The news: Toast is using partnerships to expand beyond its traditional stronghold of payment services for small and medium-sized restaurants.
Why it matters:
Why partnerships make sense:
What’s the catch? Toast faces fierce competition in restaurant point-of-sale payments from Square, Shift4 Payments, and Fiserv-owned BentoBox, among others. It’ll be tough to attract and retain clients as legacy providers, fintechs, and Big Tech firms like Amazon jostle for market position.
The bigger picture: Toast can use partnerships with firms like FreedomPay to expand its payments ecosystem. That will become more important as competition intensifies from restaurant payment-specific providers and incumbents looking to expand in the space.
Keep reading: Check out our Powering the Point-of-Sale report to find out how market dynamics are changing the payments landscape for firms like Toast.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
One Liberty Plaza9th FloorNew York, NY 100061-800-405-0844