The partnership is set to further extend Adyen’s reach in the hospitality sector by providing Olo Pay customers with the all-in-one Adyen for Platforms experience. In the future, participating restaurants are to be enabled with advanced payment capabilities and embedded financial services such as Capital, Accounts, and Card Issuing.
Olo Pay is the company’s modern payment tech-stack purpose-built for restaurants that provides fraud and chargeback features while aiming to increase conversion rates, with the service having processed up to this point digital payments of the likes of online orders, QR code order-at-table, and mobile wallets.
By collaborating with Adyen, Olo Pay is going to enable its customers to accept and oversee digital and in-store payments alike from the same Olo platform leveraged to manage the remaining of their business. Initially, the functionality is to be available in beta for Kiosk ordering prior to expanding to all card-present ordering. The payment stack is believed to help increase operational efficiency for restaurant businesses by having the need to switch between multiple tools for reconciliation, refunds, fraud prevention, and chargebacks eliminated. Furthermore, the partnership will enable brands to build increasingly holistic guest profiles by encapsulating all transaction data in one place, helping Olo Pay customers leverage a more data-driven approach to both strategic investments and innovation.
Davi Strazza, North America President at Adyen stated that the restaurant industry is ‘constantly innovating’ to address the needs of the modern customer, and as Olo’s mission is in line with this approach, the spokesperson stated that Adyen’s end-to-end solution, which integrates point-of-sale systems and embedded financial services, makes it a ‘natural fit’ for partnering with Olo and enabling their end-users.
Adding on this, Tor Opedal, SVP & GM of Payments at Olo advised that they are looking forward to partnering with Adyen to provide Olo Pay customers with traditional, in-store payment processing. As per their statement, the company’s restaurant brands have been on the lookout for the addition of the functionality following Olo Pay’s launch, and the belief is that Adyen’s proven capabilities at scale within the space, together with their shared vision of simplified embedded financial services pave the way for changing how the restaurant industry operates.
Apart from facilitating in-person payments, Adyen is going to enable eligible Olo Pay customers to tap into embedded financial services to help them meet their critical financial needs. Providing capital in an expedited manner is of importance to the restaurant industry Olo serves, and via Adyen’s Capital and Accounts products, Olo Pay customers will have access to pre-approved working capital advances intended for growth support. Choosing a premium plan with Adyen will help Olo push payouts to their restaurant customers in compressed settlement cycle timeframes.
Adyen’s products capabilities as detailed in the announcement are as follows:
Adyen for Platforms: lets platforms embed payments into their offering and provide a unified commerce experience across sales channels and geographies.
Capital: enables platform users’ access to fast and flexible cash advances that are pre-qualified and require no additional checks on the user’s end due to Adyen’s data-driven risk-scoring capabilities.
Accounts: helps platform users set up a business account in an expedited manner enabling them to receive, store, and spend funds in one place.
Card Issuing: allows platforms to provide users with virtual and physical cards for business transactions so funds are received quicker.
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