Olo Enhances Payment Solutions with FreedomPay and Stripe
Olo Partners with FreedomPay to Elevate In-store Payments
Olo, a prominent restaurant technology provider (NYSE: OLO), is excited to announce a new partnership with FreedomPay, a pioneering force in Next Level Commerce™ technologies. This collaboration aims to enhance restaurant payment experiences across the nation, dramatically improving how restaurants handle transactions. The integration will not only simplify but also enrich the payment process for enterprise restaurants, ensuring a seamless experience for their customers.
Strengthening Ties with Stripe
In addition to teaming up with FreedomPay, Olo is deepening its collaboration with Stripe, a financial platform that's tailored for businesses. This partnership expands Olo Pay's capabilities, allowing for efficient in-person transaction processing. Olo initially joined forces with Stripe for digital payments in 2022, and now, this updated arrangement will offer restaurants a fully integrated omnichannel solution.
Enhancing Transaction Processing
This collaboration is set to enhance Olo's capacity to process a greater number of card-present transactions through FreedomPay's versatile payment gateway. The gateway is designed to work with over 1,000 Point of Sale (POS) and payment systems, making it a powerful tool for restaurants. With this enhancement, Olo Pay can utilize Stripe for in-person POS transactions, benefiting its extensive customer base of over 700 restaurants.
Unified Payment Solutions for Restaurants
By integrating Olo Pay with FreedomPay’s Commerce Platform, Olo now offers enterprise brands the flexibility to manage their in-store payment systems. Restaurants can choose to integrate directly through Olo Pay Card-Present partnerships or via FreedomPay. This integration of payment systems creates a streamlined experience, enabling brands to link Olo Pay’s Card-Present solution with Olo Engage—Olo's suite for guest engagement. By consolidating both digital and in-store transactions, restaurants can build comprehensive customer profiles that lead to personalized experiences.
Transforming Guest Interactions
Olo’s CEO, Noah Glass, highlighted the significance of these advancements, stating, "Currently, about 18% of restaurant transactions are digital. By managing the remaining 82% of on-premise transactions, we are positioned to provide restaurants with a complete perspective of their guests. This involves merging newly captured in-store data with existing digital order data. Such insights will help us enhance personal interactions and foster customer loyalty.”
Additional Benefits for Olo Pay Customers
The integration offers several advantages for current Olo Pay Card-Not-Present customers, including:
- Streamlined payment processing through a single provider.
- Reduction of reconciliation challenges arising from multiple processors.
- Enhanced tracking capabilities for guest purchasing history across channels.
- Improved effectiveness of loyalty programs and promotions.
A Unified Experience for Better Decisions
Chris Kronenthal, President of FreedomPay, expressed enthusiasm about the partnership, stating, "By combining FreedomPay’s Next Level Commerce™ capabilities with Olo's innovative payment solutions, we are crafting a seamless, secure checkout experience. This is vital for driving digital transformation within the restaurant industry.”
This partnership is a pivotal step in Olo’s strategy to unify commerce across various ordering channels, empowering restaurants with increased flexibility and improved guest engagement. By focusing on personalized experiences, Olo is leading the way towards an innovative future in dining.
About Olo
Olo is at the forefront of restaurant technology, offering cutting-edge solutions for ordering, payments, and guest engagement. Their open SaaS platform processes millions of orders each day, enabling restaurants to gather valuable data insights. This helps enhance guest service across all platforms. With over 700 trusted restaurant brands and 400 integration partners, Olo is committed to innovating within the industry, making dining experiences unforgettable.
About FreedomPay
FreedomPay stands as the leading provider in payment solutions across various sectors, including retail, hospitality, and food service. Their Next Level Commerce™ platform modernizes existing payment processes, ensuring robust performance and security. As pioneers of rapid API adoption, FreedomPay’s technology is designed for global commerce, transforming how businesses engage with their customers.
Frequently Asked Questions
What is the purpose of the Olo and FreedomPay partnership?
The partnership aims to enhance payment experiences for enterprise restaurants, making transactions easier and more efficient.
How does the deeper collaboration with Stripe benefit Olo Pay?
This collaboration allows Olo Pay to process in-person transactions seamlessly, expanding the payment options available to restaurants.
What are the main benefits of using Olo Pay?
Olo Pay provides streamlined payment processing, consolidated reporting, improved guest tracking, and enhanced loyalty program functionality.
How does the integration of both digital and in-store transactions help restaurants?
It allows restaurants to create comprehensive guest profiles, enabling personalized interactions and improved customer engagement.
Who can benefit from the combination of FreedomPay and Olo?
Enterprise brands in the restaurant sector will find value in the enhanced payment processing partnerships and data analytics capabilities.
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