American big tech Oracle has launched a new payment processing service that enables restaurants to avoid excessive costs while giving diners choice in how they pay.
The Oracle Food and Beverage Payment Cloud Service are meant to provide restaurants in the US the choice to accept various options in contactless payments, including debit/credit cards and Apple Pay, Google Pay, and Samsung Pay, without hidden fees.
Payment Cloud Service offers fixed fee rate pricing with no long-term contract or monthly minimum requirements, according to the press release issued by the company. The service runs on Oracle Cloud Infrastructure (OCI), it has high security standards, end-to-end encryption, and is PCI/DSS compliant. Restaurants can offer their customers several payment options, while operating with predictable payment processing costs that support a better bottom line.
Oracle is working with fintech platform Adyen to bring Oracle Payment Cloud Service to market with a fixed rate pricing model that enables restaurant owners to predict transaction costs, regardless of the payment method used. There are no additional service or convenience fees, and no commitment to a long-term contract or monthly minimums, the press release explains. This means businesses only pay for the services they use as their business grows.
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