Block acquires GoParrot to improve restaurant payment technology

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The news: Block acquisition of an ordering and marketing platform for restaurants GoParrot for an undisclosed amount, according to a press release.

What is GoParrot? It offers a customizable white-label website and app so restaurants can set up and manage online ordering and delivery for their customers. GoParrot’s platform allows restaurants to create marketing campaigns and track customer and sales analytics. It also integrates with point-of-sale (POS) systems such as Clover and delivery apps like DoorDash and Uber eats.

What does that mean: Block may use GoParrot to strengthen the Square ecosystem.

GoParrot can be combined with Square for Restaurants.

  • The suite includes payment hardware and software suitable for catering establishments. Bringing together GoParrot solutions can help improve digital ordering services, which is a key priority for restaurants: 54% of franchise restaurant owners in the US said mobile ordering is a major investment area for 2022, by TD Bank and Engine Insights.
  • Building Square for restaurants can help Block compete with players like Olo and Toastboth of which offer restaurant-specific point-of-sale solutions.

It may also help increase Block’s revenue potential in the hospitality industry.

  • Improving its restaurant technology with GoParrot can help Block attract more customers to capture higher volume in the restaurant industry. Although inflation and market uncertainty can threaten consumers’ travel plans, the change in spending on goods to services should encourage consumers to eat out.
  • Sales of food services and drinking places in the United States are expected to grow strongly again this year, which Block can capitalize on: sales in this sector are expected to reach $929.79 billion in 2022compared to 815.60 billion dollars last year, by Insider Intelligence forecast.

The bigger picture: Add or reinforce vertical-specific products can help payment service providers expand their potential markets and stand out from their competitors.

One-size-fits-all payment solutions may not be sufficient for businesses operating in specialized industries. Hotels, for example, can advantage payment technology that integrates with property management systems, while hair salons may need cash register software that combines scheduling and payments.

Offering tailor-made solutions allows suppliers to expand their market and retain their customers. Sixty-eight percent of global digital small business decision makers said working with payment service providers who understand their business is a priority for them, by a Paysafe survey.

Related Content: Check “Payment Disruptors for Small Businessesreport to learn more about the tactics payment providers are using to meet the needs of small businesses.

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