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February 24, 2022

Olo introduces new payment platform to support restaurant growth

Olo Pay comes with new functionalities to improve both merchant and consumer experiences.

On-demand commerce platform Olo has launched Olo Pay, a fully integrated payment platform that will allow its restaurant brand network to jointly reach 85 million connected consumers.

For consumers, the restaurant-centric payment solution will facilitate frictionless checkout. It will also help restaurants address challenges in accepting payments.

Olo Payments vice-president and general manager Tor Opedal said: “A consumer-friendly, direct digital ordering platform combined with a modern payments solution will be critical for restaurant brands to meet the ever-evolving needs of guests and remain competitive in the coming years.

“By creating a seamless ordering experience and prioritising security, restaurants have a massive opportunity to continue growing their business.”

The easy-to-launch platform offers all the features that restaurants require to drive sales, simplify day-to-day payment processes and minimise fraud.

It features a fully-integrated payment stack that will improve merchant and consumer experiences thanks to new functionalities that offer more than the core credit card processing functionality provided by existing payment processors.

Furthermore, Olo Pay enables restaurants to offer mobile wallet support to consumers, simplifying the ordering process by allowing the usage of on-file credit cards at any participating brand locations.

The advanced fraud prevention offered by the platform also improves authorisation rates for valid transactions.

Later this year, Olo plans to launch a borderless payments feature, which will allow consumers to checkout at any participating restaurant within the Olo Pay network.

WaBa Grill information technology director Adam Kinsinger said: “We needed a restaurant-specific solution that would be easy to use, streamline our tech stack, reduce fraud, and, most importantly, enable our team to focus on our food and the guest experience. We found that in Olo Pay.”

Last October, Olo agreed to acquire Wisely, a US-based firm that offers a customer intelligence platform for restaurants.

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