Streamlined payments and eased access to Capital, Accounts, and Card Issuing solutions solve common financial challenges for top restaurant brands
SAN FRANCISCO (April 25, 2023) – Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, has partnered with Olo Inc. (NYSE: OLO), a leading SaaS platform for restaurants, to provide restaurant businesses with a faster and easier way to consolidate digital and in-store payments, apply for capital, and manage cash flow. The collaboration will further expand Adyen’s hospitality sector reach by providing Olo Pay customers with the all-in-one Adyen for Platforms experience. In the future, participating restaurants will receive advanced payment capabilities and embedded financial services including Capital, Accounts, and Card Issuing.
Launched in 2022, Olo Pay is Olo’s modern payment tech-stack purpose-built for restaurants, providing enhanced fraud and chargeback features while increasing conversion rates. Up to this point, Olo Pay has processed digital payments such as online orders, QR code order-at-table, and mobile wallets. By joining forces with Adyen, Olo Pay will enable its customers to accept and oversee both digital and in-store payments from the same Olo platform in which they manage the rest of their business. This functionality will be available soon in beta for Kiosk ordering before expanding to all card-present ordering thereafter. This streamlined payment stack will increase operational efficiency for restaurant businesses by eliminating the need to switch between multiple tools for reconciliation, refunds, fraud prevention, and chargebacks. The partnership with Adyen will also help brands build more holistic guest profiles by capturing all transaction data in one place, empowering Olo Pay customers to utilize a more data-driven approach to strategic investments and innovation.
“The restaurant industry is constantly innovating to meet the needs of the modern customer, and Olo’s visionary mission is no exception,” said Davi Strazza, North America President at Adyen. “Adyen’s end-to-end solution – which integrates point-of-sale systems and embedded financial services – makes us a natural fit to partner with Olo and enable their end-users.”
“We are thrilled to partner with Adyen to bring traditional, in-store payment processing to our Olo Pay customers,” said Tor Opedal, SVP & GM of Payments at Olo. “Our restaurant brands have been excited for us to add this functionality ever since we launched Olo Pay, and Adyen’s proven capabilities at scale within this space plus our shared vision of seamless embedded financial services set the table to transform how the restaurant industry operates.”
In addition to facilitating in-person payments, Adyen will soon enable eligible Olo Pay customers to tap into embedded financial services in order to meet some of their most critical financial needs. Providing capital at speed is especially important in the fast-paced restaurant industry Olo serves, and through Adyen’s Capital and Accounts products, Olo Pay customers will be able to access pre-approved working capital advances intended to support their growth. By opting into a premium plan with Adyen, Olo will be able to push payouts to their restaurant customers in compressed settlement cycle timeframes. With the first embedded finance suite to be developed entirely in-house, Adyen’s products negate the delays experienced when applying for capital through traditional banks or fragmented financial ecosystems.
Key product highlights within Adyen and Olo’s partnership include:
Adyen for Platforms – Enables platforms to embed payments into their offering and deliver a unified commerce experience across sales channels and geographies.
Capital – Gives platform users access to fast and flexible cash advances. Due to Adyen’s data-driven risk-scoring capabilities, these financing offers are pre-qualified and require no additional checks on the user’s end.
Accounts – Empowers platform users to easily set up a business account in record time so they can receive, store, and spend funds all in one place.
Card Issuing – Allows platforms to offer their users virtual and physical cards for business transactions so funds are received faster.
Learn more about the Adyen for Platforms, Capital, Accounts, and Card Issuing products here.
Learn more about Olo Pay here.
Adyen (AMS: ADYEN) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Facebook, Uber, H&M, eBay, and Microsoft. The cooperation with Olo as described in this merchant update underlines Adyen’s continuous growth with current and new merchants over the years.
Olo Inc. (NYSE: OLO) is a leading open SaaS platform for restaurants that enables hospitality at every guest touchpoint. Millions of orders per day run on Olo’s on-demand commerce engine, providing restaurants a single source to understand and serve every guest from every channel, whether direct or third-party. With integrations to over 300 technology partners, Olo customers can build personalized guest experiences in and outside of their four walls, utilizing one of the largest and most flexible restaurant tech ecosystems on the market. Over 600 restaurant brands trust Olo to grow their digital ordering and delivery programs, do more with less, and make every guest feel like a regular. Learn more at olo.com.