Olo launches Olo Pay, a fully integrated payment platform enabling restaurants to grow and protect their digital business | Your money

NEW YORK–(BUSINESS WIRE)–February 23, 2022–

Olo (NYSE: OLO), a leading on-demand commerce platform powering the digital transformation of the restaurant industry, today announced the commercial availability of Olo Pay, a comprehensive payment platform that enables Olo’s network of restaurant brands to jointly reach 85 million connected consumers.

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Olo Pay is an easy-to-launch payment solution that provides everything restaurants need to boost sales, reduce fraud, and simplify everyday payment processes. The fully integrated payment stack goes beyond basic credit card processing functionality offered by existing payment processors with new capabilities that enhance both merchant and consumer experiences.

With Olo Pay, restaurants can simplify the ordering process for consumers by offering mobile wallet support and enabling the use of credit cards on file at any of a brand’s participating locations. In addition to consumer benefits, Olo Pay offers advanced fraud prevention that improves authorization rates for valid transactions and uses risk score-based checks to reject suspicious transactions.

“We needed a restaurant-specific solution that would be easy to use, streamline our technology stack, reduce fraud, and most importantly, allow our team to focus on our food and the customer experience,” said Adam Kinsinger. , Director of Information Technology. at WaBa Grill. “We found this at Olo Pay.”

Olo will also introduce borderless payment capabilities this year, allowing consumers to securely expedite payment at any participating restaurant within the Olo Pay network with just one click, no account creation, password management password or manual credit card entry. By giving consumers the power to save and access their payment information on file, restaurants will see an increase in cart conversion, retention, visit frequency and spend.

“Olo Pay is an important unlock for our direct digital program on many fronts,” said Corey Kline, executive vice president of technology at Noodles & Company. “We are particularly excited about a borderless payment network that provides a frictionless payment experience for our customers.”

“A direct and user-friendly digital ordering platform combined with a modern payment solution will be essential for restaurant brands to meet the ever-changing needs of customers and remain competitive in the years to come,” said Tor Opedal, vice president. -president and managing director of Payments to Olo. “By creating a seamless ordering experience and prioritizing safety, restaurants have a huge opportunity to continue growing their business.”

About Olo

Olo (NYSE: OLO) is a leading on-demand commerce platform powering the digital transformation of the restaurant industry. Millions of orders a day are fulfilled on Olo’s enterprise SaaS engine, enabling brands to maximize the convergence of digital and physical operations. The Olo platform provides the infrastructure to capture demand and manage customer orders from all channels. With integrations to over 200 technology partners, Olo customers can create digital experiences with the largest and most flexible restaurant commerce ecosystem on the market. Over 500 restaurant brands use Olo to increase digital sales, maximize profitability and maintain direct customer relationships. Learn more at olo.com.

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KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESTAURANT/BAR RETAIL TECHNOLOGY FINANCIAL SOFTWARE

SOURCE: Olo

Copyright BusinessWire 2022.

PUBLISHED: 2/23/2022 4:06 PM / DISK: 2/23/2022 4:06 PM

http://www.businesswire.com/news/home/20220223006076/en

Copyright BusinessWire 2022.

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