Why cash flow and operating costs matter for your restaurants & bars in Hong Kong?
If you are running a restaurant or a bar in Hong Kong, you know how important it is to manage your cash flow and operating costs. These two factors can make or break your business, especially in a competitive and dynamic market like Hong Kong. In this article, it will explain why cash flow and operating costs matter for your success, and how you can improve them with some simple tips.
The challenges of managing cash flow and operating costs in Hong Kong
A big menu may increase the cost of goods
Having a large variety of dishes and drinks may attract more customers, but it also means you have to buy more ingredients, store them, and prepare them. This can increase your food waste, spoilage, and labor costs.
Multiple sources of supply may increase goods receiving time and decrease bargaining power of suppliers
If you source your ingredients from different vendors, you may have to deal with different delivery schedules, quality standards, and prices. This can make it harder to negotiate better deals, track your inventory, and ensure consistency.
Inventory management can be tricky
You have to balance the demand and supply of your ingredients, as well as their shelf life and storage conditions. You don't want to run out of stock or overstock, as both can hurt your cash flow and operating costs.
Short payment terms from suppliers can strain your cash flow
Some suppliers may require you to pay within a few days or even on delivery, while others may offer longer payment terms. This can create a mismatch between your cash inflows and outflows, especially if your customers pay later or with credit cards.
High payment gateway cost of the POS system can eat into your profits
If you accept electronic payments from your customers, such as credit cards, debit cards, or mobile wallets, you have to pay a fee to the payment gateway provider for each transaction. This fee can vary depending on the payment method, the amount, and the provider, it generally takes 3% to 5% from the transaction amount.
Payment platform settlement period takes a long time
Even if you receive electronic payments from your customers, you may not get the money in your bank account immediately. Some payment platforms may take several days or even weeks to settle the funds with you. This can delay your cash flow and affect your liquidity.
How Wonder can help you improve your cash flow and operating costs
Quick POS settlement system
Get paid faster and reduce cash handling risks.
Wonder offers a quick POS settlement period (T+0) that allows you to get paid at the same day and reduce cash handling risks. With Wonder, you can accept payments from your customers using their credit card, mobile phones, QR codes, or NFC tags. The payments are processed instantly and settled within a day, so you don't have to worry about delays or cash flow gaps. You can also access your transaction history and balance anytime, anywhere, through the Wonder app or web portal.
Low charge rate saving money on transaction fees
You need to keep your costs low to maintain your profit margin and stay competitive in the market. But sometimes, you have to pay high fees for accepting payments from your customers.
That's why Wonder offers a low charge rate that helps you save money on transaction fees. With Wonder, you can accept payments from your customers in any currency they prefer. You can also enjoy a low charge rate of 1.35% for all transactions, regardless of the payment method or currency.
Wonder offers easy integration and data analytics to minimize the operating cost
Wonder also offers other benefits that can help you grow your restaurants or bars and enhance your customer experience. With Wonder, you can:
- Easily use the Wonder app as a standalone POS device by a mobile device.
- Gain insights into your business performance and customer behavior by using the Wonder data analytics dashboard.
- Access 24/7 customer support and technical assistance from the Wonder expert team.
How to get started with Wonder
Download the Wonder app from App Store or Google Play, register your business details and verify your identity by contacting the Wonder team. Onboard your business within 24 hours after all required documents have been submitted. That’s it. You can easily enjoy the most competitive advantages to improve the cash flow and operating costs from Wonder in a minute.
