Square's complementing a series of investments in mobile restaurant technology with a point of sale system that's specifically tailored for food services.
Square for Restaurants includes front- and back-end operations tailored for restaurants through a single interface to remotely manage ordering and payments, update menus, and change floor layouts. That combines with a feature that supports wait staff order placement, staff time tracking, tip splitting and fraud prevention.
Square is charging $60 per month per location, and 2.6% plus 10 cents per transaction for the POS software.
Jack Dorsey, chief executive officer of Square Inc., second right, tours the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Thursday, Nov. 19, 2015. Square Inc. jumped more than 60 percent after the mobile payments company priced its initial public offering low enough to entice skeptics as well as bulls who are confident in its growth prospects. Photographer: Yana Paskova/Bloomberg *** Local Caption *** Jack Dorsey
Yana Paskova/Bloomberg
An integration with Caviar will support omnichannel restaurant management. Square acquired Caviar, a mobile order ahead app, in 2014, and has been gradually adding services since. A recent acquisition of Entrees-on-Trays allowed Caviar to expand geographically. A more recent acquisition of corporate catering service Zesty moved Square and Caviar deeper into food services.
The restaurant technology is a category-specific move that mirrors a broader strategy at Square. Square has spent hundreds of millions of dollars in the past few months to round out the merchant services that accompany its flagship payments acceptance hardware.
Square in late April spend $365 million to acquire Weebly, providing content and online store front design to complete with rivals such as Stripe. It has also collaborated withSAP to build a merchant gateway and extended open development to attract fintech developers.
More nonbank digital asset firms are applying for national trust charters, a development that many banking organizations oppose due to what they say is inadequate oversight, lack of congressional intent and no FDIC backstop.
The Charlotte, North Carolina-based bank, which is focusing its growth push in the Southeast, is also planning to renovate 300 existing offices as part of an effort to attract more mass-affluent customers.
The Swedish financial institution will sell future buy now/pay later originations to Nelnet. Also, RBC and BMO may sell their payments joint venture; and other news in the global payments and fintech roundup.
Scott Simpson, the next CEO of America's Credit Unions, talked to American Banker about how he plans to fend off a "clear attempt to try to destroy the business model."
The Ohio bank bought DTS Connex to expand its cash management services for businesses with multiple locations, like retailers, restaurants and health care providers.
