Rapid RMS

RapidRMS develops a cloud-based point-of-sale and retail management platform aimed at convenience stores, gas stations, liquor and wine stores, tobacco shops, grocery stores, quick-service restaurants, cafes and bakeries, food trucks, mall kiosks and gift stores. The core product is an iPad-based POS paired with a centralized back-office system, removing the need for in-store servers and allowing owners to monitor sales, manage inventory, generate purchase orders and review margins remotely.

Platform capabilities include real-time data and analytics, an offline mode that keeps sales running during internet outages, hardware-agnostic deployment, multi-store management from a single dashboard, loyalty programs, scan-data support, e-commerce and mobile applications, and open APIs for third-party integrations or custom-built apps. For fuel retailers, the system supports fuel sales and dispenser integration on the iPad POS. Payment functionality covers contactless, EMV (indoor and pay-at-pump), sales, voids, refunds, post-auths and fleet transactions, plus tips, EBT, house-charge credit accounts and in-house gift cards, with certifications cited for TSYS, Heartland, WorldPay and Fiserv.

Founding story

Reporting from 2014 identifies Nirav Patel as the founder, describing a family with decades of retail experience that owns and operates several local liquor and convenience stores in the Chattanooga area; the business grew out of the Co.Lab accelerator program.

Business model

RapidRMS licenses its POS and back-office software to retail merchants, with a free entry-level version advertised alongside paid tiers segmented for small, medium and enterprise businesses. It also earns from integrated payment processing, offering cash discount programs, fixed-rate processing and Interchange Plus pricing, and historically advertised flat-rate card processing from 2.0% with no monthly or per-transaction fees. Enterprise engagements can include white-labeling, custom integrations and open-API access.

Recurring software/SaaS subscriptions for POS and back-office applications, complemented by payment processing revenue and enterprise customization, white-labeling and API-based integrations.

Traction

Company figures cite more than 15 US states and two or more countries served, $400MM in sales transactions and over 100,000 inventory items on the platform, with named customer references in Georgia, Mississippi, Missouri and Barbados. A third-party research profile lists seven employees as of February 2024.