The point-of-sale software provider TouchBistro has signed a deal with JPMorgan Chase & Co.
The software will now offer instant payment processing and mobile payment devices powered by Chase to offer table side paying.
Chase will also be promoting the TouchBistro’s software to the four million restaurant operators and small business owners in the massive Chase network.
"We'll have access to all their channels," said Alex Barrotti, TouchBistro founder and CEO. "We don't know how many could convert, but either way it will be impactful."
Member of TouchBistro’s board and partner with BDC Capital’s IT Venture fund, Peter Misek said the deal "signals for TouchBistro a dramatic increase in sales, opportunity, impact and value-add for their clients."
Now, TouchBistro customers will be able to process payments instantly through the Chase WePay service, versus the current waiting time of a couple of weeks.
TouchBistro will be getting an increase in the usual cut the company gets from payment processors too.
“Mr. Barrotti said his company currently gets a share of revenue from payments processors for each restaurant it signs up using their platform. Those payments, which account for 15 per cent to 18 per cent of TouchBistro's revenues, will increase to about 25 per cent with the Chase deal. The bulk of the company's revenue comes from monthly fees it charges for its app,” writes "The Globe and Mail."
Both the companies are optimistic about the partnership.
“With TouchBistro Payments powered by WePay, our restaurants will onboard instantly, so they can start taking payments the moment they unbox TouchBistro,” said Barrette, in a press release.. “Both restaurant owners and customers will experience easier payment processing with the new mobile EMV compliant payment device for digital, credit and debit card transactions.”
TouchBistro will now be able to offer a quick and easy payment process while gaining access to the Chase network and Chase's WePay will be getting more revenue from being TouchBistro's primary payment processor.
“TouchBistro shares our mission to take the pain out of payments for business owners, and we’re super excited to help make life easier for restaurants and their guests every day,” said Bill Clerico, co-founder and CEO of WePay. “And with the scale of Chase behind us, TouchBistro Payments has amazing potential for long-term growth.”
Read more from about the JPMorgan and TouchBistro deal at "The Globe and Mail."