Olo Launches Olo Pay, A Fully-Integrated Payment Platform Enabling Restaurants To Grow And Protect Their Digital Business
February 23 2022 - 4:06PM
Business Wire
The restaurant-centric payment platform offers
frictionless checkout for consumers and addresses challenges
restaurants face in accepting payments
Olo (NYSE: OLO), a leading on-demand commerce platform powering
the restaurant industry’s digital transformation, today announced
commercial availability of Olo Pay, a comprehensive payment
platform that enables Olo’s network of restaurant brands to jointly
reach 85 million connected consumers.
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the full release here:
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Olo Pay is an easy-to-launch payment solution that provides
everything restaurants need to drive sales, reduce fraud, and
simplify day-to-day payment processes. The fully-integrated payment
stack goes beyond the core credit card processing functionality
offered by existing payment processors with new capabilities that
improve both the merchant and consumer experiences.
With Olo Pay, restaurants can simplify the ordering process for
consumers by offering mobile wallet support and allowing credit
cards on-file to be used at any of a brand’s participating
locations. In addition to the consumer-facing benefits, Olo Pay
offers advanced fraud prevention that improves authorization rates
for valid transactions and uses risk-score-based screenings to
reject suspect transactions.
“We needed a restaurant-specific solution that would be easy to
use, streamline our tech stack, reduce fraud, and, most
importantly, enable our team to focus on our food and the guest
experience,” said Adam Kinsinger, Director of Information
Technology at WaBa Grill. “We found that in Olo Pay.”
Olo will also introduce borderless payments capabilities this
year, allowing consumers to securely speed through checkout at any
participating restaurant within the Olo Pay network with a single
click—no account creation, password management, or manual credit
card entry required. By giving consumers the power to save and
access their payment information on file, restaurants will see an
increase in basket conversion, retention, visit frequency, and
spend.
“Olo Pay is a significant unlock for our direct digital program
on many fronts,” said Corey Kline, Executive Vice President of
Technology at Noodles & Company. “We are particularly excited
about a borderless payments network in driving a frictionless
checkout experience for our guests.”
“A consumer-friendly, direct digital ordering platform combined
with a modern payments solution will be critical for restaurant
brands to meet the ever-evolving needs of guests and remain
competitive in the coming years,” said Tor Opedal, Vice President
& General Manager of Payments at Olo. “By creating a seamless
ordering experience and prioritizing security, restaurants have a
massive opportunity to continue growing their business.”
About Olo
Olo (NYSE: OLO) is a leading on-demand commerce platform
powering the restaurant industry’s digital transformation. Millions
of orders per day run on Olo’s enterprise SaaS engine, enabling
brands to maximize the convergence of digital and brick-and-mortar
operations. The Olo platform provides the infrastructure to capture
demand and manage customer orders from every channel. With
integrations to over 200 technology partners, Olo customers can
build digital experiences with the largest and most flexible
restaurant commerce ecosystem on the market. Over 500 restaurant
brands use Olo to grow digital sales, maximize profitability, and
preserve direct customer relationships. Learn more at olo.com.
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