role of Independent Software Vendors (ISVs) in Vertical Markets
Independent Software Vendors (ISVs) create and sell specialized software solutions tailored to various industries, such as healthcare, government, and restaurants. At TouchBistro, an ISV focused on the restaurant industry, the goal is to provide a comprehensive solution that addresses the specific needs of restaurant operators. This solution includes everything from front-of-house operations like reservations and payments to back-of-house functions like inventory management and payroll.
TouchBistro’s Unique Position in the Market
TouchBistro was the first mobile restaurant point-of-sale system on the market, and its evolution has been driven by a deep understanding of restaurant operators’ needs. The platform offers a fully integrated restaurant management system combining front-of-house, back-of-house, and diner engagement capabilities into a cohesive solution. This all-in-one approach sets TouchBistro apart in a crowded market, providing restaurant owners with the tools to manage everything from table orders to customer loyalty programs.
The Importance of Mobile in Restaurant POS Systems
Mobile technology plays a critical role in modern restaurant POS systems. Mobile devices allow restaurant staff to take orders directly at the table, speeding up the process and improving accuracy. Mobile technology is critical in high-traffic environments where efficiency is vital. Additionally, TouchBistro’s mobile solution is designed to be user-friendly, enabling quick staff training and minimizing downtime, which is crucial in an industry known for its high employee turnover.
Key Trends in the Restaurant Industry
TouchBistro’s research on current restaurant industry trends emphasizes the importance of online presence and loyalty programs. According to their findings, most diners begin their restaurant journey online, with 85% looking up menus before visiting a venue. Loyalty programs have also become increasingly popular, with nearly half of registered loyalty members dining out weekly or more. These trends highlight the growing need for restaurants to engage with customers digitally and build lasting relationships through personalized experiences.
Key Trends in Restaurant POS Systems:
- Online Presence: 85% of diners research menus online before visiting.
- Loyalty Programs: 47% of loyalty members dine out weekly or more.
Mobile Ordering: An increasing shift towards mobile-based ordering and payments.
Balancing Technology and Human Interaction
While technology is transforming the restaurant industry, Andrea notes that a balance must be struck between digital solutions and human interaction. Some diners prefer the convenience of QR codes and mobile ordering, while others value the personal touch of a server. TouchBistro’s approach is to provide flexible tools that allow restaurant owners to customize the dining experience based on their specific customer base.
The Evolution of Payments in Restaurant POS Systems
Payments are a fundamental component of any POS system, and Andrea’s extensive background in payments gives her a unique perspective on how this aspect has evolved. TouchBistro’s approach to payments is about more than just processing transactions; it’s about creating a seamless experience that enhances both the restaurant’s efficiency and the diner’s satisfaction. Andrea explains that payments should be smooth and almost invisible to the customer, with any friction in the process being a significant dissatisfier.
Evolution of Payments:
- Seamless Experience: Payments should work effortlessly to enhance customer satisfaction.
- Customization: Payment workflows must be customized to meet the restaurant’s specific requirements.
- Advanced Integrations: Use of technology to integrate payments with other financial services.
The Future of Payments and Embedded Finance
Andrea is excited about the potential of embedded finance in restaurant POS systems. Embedded finance refers to the integration of financial services, like lending or payments, directly into a software platform. This trend is becoming more accessible to smaller ISVs, enabling them to offer their customers a broader range of services. This could mean faster access to funds, more manageable supplier payments, and a more connected financial ecosystem for restaurants.
Future Trends in Payments:
- Embedded Finance: Integrating financial services directly into POS systems.
- Soft POS: Accepting payments without traditional card terminals, increasing flexibility.
- Fraud Prevention: Implementing advanced security measures to protect transactions.
The Role of Security and Fraud Prevention
Security and fraud prevention are increasingly crucial as payments become more integrated with software solutions. Adopting a layered approach to security is critical, especially for card-not-present transactions, which are more vulnerable to fraud. By implementing advanced AI and machine learning technologies, ISVs can better protect their customers and ensure a secure payment environment.
Advice for Aspiring Technology Leaders
Andrea’s advice for aspiring technology leaders, particularly those working in ISVs, is focused on small and medium businesses. Her key points include:
- Understanding the customer’s needs.
- Staying informed about industry trends.
- Building a solid professional network.
Andrea also emphasizes the importance of considering the end-to-end experience, even outside of one’s immediate area of responsibility.
Key Takeaways for Aspiring Leaders:
- Know Your Customer: Deeply understand your end users’ needs and pain points.
- Stay Informed: Keep up with industry trends and maintain an active professional network.
- Think Holistically: Understand the entire customer experience beyond your specific role.
The Future of Restaurant POS Systems
The podcast provides a comprehensive overview of the evolution of restaurant POS systems, from the early days of mobile ordering to the future of embedded finance and payments. TouchBistro’s approach to integrating front-of-house, back-of-house, and diner engagement solutions into a single platform reflects the broader industry trend towards all-in-one solutions that enhance operational efficiency and customer experience. As the industry continues to evolve, technology leaders like Andrea will play a crucial role in shaping the future of restaurant management.
By focusing on key trends, such as mobile ordering, loyalty programs, and embedded finance, restaurant operators can stay ahead of the curve and deliver the experiences that today’s diners expect. Andrea’s advice on understanding customer needs and building strong industry connections will be invaluable for those aspiring to lead in this space.
Listen to The evolution of restaurant POS systems with Andrea Kando. Learn more about TouchBistro and connect with Andrea on LinkedIn.
