The news: Fiserv-owned restaurant commerce provider BentoBox launched a new platform that brings order management and payment processing to its offering, per a press release. BentoBox Payments will be powered by Clover, Fiserv’s mobile point-of-sale (mPOS) platform.
Unpacking 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 efficiencies and hospitality services for its customers. Fiserv CEO Frank Bisignano credited BentoBox with helping drive merchant acceptance revenues in Q1, which increased 18% year over year that quarter.
Trendspotting: More providers have started bundling restaurant tech with payments in the last few months.
These moves may have been in response to restaurants’ demand for improved digital experiences and more unified management systems.
The opportunity: Adding payment tools to its product suite can make BentoBox a more attractive restaurant tech provider and open a new revenue stream for the firm.
The payments offerings bring BentoBox in line with competitors like Olo and Toast—especially since it has Fiserv’s backing, which can extend its merchant reach—and help it compete with Square. And BentoBox Payments can help extend Clover’s capabilities to capture more volume in the hospitality sector, which has grown despite a steep rise in consumer prices: In March, US consumer spending on restaurants increased 3% compared with the previous month, per Morning Consult.