Dutch fintech Adyen and SaaS platform Olo Inc. have teamed up to help businesses in hospitality more effectively manage digital and in-store payments through a range of embedded finance solutions.
The companies said that the deal, which expands Adyen’s reach in the sector, will make it easier for businesses to both apply for capital and manage cash flow.
Restaurants are reportedly set to receive a range of advanced payment capabilities and embedded financial services including Capital, Accounts, and Card Issuing. In addition, they will have access to the all-in-one Adyen for Platform’s feature.
Launched in 2022, Olo Pay is purpose-built for restaurants to provide enhanced fraud and chargeback features while increasing conversion rates. By teaming up with Adyen, Olo Pay said its customers will be able to accept and oversee both digital and in-store payments from the same Olo platform in which they manage the rest of their business. This functionality will be available soon in beta for Kiosk ordering before expanding to all card-present ordering after that.
As a key benefit of the technology there will no longer be a need to switch between multiple tools for reconciliation, refunds, fraud prevention, and chargebacks
“The restaurant industry is constantly innovating to meet the needs of the modern customer, and Olo’s visionary mission is no exception,” said Davi Strazza, North America President at Adyen.
“Adyen’s end-to-end solution – which integrates point-of-sale systems and embedded financial services – makes us a natural fit to partner with Olo and enable their end-users.”
In addition to facilitating in-person payments, through Adyen’s Capital and Accounts products, Olo Pay customers will be able to access pre-approved working capital advances while Olo will be able to push payouts to their restaurant customers in compressed settlement cycle timeframes.
Tor Opedal, SVP & GM of Payments at Olo, added: “We are thrilled to partner with Adyen to bring traditional, in-store payment processing to our Olo Pay customers. Our restaurant brands have been excited for us to add this functionality ever since we launched Olo Pay, and Adyen’s proven capabilities at scale within this space plus our shared vision of seamless embedded financial services set the table to transform how the restaurant industry operates.”
Image from Adyen
