Lavu and Verifone Partner to Provide Unified Payments and Point of Sale Solutions to Restaurants

Rhea-AI Summary

Lavu and Verifone have announced a strategic partnership aimed at enhancing payment solutions in the restaurant industry. This collaboration will integrate Lavu's restaurant software with Verifone's FLEX payment solutions, providing access to advanced payment methods, including cryptocurrencies and digital wallets. This initiative will allow restaurant operators to cater to evolving consumer preferences for contactless payments. Both companies aim to improve service quality while expanding market reach, which could be beneficial for stakeholders.

Positive

• Partnership allows access to advanced payment methods including cryptocurrency.
• Integration of Lavu's POS with Verifone's payment solutions enhances customer experience.
• Expansion into new markets increases potential customer base for Lavu.

Negative

• None.

Cross-Distribution Partnership Will Enable Card Present, Card Not Present, Mobile, Peer-To-Peer, and Cryptocurrency Payments at Restaurants

ALBUQUERQUE, N.M.--(BUSINESS WIRE)-- Lavu, a major global restaurant software and payments solution provider built by restaurant people, and Verifone, a global FinTech leader and payment solution provider to the world’s best-known brands, today announce a new cross-distribution partnership that will seamlessly integrate Lavu’s all-in-one restaurant software suite with Verifone’s FLEX payment solution, including its Advanced Payment Methods platform, benefiting Lavu and Verifone customers.

Lavu’s tablet-based POS and Verifone e285 device (Photo: Business Wire)

The strategic partnership helps better serve the restaurant industry, allowing both Verifone and Lavu to offer a high-quality, unified point of sale (POS) and payment experience to their customers. Lavu will now be able to expand its payments acceptance offering into new markets by leveraging Verifone’s breadth of payment connections. The first available product will be comprised of a Verifone Engage e285 device with Lavu’s tablet-based POS solutions.

With access to Verifone’s Advanced Payment Methods platform, millions of restaurants will more easily meet rapidly evolving consumer behavior, most notably the accelerated shift to digital and split payments. Whether splitting a bill with a large party, paying using cryptocurrencies or spreading payments over time, the Verifone user experience is simple: customers select their desired advanced payment method on the Verifone terminal and use their mobile device to complete the transaction.

The following payment methods, and more, will become available to Lavu customers and Verifone customers: Alipay, Affirm, Cryptocurrency (including Bitcoin, Ethereum, Litecoin, Dogecoin, Shiba Inu, and several USD stablecoins) using prominent Crypto wallets, PayPal, Venmo, WeChat Pay, Klarna, Swish, and Vipps.

“Our partnership with Verifone advances our mission to help even more restaurants reach new customer segments and remain profitable during an increasingly challenging time,” said Saleem S. Khatri, CEO of Lavu. “Especially over the past two years, consumers have acclimated to contactless, cardless and flexible payment methods, and we’re excited to call Verifone our ally in ensuring that restaurateurs meet these customer needs amidst inflationary pressures and staffing shortages.”

“There’s massive interest from dining establishments to expand their payment acceptance options as consumer trust in these popular digital wallets accelerates,” said Tim O’Loughlin President and EVP, Verifone. “We’re excited to partner with Lavu to provide an unparalleled end-to-end experience for restaurant merchants by joining the most adaptable restaurant POS system with our payment solutions and suite of Advanced Payments Methods.”

New and existing restaurant merchants can learn more at Lavu.com.

About Lavu

Lavu is the world’s leading restaurant management platform for small and medium-sized restaurants. The company’s products include an award-winning mobile point-of-sale, online ordering, payment processing and accounts payable suite. Embodying values of hospitality in its 24/7 support of restaurant partners in more than 65 countries, Lavu helps businesses grow with solutions built for restaurants by restaurant people. Headquartered in Albuquerque, New Mexico, Lavu was the first iPad point of sale in the Apple App Store and continues to offer the latest in restaurant features and functionalities. Learn more at Lavu.com.

About Verifone

Verifone is a FinTech leader providing valuable end-to-end payment and commerce solutions to the world’s best-known retail brands, major financial institutions, and directly to more than 600,000 merchants alike. The company’s global services platform is built on a four-decade history of innovation and uncompromised security and handles 10.4B+ online and in-store transactions annually, totaling more than $440B. Trusted and recognized by consumers for its growing footprint of 35 million devices in more than 150 countries, businesses choose Verifone for its global scale, local capabilities, omnichannel prowess and solution flexibility. Learn more at Verifone.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005035/en/

Caroline Pruett, Lavu Media Relations

caroline.pruett@lavu.com

Source: Lavu

FAQ

What is the partnership between Lavu and Verifone about?

The partnership focuses on integrating Lavu's restaurant software with Verifone's FLEX payment solutions to enhance payment acceptance options for restaurants.

When was the Lavu and Verifone partnership announced?

The partnership was announced on May 19, 2022.

What payment methods are included in the Lavu and Verifone partnership?

The partnership includes payment methods like cryptocurrencies, Alipay, PayPal, Venmo, and more.

How does the partnership impact Lavu's market reach?

By leveraging Verifone's payment connections, Lavu can expand its payment acceptance offerings into new markets.

How will this partnership benefit restaurant merchants?

It provides restaurant merchants with a unified POS and payment experience, catering to modern consumer preferences for digital payments.