Restaurant management/bill payment platform MarginEdge wants to let customers make payments using their smartphones.
The Virginia company announced the launch of its mobile bill payment platform in a news release Monday (Aug. 14), calling it part of a larger project by MarginEdge to let its clients enjoy “complete operational fluidity.”
Free to MarginEdge customers in the U.S., MarginEdge Bill Pay is the only payments provider dedicated to restaurant industry B2B payments, the company says.
“We are witnessing a momentous shift as digital payments revolutionize the way businesses operate,” said Bo Davis, CEO of MarginEdge. “This new capability empowers restaurants to embrace the speed, security and convenience of mobile payments while maintaining complete control over their financial processes.”
According to the release, the new tool offers multiple payment options, auto payments, scheduled payments and the ability to make partial payments.
PYMNTS spoke with Davis late last year about his company’s mission to digitize its network of vendors and restaurants end to end.
“If you think about the restaurant, it’s got, say, 25, 30, invoices coming in,” Davis said. “They’re buying on average, 500-600 different things — from napkins and spoons, to bleach to tuna. All of those items’ prices are changing. And so, [we] extract the line-item data — rather, your percentage costs, which is how restaurants traditionally have managed their food costs, they can see item by item [where] they need to focus.”
MarginEdge’s work is happening as the restaurant industry as a whole increasingly embraces digital tools, as noted here last month.
“Overall, restaurants are increasing their digital engagement capabilities, and consumers are eagerly embracing this,” PYMNTS wrote, pointing to research showing an 11% increase in consumers ordering with restaurant apps, websites and aggregator tools — with more than 146 million Americans ordering digitally in some fashion.
In addition, research showed that close to 55% of all restaurants have implemented curbside pickup while 50% are offering mobile order ahead. The industry is also adopting technology to automate operations, with 76% of restaurants already using automation in at least three areas of operations.
“While restaurants have already done a lot, consumers are interested in more innovation,” PYMNTS wrote. “To alleviate mounting wait times and deteriorating service, 70% of consumers expressed interest in applying technological aids, such as AI voice assistants, personalized menus and smartphone apps, into the drive-thru process. Already, some restaurants have started using AI voice assistants.”
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