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."Read More