The news: Payment technology provider Shift4 launched SkyTab POS, a suite of restaurant-focused point-of-sale (POS) solutions, per a press release. SkyTab POS was already in use at major stadiums, but it’s now available to all businesses.
- Hardware includes the SkyTab POS workstation, the SkyTab Mobile handheld device, and SkyTab Glass tablet option.
- The software supports ordering and reservations, either online or in person, and QR code payments. It also offers solutions for marketing and loyalty, reporting and analytics, and employee management.
- Restaurants can also use third-party integrations with several property management systems (PMS) and online ordering apps like DoorDash through SkyTap’s built-in Marketplace.
Why it’s worth watching: Declining cash use and higher demand for vertical-specific offerings have led payment providers like Block and Adyen to invest more in restaurant solutions. SkyTab can help Shift4 compete more aggressively with these providers.
- The share of POS payments made with cash in North America fell 3.5% year over year (YoY) in 2021, per FIS. And between 2021 and 2025, cash use is expected to tumble 45%.
- That makes supporting digital ordering and payments a must for restaurants: 54% of restaurant franchise owners said mobile ordering was a key area of investment for 2022, per TD Bank.
Why this could succeed: SkyTab POS’s comprehensive product suite can appeal to restaurants.
- SkyTab POS lets restaurants avoid having to purchase external business tools, which can be more expensive.
- Combining POS functions with value-added services can also help restaurants avoid costs from connecting third-party business services. These savings could be critical for restaurants if the US economy enters a downturn.
- Connecting third-party business service providers can also be complex and time-consuming for restaurants—especially for those with limited staff.
Go deeper: Check out our Point-of-Sale report and our Small-Business Payment Disruptors report to learn more about the key payment trends we’re keeping a close eye on.