Square, PayPal, and others have all been working to capture a lucrative market, restaurant mobile ordering, which is no doubt positioned to be a mainstay in the very near future. With such marked smartphone adoption,mobile payment solutions in restaurants are not only convenient, but just smart business, allowing users to both order food ahead and pay at their leisure without waiting on a server to bring the bill. Diners can just get up and go after smartphone payment, and the best part is, tip suggestions are not only easier for users, but have been shown to bring in more revenue for the enterprise when calculated automatically in app. With that in mind, Cover is aiming to grab a piece of the pie, introducing their smartphone restaurant payments app, fresh out of new fundraising.
Currently only released in New York and San Francisco, Cover is working tirelessly to sign up as many restaurants as possible before moving on to a city near you. After all, a restaurant payments app is only as convenient as the number of restaurants who offer it as a method of payment. Luckily they are seeing promising adoption rates, convincing restaurant owners to jump on board by showcasing their noteworthy increase in average receipt price by users when paying with the convenience of Cover.
With very little setup involved, and minimal upfront costs normally associated with payment hardware, Cover is proving a pretty convincing sell, especially given its ease of use and revenue re-uptake by not needing to train staff on additional payment solutions. With $5.5 million Series A funding newly raised, on top of their $1.5 million initial seed round, Cover is gearing up to make a stand in the industry, focusing on significant adoption city by city.
From a user standpoint, the mobile app development they have brought to the table, so to speak, is pretty sleek. As soon as a user gets to a restaurant they simply create or join an existing table of friends in app, letting the server know they will be paying with Cover. Once they are finished dining they can pay quickly in a few touches, including an easy option for splitting the bill with other table members.
Although Square, TabbedOut, and other conglomerates may have their reputable names and first mover advantage, it will really come down to which company can more effectively capture the attention of users and restaurant owners alike in adoption. The race is on. What would be great is if mobile app developers used an iBeacon proximity awareness platform like Apsima to expand restaurant app capabilities beyond payments, for things like automatic check-in and location based offers. We will just have to wait and see.