Point of sale providers compete to be a one stop shop
The point of sale (POS) name may suggest just one step in the process, but restaurant point of sale providers go far beyond the point of payment. On Tuesday, August 3, FinTech and payment firm Fiserv’s Clover point-of-sale system announced the launch of Clover Station Solo, a device that aims to consolidate front and back home operations. At the same time, the cloud-based point-of-sale system Appetize announced Appetize Plus, which bundles the company’s software, hardware, and payment tools into one subscription, allowing businesses to upgrade their technology without the often prohibitive cost of the initial purchase of each.
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“Appetize Plus is a game-changer for our corporate customers because, historically, businesses have been known to save for years to upgrade their point-of-sale systems,” said Kevin Anderson, chief strategy officer and co-founder of Appetize, in a statement. He added that the subscription plan allows businesses to “immediately reap all the benefits of a faster, easier to use system” and offers the “peace of mind” of “knowing they will always have the service. latest technology “. . “
As restaurants continue to upgrade their technology, whether to stay ahead of the curve or to catch up, the market for cloud-based solutions continues to grow. Grand View Research report reveals that the global restaurant POS terminal market size was $ 15.5 billion in 2020, and the demand for mobile POS terminals will grow by more than 5% each. year to 2028. Businesses that can go beyond credit card processing, tie payment functionality to a suite of connected services like Clover and Appetize do, have the potential to become restaurant essentials.
One point-of-sale system that could take hold in the coming years is Olo Pay, a payment processing tool from digital ordering and delivery software provider Olo, which is expected to launch in 2023.
“[Olo Pay] is our effort to have an Olo payment offering as a component of our product modules, so that things like mobile wallet, things like chargebacks and fraud protection are built into the offer ” , Olo founder and CEO Noah Glass told Karen Webster. Given the company’s wide range of offerings and its existing partnerships with dozens of major restaurant chains, the feature could quickly become a major player among point-of-sale providers aiming to be a one-stop-shop for restaurants. .
Read more: Olo’s Noah Glass Fuels $ 1.6 Trillion ‘Eats’ Ecosystem
The space becomes more competitive every week. In mid-July, Hospitality-focused point-of-sale provider Squirrel Systems announced Squirrel Cloud POS Independent Restaurant Edition, which in addition to consolidating orders across all channels and processing payments, also aims to ease the working difficulties of independent restaurants by allowing waiters to send orders to the kitchen. wherever they are in the restaurant, maximizing the time they can spend with customers. The following week, hotel tech startup Bbot announced a $ 15 million Series A fundraiser, bringing its total funding to $ 22.3 million, to expand its e-commerce platform, which includes a point of sale system as well as contactless orders and loyalty rewards.
See also: How consumers live in the connected economy
Using point-of-sale technology as an entry point into a wider range of functionality, all of these ResTech companies are finding ways to deepen their relationships with restaurants, providing restaurants with access to a range of digital experiences. connected and becoming essential to their customers. in today’s connected economy.