In a crowded market, Oracle relies on fixed pricing to boost its new platform for restaurants – Digital Transactions

As restaurants scramble to launch digital payment options and a slew of businesses eager to meet that demand, tech giant Oracle Corp. launched its Oracle Food and Beverage Payment Cloud service on Tuesday. The Redwood Shores, Calif.-based company pitches the new product as one-of-a-kind by offering contactless payments and mobile wallet acceptance with flat rates, and no long-term contracts or minimum monthly volumes.

The latest entry into this market comes as many restaurants are still looking to meet customer demand for digital payments, both at the table and in delivery channels. This demand has attracted new entrants as well as new products and services from established players in the space, including large processors such as Shift4 Payments Inc., Toast inc.Revel Systems and Block Inc. Square Platform.

The onset of the pandemic has heightened the urgency for restaurateurs to introduce contactless payment options, a move that has made diners accustomed to expecting contactless technology even as the pandemic wanes. Mobile wallet options offered by the new Oracle offering include Apple Pay, Google Pay, and Samsung Pay.

With its new entry, Oracle relies on flat rate pricing to attract restaurateurs. Its business processing partner is Adyen SA. “We are working with Oracle to help them integrate payments internally and offer their customers a complete solution through our Adyen for Platforms product,” Adyen chief commercial officer Roelant Prins said in a statement. “We are excited about the current opportunity and future aspiration to expand this offering to [Oracle’s] global clientele.

The new venture also depends on technology from longtime restoration specialist Micros, which Oracle acquired in 2014 for $5.3 billion. Oracle says the new service is integrated with the Oracle Micros Symphony point-of-sale system, which it says will help restaurants analyze payment data and forecast cash flow. But while Oracle isn’t new to the hospitality market, it’s clearly placing its biggest bet on its fee transparency pitch to attract new customers. “Hidden fees and long-term contracts have long been an issue for payment processors in the food and beverage industry, with many providers capitalizing at the expense of independent operators who often already operate on low margins. “said Simon de Montfort Walker, senior vice president and general manager of Oracle Food and Beverage, in a statement.

Comments are closed.