In a great win for cash for all Restaurant owners in general and restaurant cash flow in particular, FROLO has finally been able to deliver on 2 day payments for online orders. Our payment gateway partner, Stripe, has been able to decrease the time taken between an order being processed and the money appearing in Restaurant owners bank account.
This is really exciting news for Restaurants. Cash flow is a huge problem for Restaurants and decreasing the amount of time that it takes to be paid for meals delivered is a big part in making cash flow better.
Companies like Just Eat (which owns Menulog and Eat Now) actually state in their Financial Reports that one of the strengths of their business model is that they are able to fund their businesses by holding onto Restaurant Payments for as long as 21 days. This is free funding for them, but it places huge stress on the Restaurants’ cash flow.
Our approach is different. We never see the money for the order. It goes from the customer to the Restaurant, through Stripe. The less middlemen the better, the payment is quick and the fees are low. Stripe charges a very low rate on credit card processing.
How does 2 day Online Ordering payments improve restaurant cash flow?
Say you are using Just Eat for your online orders and they pay fortnightly in arrears, which means that on average they will pay out in 21 days. The Free Restaurant OnLine Ordering system now pays in 2 days. If you average sales are $100 a night, transferring over to FROLO would bring in an extra $1900 of cashflow into your business. How much of a difference would another $1900 of cash flow for your Restaurant make? It makes it easier to make payments to staff and suppliers and may mean you can pay yourself a little extra. It is definately better in your pocket than someone elses.
Sign up today for the FROLO and start seeing the benefits of improve restaurant cash flow today!