One of the restaurant point of sale software solution leaders, TouchBistro has partnered with J.P. Morgan chase. TouchBistro is a startup based in Toronto that is a leader in providing iPad point-of-sale (POS) software specialized for restaurants and food services. They announced the launch with Chase, where TouchBistro Payments will be powered by WePay. J.P Morgan Chase acquired WePay in October of 2017.
TouchBistro themselves are just off a fresh round of funding in the spring of 2017 of $16.3 million. According to LinkedIn Data, TouchBistro has over 200 employees as of March, 2018 and have shown a 2-year increase of 160% in head count.
THE NEXT-GEN OF PAYMENTS FOR FOOD ESTABLISHMENTS
The payment innovations mean time-saving convenience for busy restaurant owners and patrons where instant payment processing can now occur with integrated mobile payment devices that allow customers to easily pay at the table as they choose – tap, chip and traditional magnetic strip.
Alex Barotti, founder of TouchBistro.
Already a serious player in POS solutions for food services, partnership like these puts pressure on the likes of Lightspeed, Revel and Shopkeep to keep pace in terms of payments innovations. TouchBistro is part of a growing movement of mPOS solutions finding traction in the hospitality and retail sector, where smaller POS solutions are creating better customer experiences in restaurants, stores and at small business locations.
“With TouchBistro Payments powered by WePay, our restaurants will onboard instantly, so they can start taking payments the moment they unbox TouchBistro,” said Alex Barrotti, founder and CEO of TouchBistro.
Essentially, according to Business Insider, WePay’s service makes it easier for players in the space, specifically independent software vendors (ISVs) and business app developers, to integrate payments into their own software with its APIs, which in turn could make Chase a more attractive option for these providers.
FASTER PAYMENTS FOR FOOD SERVICES
TouchBistro already integrated with Square in 2016, and now serves up through the new WePay relationship, TouchBistro gains a promotional platform to market its restaurant point-of-sale solution on Chase.com and other channels.TouchBistro has in the area of 12-14k eateries it serves with its iPad POS solution, and Chase with 5k branches itself has around four million small business clients.
TouchBistro is already bridging restaurants with finance, and the new payments partnership is a sign they understand the efficacy of partnerships that augment their brand and will be able to offer even better payment experiences for the B2B2C, customers of their customers.
WePay’s payments-as-a-service API essential affords 4 million small business customers the ability to accept digital payments instantly and to get paid faster. In the new era of POS it’s becoming increasingly clear that partnerships are a significant differentiator for POS solutions to get one step ahead of their competitors. With this solution, food service entrepreneurs will be able to instantly do payments and on-board on demand, instead of waiting the ten days to two weeks for a payment processor to begin accepting credit card payments.
We’ll be covering key retail trends as they occur, stay tuned for more related articles.