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TLDR
You know Square - that slick payment system that lets you pay with your phone at hip coffee shops and food trucks. Well, Square wants to be more than just a way for you to skip the cash register. They've set their sights on becoming the operating system for restaurants. How exactly do they plan to take over the enterprise restaurant world? By focusing on loyalty, data, and open platforms.
Square's newest initiative is to provide an end-to-end solution for running a restaurant, from software to hardware to funding. They want restaurants to use Square for payments, point of sale systems, customer management, marketing, and even loans. The idea is that by centralizing all these tools in one place, Square can provide data and insights to help restaurants better run their business. And with an open platform, other software and services can plug into the Square ecosystem.
For restaurants, this means convenience and a cohesive experience for both customers and staff. For Square, it means more ways to make money and gain loyalty. And for customers like you, it could translate into a faster, more personalized dining experience, with rewards for your continued patronage. Square's enterprise play may be an ambitious move, but if successful, it stands to reshape how restaurants operate and how people like you experience them.
Square's Open Platform and Integrations With Restaurant and Technology Partners
Square differentiates itself from other restaurant POS providers with a world-class open API to help restaurants run their business. Through Square's Developer APIs, third-party companies can build apps tailored to restaurants’ needs. Square partners with over 100 tech companies, so restaurants can use apps for everything from taking reservations to offering delivery.
Square's Open API
Square's open API allows developers to create custom apps for restaurants. Per Diem uses Square's API to build mobile apps for restaurants with features like in-app payments, third-party courier delivery, and loyalty point management. Restaurants get an app customized to their brand without the cost and time of building their own.
Integrations With Restaurant and Tech Partners
Square integrates with popular restaurant tech platforms so restaurants can use their favorite services. Connect Square to OpenTable for reservations, DoorDash or Uber Eats for delivery, or Per Diem for a mobile app. These integrations make it easy for restaurants to run their business with the tools they already use.
Restaurants can tap into Square’s ecosystem of partners to streamline operations. Run your business from anywhere with Square's mobile app, then use third-party apps for everything else. Focus on what you do best - making great food and providing amazing hospitality. Leave the tech to Square and their partners.
With an open platform, 100+ integrations, and partner apps tailored for restaurants, Square has created an enterprise playbook for today’s modern restaurant. Square handles the payments, software, and hardware so you can handle the customers.
How Square's Loyalty Programs Are Driving Repeat Business
With loyalty programs, you can turn one-time customers into regulars. Square makes it easy to set up a rewards program that keeps people coming back.
Square Loyalty lets you offer points or stamps for every dollar spent, visit, or item purchased. Customers rack up rewards and redeem them for discounts, freebies or other perks of your choosing. Studies show loyalty programs increase repeat business by up to 40% on average.
Once you launch your program, you’ll gain insights into your members’ purchasing patterns with Square Dashboard. See who your most loyal customers are and what they buy most often. Then tailor promotions and rewards to keep them engaged.
For extra convenience, pair Square Loyalty with a mobile app using a partner like Per Diem. Your customers can view point balances, redeem rewards, and pay right in the app. Per Diem’s white-label apps automatically integrate Square Loyalty, so you can get up and running quickly.
With the right rewards and benefits, your regulars will turn into enthusiastic advocates. They’ll spread the word about your business to friends and online reviews. A successful loyalty program creates a virtuous cycle of repeat customers and word-of-mouth marketing.
Focusing on loyalty and community pays off. Make Square Loyalty the centerpiece of your customer experience and see your business thrive. Keep people coming back for more of what they love about your brand. In today’s world of endless options, loyalty is the ultimate currency. Build it and your business will prosper.
Square Acquired GoParrot to Beef Up Enterprise Capabilities
Square acquired GoParrot, an all-in-one digital ordering and marketing platform for restaurants, to provide enterprise-level capabilities for larger restaurant chains. GoParrot enables restaurants to connect with and utilize robust tools typically only available to big brands.
Data-Driven Insights
GoParrot’s data analytics give restaurants actionable insights to optimize operations. By tracking metrics like average wait times, seating utilization, and customer preferences, restaurants can make data-driven decisions to improve efficiency and the overall experience. For example:
- Identifying peak hours and staffing accordingly
- Adjusting menus based on popular and high-margin items
- Personalizing marketing campaigns to reach the right customers
Increase Customer Engagement
GoParrot makes it easy for restaurants to strengthen customer relationships through loyalty programs, social media, and more. By capturing contact info and order history, restaurants can:
- Send personalized promotions and rewards
- Engage customers on social media
- Build a loyal customer base through VIP programs
Maximize Revenue
Robust enterprise tools mean more ways for restaurants to boost the bottom line. GoParrot enables:
- Online ordering for pickup, delivery and dine-in to capture more sales
- Dynamic pricing to increase margins during peak hours
- Third-party delivery integrations to reach more customers
With the acquisition of GoParrot, Square is primed to serve larger restaurant groups with an all-in-one solution for managing operations, engaging customers and driving revenue growth. For enterprise restaurants looking to streamline processes, utilize data-driven insights, strengthen customer loyalty or maximize profits, Square and GoParrot have created a recipe for success.
How GM Restaurants' Ming-Tai Huh Can Leverage His Experience at Toast to Shape Enterprise at Square
Ming-Tai Huh brings a unique perspective to Square that will be invaluable for the company’s enterprise restaurant division. As a former VP of Product at Toast, Huh has firsthand experience working with major restaurant groups to implement innovative technology solutions. This background will allow Huh to help Square strengthen their enterprise capabilities and build partnerships with large restaurant brands.
With a better understanding of how large restaurant groups operate, Huh will be well-positioned to tailor Square’s products and services to meet their requirements.
Focusing on Scalability and Reliability
Enterprise clients have more complex operations and technology infrastructure, so solutions must be highly scalable and reliable. Huh’s experience ensuring Toast’s systems could handle the demands of major restaurant groups will help Square evaluate how their platform and products will function for large enterprise partners. He can also advise on any changes needed to improve scalability, availability, and service levels before potential issues arise.
Providing a Restaurant Operations Perspective
As a Partner at Cambridge Street Hospitality Group, Huh brings an invaluable operations perspective to his role at Square. He understands the day-to-day challenges of running a restaurant, from managing employees to optimizing efficiency. This practical knowledge will help Square build products and services that actually address the most pressing needs of restaurants. Huh can provide guidance to ensure Square’s solutions effectively improve operations and the overall guest experience.
Huh’s experience at Toast gives him a unique vantage point to help strengthen Square’s enterprise capabilities. By leveraging his industry connections, focusing on scalability, and providing an operations perspective, Huh will be instrumental in Square’s efforts to build partnerships with major restaurant groups. His insight and expertise will be crucial as Square looks to become a leading technology provider for enterprise restaurants.
The Future of Square's Enterprise Capabilities: What Restaurants Can Expect
Square has been beefing up their enterprise capabilities to provide restaurants with the tools they need to efficiently run their business. As competition increases and restaurateurs look to expand into new concepts, Square will likely roll out additional features to help enterprises stay ahead of the curve.
Integrated Solutions
Square will likely integrate their products into unified solutions for enterprise restaurants. Rather than using Square Payments, Square for Restaurants, Square Marketing and other products separately, Square may combine them into single solutions tailored to different restaurant segments. An Italian restaurant package, for example, could provide payment processing, a menu optimized for Italian fare, marketing campaigns geared toward pasta lovers and analytics focused on the habits of customers who frequently dine on Italian cuisine.
Customized Hardware
Square may begin offering enterprise hardware customized to the needs of larger restaurants. This could include terminals that support multiple payment types, kitchen display systems optimized for high-volume kitchens, handheld devices for taking and processing orders on the floor and contactless payment readers for fast, seamless transactions. The hardware would be co-branded to provide a consistent experience across the enterprise.
Premium Support
As enterprise restaurants come to rely more heavily on Square’s platform, Square will likely roll out premium support programs. This may include dedicated account managers, 24/7 phone support, customized onboarding and training, and a concierge service to help resolve issues quickly. The additional support could carry an extra monthly fee but would provide the white-glove service expected by major restaurant groups.
Data-Driven Insights
Square is in a prime position to provide enterprise restaurants with insights based on aggregated data from across their locations. By analyzing trends in customer loyalty, menu preferences, staffing needs and more, Square would be able to provide enterprise clients with recommendations to improve operational efficiency, increase repeat visits and optimize the customer experience. These data-driven insights would be a powerful resource for multi-location restaurants.
The future of Square's enterprise capabilities looks bright. By bundling solutions, customizing hardware, providing premium support and leveraging data, Square can position themselves as the platform of choice for major restaurant groups. The investments Square is making today in their enterprise offerings will pay off as more restaurateurs realize the benefits of unifying their operations on a single, scalable platform built for business.
Final Thoughts
At the end of the day, Square is making all the right moves to become the go-to payments partner for enterprise restaurants. They’ve built an open platform that plays nice with your existing tech stack, loyalty programs that keep customers coming back, and analytics tools to gain valuable insights into your business. While the space is crowded, Square is setting themselves apart through a focus on experience, simplicity, and value. If you’re an established restaurant looking for a payments partner to support your growth, Square should be at the top of your list. With their innovative products, reasonable pricing, and top-notch customer service, they have everything you need to run a thriving business in today’s digital world. Why not give them a shot? You have nothing to lose and so much to gain.
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