Orderbird develops its payment facilitator functions

Previously, Orderbird concluded contracts with its clients while the bank handled risk management and onboarding. As a payment facilitator, the firm plans to take on further financial processing tasks from its partner bank Concardis. Authentication, for example, is now handled digitally by the company. This results in a higher transaction fee margin for the company. Since January 2021, all cash registers must have a tax office interface and a technological protection system, ensuring that every purchase is electronically logged to prevent tax violations.

In addition to its usual gastronomic clients, the fintech began offering its cash register services to small businesses such as hairdressers and shops in May 2020. According to an Orderbird representative, the organisation intends to include other financial services such as loans and potentially company credit cards in the future. Furthermore, Orderbird reports that the company has addressed the possibility of becoming a bank themselves, however for the time being, the intermediate step they are taking is sufficient. The new financial processing services will be available in 2022.