Square, a prominent player in payment processing and business management solutions, has unveiled a strategic partnership with Sysco, a leading global foodservice distributor. This collaboration is part of Square's initiative to introduce new features aimed at assisting restaurants in navigating the complexities of the food and beverage industry. The announcement comes as businesses face ongoing challenges in managing operations, cash flow, and enhancing customer experiences.
Under this partnership, Sysco will incorporate Square's technology solutions into its Sysco Restaurant Solutions program. This move aims to extend the reach of Square’s offerings, providing more restaurants worldwide with tools designed to improve efficiency and drive growth. Neil Russell, Chief Administrative Officer at Sysco, stated, “Sysco is committed to helping our customers succeed through innovative solutions and technology… we know that their solutions can help food and beverage businesses work smarter, operate more efficiently, and find new avenues of growth.”
In conjunction with the partnership, Square has rolled out several new features targeted specifically at addressing the key challenges faced by the restaurant sector. One notable feature is the introduction of Bar Tabs, which allows restaurants and bars to preauthorize tabs for customers using credit cards or digital wallets. This innovation is set to improve the service experience by alleviating the need for staff to physically hold onto patrons' cards. Eric Lurwick, General Manager at Cisco Brewers, remarked, “Holding onto people’s credit cards at the bar – and having 20-30 people per night forget to close out their tabs – can be a nightmare. Using Bar Tabs has made the lives of Cisco employees and customers a lot better.”
Another significant enhancement is Instant Payouts, which enables restaurants utilising Square Checking to receive funds immediately for orders processed through third-party delivery platforms, such as DoorDash and Uber Eats. This addresses a critical pain point for many establishments that previously faced delays of up to 11 days to access revenue from these orders. Instant Payouts is currently available to Square for Restaurants Plus and Premium sellers with integration set to expand to additional platforms by 2025.
Additionally, Square has introduced House Accounts, allowing businesses to manage invoices for regular or institutional clients on a flexible billing schedule. This action is a response to the diverse needs of restaurant operators who require adaptability in managing customer transactions.
Square's Release Manager feature supports these updates, permitting restaurant operators to implement the new systems at their own pace. This approach facilitates staff training and ensures a smoother transition to the upgraded tools.
Ming-Tai Huh, Head of Food and Beverage at Square, emphasised the company's dedication to meeting the evolving demands of food and beverage sellers. He noted, “Day in and day out, our sellers are tasked with navigating the ever-changing and increasingly complex restaurant environment. Any leg up we can give businesses – whether that’s through time saved or quicker access to revenue without more fees – is worth it to better equip them to succeed.”
This partnership aligns with trends in artificial intelligence and automation, where technology is increasingly playing a pivotal role in streamlining operations and enhancing business practices across various sectors, particularly in the fast-evolving restaurant industry.
Source: Noah Wire Services