Fintech Industry and Restaurants Partner up to Fight Against COVID-19

The coronavirus (COVID-19) pandemic is changing the way restaurants operate worldwide. 

According to the New York Times, 75% of independent restaurants that have been closed down won’t make it in comparison to big chains. Meanwhile, the National Restaurant Association cited a forecast that the restaurant industry itself will lose at least  $225 billion along with five to seven million jobs over the next few months. This is out of the industry’s 15.6 million employees. 

Some restaurants have responded to closures by offering customers delivery and takeout services. Mobile applications such as Uber Eats, Postmates, and DoorDash are among these solutions. These applications are also working with the financial technology industry to help in terms of contactless solutions and payments. 

Uber Eats, for example, is working with restaurants and employees to deploy a “leave at door” delivery system, which encourages contactless delivery. This is in addition to working to provide employees with sanitizing supplies and financial assistance if an employee either gets diagnosed with COVID-19 or quarantined. 

Uber Eats has also partnered up with Mastercard with the goal of serving 40,000 meals for staff members at the National Health Service (NHS) in Europe. The partnership would help reduce the pressure on the frontline employees by providing them with £10 vouchers donated by Mastercard. These vouchers can then be used on the Uber Eats application to purchase a meal. 

Meanwhile, Postmates is aiding restaurants and local food shelters through its FoodFight! program. Excess food from participating businesses gets delivered to shelters, good banks, and those in need. Some of these restaurant partners include Vespaio, L.A.’s Best Salad Bar, Carl’s Jr., and Pizza House.

“If we can eliminate the friction in the donation process by making it as easy as calling Postmates to make the food donation delivery, then we can really make an impact,” Emily Slade, FoodFight! ambassador and head of growth at Working Not Working, said. 

Compatible with the Square for Restaurants point of sale (POS) platform, Postmates also allows restaurants to manage orders. Orders made within the application can be directly uploaded into a restaurant’s own POS system. Along with this service, Square for Restaurants has created a page of resources to help restaurant owners in terms of funding, health, and safety. 

As for DoorDash, it is also implementing a similar strategy to Uber Eats, encouraging customers and restaurant owners to utilize a no-contact option. In addition to the “leave it at my door” update, employees are encouraged to initiate a contactless delivery method by either calling or texting a customer to confirm their order before it gets dropped off. 

DoorDash’s integration with the Clover POS system only accentuates the need to go contactless. While Clover allows for easier inventory tracking, it also helps mitigate concerns about contamination. 

As the COVID-19 situation continues to evolve and have a profound impact on the restaurant industry, the need to have contactless and financially viable payment solutions becomes increasingly integral to businesses. Merchant Broker is dedicated to helping restaurant owners achieve more through our payment solutions and offers. To contact Merchant Broker, email info@merchantbroker.com.

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Fintech Industry and Restaurants Partner up to Fight Against COVID-19

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