Nearly half of all food and beverage GPV comes from sellers using at least one platform integration
Today, Square announced several new platform integrations for food and beverage (F&B) businesses that include SevenRooms, Restaurant365, and Popmenu, among others, and revealed new partnerships with Performance Foodservice and a number of state restaurant associations. The company also launched new machine learning-powered app recommendations to improve how sellers discover connected products, and revealed new growth metrics around Square’s extensive ecosystem of third-party tools.
Square launched its App Marketplace a decade ago so sellers could easily find and use integrated solutions, enabling them to build a customized technology stack with the tools they prefer. Today, Square offers sellers more than 1,300 integrated and complementary partner solutions, with more than 100 introduced over the last 12 months. Food and beverage businesses in particular have found immense value in the variety of integrations that Square offers in collaboration with its partners:
- 47% of Square’s F&B gross payment volume (GPV) in 2023 came from sellers using at least one integration.
- Last year, the typical F&B seller using at least one integration grew their year-over-year GPV at more than 2x the rate when compared to similar sellers using no integrations.
- F&B sellers are also quicker to turn to one of Square’s integrations than non-food and beverage sellers, with 45% adopting a third-party solution within their first year of using Square to help them grow their sales, manage online orders and deliveries, and much more.
Square’s latest slate of partner integrations provide restaurants of all sizes with a wider selection of tools to help them succeed.
- SevenRooms’ integration with Square allows restaurants to see reservations and additional customer insights on their POS, streamlining dining room management for front-of-house staff and providing diners with an elevated experience through increased personalization. By bringing key historical data from both Square and SevenRooms to the fingertips of operators and their teams, restaurants gain an unparalleled ability to tailor their service to individual guests.
- Restaurant365, an industry leading, all-in-one cloud-based solution that helps restaurants manage their accounting, workforce, and store operations, is now available in Square’s App Marketplace. This integration provides restaurants with a comprehensive understanding of their entire business and empowers operators to make more informed business decisions, increase profitability, and enrich diners’ experiences.
- When 7shifts is used with Square, operators can access restaurant performance data in real time. This gives them better visibility into sales projections and labor costs, so they can make smarter, more profitable business decisions on the fly.
- Popmenu’s integration provides restaurants with a powerful solution to grow their digital presence, automate and personalize their marketing, and manage online orders within Square.
- Olo, a leading restaurant technology provider, enables restaurants to increase orders, streamline operations, and improve the guest experience. Through its integration with Square, which is currently in beta, operators will be able to view orders from all their digital channels all in one place on their POS and KDS (kitchen display system).
“We operate 19 restaurants across four concepts, and to do so successfully, we use a number of tools to provide us with the key insights we need to make informed decisions around labor costs, vendor expenses, and store performance,” said Edgar Hernandez, CFO of Raydal Hospitality Group, the team behind Sabor Latin Street Grill and Three Amigos. “The importance of having a commerce platform that easily works with the operational software we rely on cannot be understated. Instead of having to reconcile data from different systems, Square's work to build and maintain a wide variety of important solution integrations helps us remain focused on optimizing our operations and growing our business.”
“As competitive pressures mount across the hospitality industry, it has become even more important for operators to have a 360-degree view of their customers so they can provide truly differentiated experiences,” said Allison Page, Co-founder and Chief Product Officer of SevenRooms. “Our comprehensive integration with Square equips restaurants with the rich data they need to better understand their diners, helping them make every guest interaction more personalized while driving higher customer loyalty and retention.”
Alongside these new integrations, Square is also rolling out a new recommendation engine for partner integrations, powered by machine learning. The new recommendation model is designed to elevate the visibility of partner solutions and make more personalized, timely recommendations within a seller’s Dashboard, tailored to their needs. While piloting the new model, Square observed a 26% increase in partner app conversion.
“Square has made huge investments in its developer platform and ecosystem of integrations over the last few years to deliver more value to sellers and partners alike,” said Ming-Tai Huh, Square’s Head of Food and Beverage. “Restaurants today rely on a variety of tools and services to drive operational efficiency, manage labor costs, and find new avenues for growth in an increasingly competitive and challenging landscape. The value of ensuring food and beverage businesses can seamlessly build the technology stacks that best fit their operations is evident in the engagement and growth we’re seeing, and Square is committed to providing sellers with best-in-class integrations that help them more easily navigate the complexities of running and growing their business.”
Square today is also unveiling a number of new industry partnerships. The company is now working with Performance Foodservice, a leading foodservice distributor, as a One Source Solution Partner. As a result, Square's software and hardware solutions for food and beverage businesses are now promoted, co-marketed, and sold to Performance Foodservice's more than 125,000 customers across the U.S. and Canada. Additionally, Square has partnered with a variety of restaurant associations throughout the country, including the Illinois Restaurant Association, the California Restaurant Association, and the New York State Restaurant Association. These organizations are leading advocates for stakeholders throughout the food and beverage industry, and Square’s partnership with them will position the company to better serve restaurants with its ecosystem of commerce solutions while also bringing Square closer to the challenges and opportunities that are top of mind for operators of all sizes.
To learn more about Square’s new integrations and latest offerings for F&B businesses, visit Square’s booth (#5821) at the National Restaurant Association show in Chicago from May 18 to May 21, 2024.
About Square
Square makes commerce and financial services easy and accessible with its integrated ecosystem of commerce solutions. Square offers purpose-built software to run complex restaurant, retail, and professional services operations, versatile e-commerce tools, embedded financial services and banking products, buy now, pay later functionality through Afterpay, staff management and payroll capabilities, and much more – all of which work together to save sellers time and effort. Millions of sellers across the globe trust Square to power their business and help them thrive in the economy. For more information, visit www.squareup.com.
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