The news: Dining-focused point-of-sale (POS) provider Toast acquired Sling, per a press release. Sling helps restaurants manage employee scheduling, internal communications, and payroll.
The environment: Toast is incorporating value-added services into its platform to help it compete in the lucrative restaurant sector. US food services and drinking place sales are expected to grow 14% year over year (YoY) in 2022 and hit $929.79 billion, per eMarketer forecasts from Insider Intelligence.
The competition: Major payment players are doubling down on the restaurant sector.
The opportunity: Toast can use Sling to build out its platform, helping it tighten client loyalty and attract customers. While Toast already has a solid standing in the restaurant payments sector—it has more than 57,000 restaurant clients—it can use Sling’s tech to help restaurants improve operational efficiencies and employee satisfaction. Seventy-five percent of global decision-makers agreed that increasing employee retention was a business priority when it comes to digital employee experiences, according to Forrester Consulting.
Sling can also help Toast build out its Payroll and Team Management suite, which helps restaurants speed up employee onboarding and payroll processes. This level of service granularity can help Toast stand out and solidify its position in the restaurant payments space, especially as Block and other competitors vie for more market share.
Related content: Check out The Era of Uncertainty: Merchant Services Providers report to learn how providers are adjusting their strategies to evolving market conditions.
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