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BofA Merchant Services is pursuing the restaurant industry (BAC)
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Bank of America (BofA) Merchant Services — the bank's payments, e-commerce, and security solutions segment — is partnering with cloud-based restaurant management software provider talech to launch a point-of-sale (POS) solution for restaurant and bar owners with more than one location.
Charles Rex Arbogast / AP
The partnership will bring several benefits to clients who use BofA Merchant Services' processing and talech's software. The POS solution's features include faster checkout, the ability to customize and manage table layouts and orders, employee management tools like scheduling and time sheets, streamlined ordering, and the ability to add discounts and gratuity.
The restaurant industry can provide a lucrative opportunity for BofA Merchant Services.
- The US restaurant industry was worth nearly $800 billion in 2017. This partnership can allow BofA to expand its Merchant Services segment — which processes 16.6 billion transactions at over 705,000 merchant locations in the US, Canada, and Europe — to businesses that need restaurant-specific tailored solutions with over-the-top (OTT) features likes business management tools. BofA Merchant Services has been focusing on small- and medium-sized businesses (SMBs), and this solution can enable the segment to onboard SMBs as they begin to scale, keeping them as lifetime customers.
- And large players are also aggressively pursuing the restaurant space. Merchants are looking for more than just payment functionality from their POS systems — they want value-added features. And several firms are recognizing this need — Square launched Square for Restaurants, its first product for full-service restaurants; First Data said in its Q3 2018 earnings that it plans to launch a full-service restaurant software solution; and restaurant POS software provider TouchBistro, which services 12,000 restaurants in 100 countries, recently closed a $54 million funding round and plans to expand into more markets and build out its solution further. And BofA's Merchant Services' offering can allow it to gain share in a space that's likely to become even more crowded.
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