Toronto-based TouchBistro has announced a partnership with JPMorgan Chase that will see its WePay platform powering TouchBistro Payments.
TouchBistro’s iPad POS system is currently targeted to restaurants, allowing them to take orders and find information on upsell opportunities. TouchBistro Payments will offer instant payment processing and a new, integrated mobile payment device that allows customers to easily pay at the table as they choose, with payments offerings including tap, chip, and traditional magnetic strip payments.
“With TouchBistro Payments powered by WePay, our restaurants will onboard instantly, so they can start taking payments the moment they unbox TouchBistro,” said Alex Barrotti, founder and CEO of TouchBistro. “Both restaurant owners and customers will experience easier payment processing with the new mobile EMV compliant payment device for digital, credit and debit card transactions.”
Through the WePay partnership — Chase’s platforms providing integrated payments processing to companies like GoFundMe — TouchBistro will gain a platform to market its POS solution on Chase.com and other channels. Chase currently has over 5,000 branches and 4 million small business clients, including restaurants, breweries, and others in the food service industry. According to the Globe and Mail, TouchBistro currently gets a share of revenue from payments processors for each restaurant, which accounts for 15 to 18 percent of its revenue. This will increase to 25 percent with the Chase partnership.
“TouchBistro shares our mission to take the pain out of payments for business owners, and we’re super excited to help make life easier for restaurants and their guests every day,” said Bill Clerico, co-founder and CEO of WePay. “And with the scale of Chase behind us, TouchBistro Payments has amazing potential for long-term growth.”
In May 2017, the company raised $16.3 million led by Napier Park and Recruit.