BentoBox adds payments to its restaurant toolbox as digital demand grows

BentoBox adds payments to its restaurant toolbox as digital demand grows

BentoBox adds payments to its restaurant toolbox as digital demand grows

  • The recently launched BentoBox Payments consolidates order management and payment processing to streamline operations.
  • This expansion may have responded to restaurants’ demands for enhanced digital experiences and more unified management systems.
  • Insider Intelligence publishes hundreds of insights, charts and forecasts about the Payments & Commerce industry. Read more about becoming a customer.

The news: BentoBox, a restaurant commerce provider owned by Fiserv, has launched a new platform that brings order management and payment processing to its offerings, according to a press release. BentoBox Payments is powered by Clover, Fiserv’s mobile point-of-sale (mPOS) platform.

US Adult Spending Change Chart

Insider Intelligence

Unpack BentoBox: The company offers online and in-person ordering tools, marketing and event management solutions, and customer analytics tracking.

Fiserv bought BentoBox last October. At the time, it said combining BentoBox with Clover could improve operational efficiency and hospitality services for its customers. Fiserv CEO Frank Bisignano credited BentoBox for helping drive first-quarter merchant underwriting revenue, which grew 18% year over year that quarter.

Trendspotting: In recent months, more and more providers have started bundling restaurant technology with payments.

Block last month acquired restaurant ordering and marketing platform GoParrot to build out Square for Restaurants — and shortly after, it partnered with restaurant delivery software provider VROMO to improve delivery capabilities.

That same month, Toast launched Toast for Hotel Restaurants to help hotels streamline guest restaurant ordering through integrations with their property management systems (PMS).

And BentoBox competitor Olo introduced Olo Pay in February to streamline online ordering and payment for restaurants.

These moves may have been in response to restaurants’ demand for enhanced digital experiences and more unified management systems.

Restaurants are going digital. Fifty-four percent of restaurant operators have added a QR code-accessible menu for casual dining as of March 2020, according to the National Restaurant Association’s 2021 State of the Restaurant Industry. That trend is expected to continue: 37% of restaurant franchisees plan to adopt alternative payment methods this year, according to TD Bank. With the use of cash declining, restaurant technology providers see an opportunity to embed payment solutions into their product offerings.

Restaurants are also looking for technology providers that offer a more integrated management experience. Disjointed order management, POS and back office systems can lead to costly and time-consuming operational inefficiencies. Restaurants are more likely to choose technology providers that provide a one-stop shop for their operational needs, rather than working with different providers on separate services.

The Opportunity: By adding payment tools to its product suite, BentoBox can become a more compelling restaurant technology provider and open a new revenue stream for the company.

Its payment offering puts BentoBox in line with competitors like Olo and Toast — mainly because it has Fiserv’s backing, which can expand its reach for merchants — and helps it compete with Square. And BentoBox Payments could help expand Clover’s capabilities to bring in more volume in the hospitality industry, which has grown despite a surge in consumer prices: U.S. consumer spending on restaurants rose 3% in March compared to the previous month, according to Morning Consultation.

Want to read more stories like this? Here’s how you can access:

  1. Join other Insider Intelligence customers who receive Payments & Commerce forecasts, briefings, charts and research reports in their inboxes every day. >> Become a customer
  2. Explore related topics in more depth. >> Browse our coverage

Current subscribers have access to Insider Intelligence’s entire content archive here