Toast Announces New Products to Help Restaurants Quickly Access Sales, Make Takeout and Delivery More Profitable and Better Retain Employees

Rhea-AI Summary

Toast has launched several innovative products at its Spark event aimed at improving restaurant operations amidst digital transformation. Key offerings include the Toast Restaurant Card, allowing faster access to sales year-round and exclusive cash rewards. Additionally, the platform now integrates with major delivery services, streamlining order management. The enhancements also feature payroll tools to facilitate employee tip distribution and payment management, crucial for retaining talent in a competitive labor market. These innovations aim to support restaurants in managing delivery profitability and enhancing employee experiences.

Positive

• Introduction of the Toast Restaurant Card, providing faster access to sales year-round.
• Exclusive cashback rewards program available with the Toast Restaurant Card.
• Direct integrations with top delivery services, improving profitability analysis for restaurants.
• Payroll solutions streamline employee management, aiding in retention.

Negative

• None.

Toast Restaurant Card is the first business debit card purpose-built for restaurants, providing near-instant access to sales and offering restaurant-specific rewards

Toast is the first point of sale system with direct integrations across Doordash, Caviar, Grubhub, Postmates and Uber Eats, helping restaurants eliminate “tablet farms” and help make takeout and delivery more profitable

New Toast Pay Card and Tips Manager empower restaurants to provide great employee experiences and stand out in a challenging labor market

BOSTON--(BUSINESS WIRE)-- Toast (NYSE: TOST), the all-in-one platform built for restaurants, today announced a number of new products at Spark, its restaurant innovation event. Designed to help restaurants succeed as the industry undergoes rapid digital transformation, additions to the Toast platform address increasing challenges of accessing sales faster, profitably managing takeout and delivery with third-parties and retaining employees.

“Toast takes its commitment to restaurant success seriously and we’re proud to be the first to bring to market a suite of new products and features that address the top challenges facing our industry,” said Chris Comparato, CEO, Toast. “With the new innovations announced today at Spark, we’re able to better help restaurants of all sizes take back control of their takeout and delivery business, better manage and retain their employees and access sales when they need it.”

"I know that Toast as a company has people out there working on what restaurants need,” said Sa Nguyen, co-owner of Soall Viet Kitchen. “They brought us this hugely instrumental tech infrastructure that helped us keep going throughout the pandemic, and now that we’re ready to grow again, Toast is there with more tools to help us do that. It’s great to have an organization like that ready to support us at every turn.”

Access to Sales

Toast Restaurant Card is the first business debit card that is purpose-built specifically for the needs of restaurants. With the Toast Restaurant Card, restaurant operators can get faster access to sales - 365 days a year, even on holidays and weekends. The card also provides exclusive and automatic access to a restaurant-focused cash back rewards program with partners including FTD, Hedley & Bennett, Island Creek Oysters, Poached Jobs, RestaurantSupply.com, and SERVPRO. There are no minimum balance requirements or fees.*

Takeout and Delivery

Toast is the first restaurant technology platform to deliver the ability for restaurants to understand and compare profitability across all takeout and delivery channels, including direct integrations with the five largest 3rd party delivery brands – Doordash, Caviar, Grubhub, Postmates and Uber Eats. Third-party orders are sent directly to the point of sale, so restaurants can understand how first party and third party channels are contributing to their sales and margins in one dashboard, allowing them to easily analyze performance and improve their profit margins. Orders appear in Toast’s new Orders Hub interface, which provides a single order management screen for orders placed via all Toast and third party channels. The integrations also allow restaurants to update their menus and hours from one place and eliminate the need for inefficient “tablet farms” that take up precious employee time.

Payroll and Employee Management

Today, restaurants are often managing multiple disjointed systems for point of sale, payroll and team management. With Toast’s employee management tools, restaurant operators can save time with an all-in-one platform that streamlines the process of managing tips and paying employees. Toast Tips Manager gets rid of the laborious close out process that managers go through each night by automatically calculating and transferring pooled tips to Toast Payroll & Team Management. Plus, employees can receive a portion of pooled tips and wages instantly on their Toast Pay Card with Toast PayOut - eliminating the hassle of trips to the bank at the end of the night to pay out tips in cash. Toast Pay Card and PayOut empower team members with control over their hard-earned wages, and enable restaurant operators to compete in a tight labor market by offering early wage access - all at zero cost to them or their team*.

Spark begins at 2 p.m. ET today with a keynote from Toast CEO Chris Comparato, followed by five short feature sessions that will dive into Toast’s new products and feature inspiring customer stories, and will conclude with a fireside chat between world-renowned chef, restaurateur and humanitarian José Andrés and Toast SVP of Customer Success Emmanuelle Skala. All sessions will be available on demand following the conclusion of the event at https://pos.toasttab.com/spark-2021.

Pricing & Availability

• Early access to the Toast Restaurant Card is available now to select users, with general availability to follow; there are no sign-up or monthly maintenance fees, and no minimum balance requirements associated with the Toast Restaurant Card and it is available at no additional cost to Toast customers. Third party ATM fees may apply.*
• Toast Third Party Delivery Integrations are generally available now. Toast Orders Hub and Channel Insights are included with Toast Point-of-Sale (POS) and will become available in November 2021.
• Toast Tips Manager is generally available now as an add-on to Toast Payroll & Team Management.
• Toast Pay Card and PayOut are available now to select users of Toast Payroll & Team Management beginning in November 2021, with general availability to follow.

About Toast

Toast [NYSE: TOST] is the all-in-one platform built for restaurants of all sizes. Toast provides a single platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, operations, digital ordering and delivery, marketing and loyalty, and team management. By serving as the restaurant operating system across dine-in, takeout, and delivery channels, Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. For more information, visit www.toasttab.com

*Neither Toast Restaurant Cards nor Toast Pay Cards have any sign-up fees, minimum monthly balance requirements, or other costs, but fees charged by third-party ATM operators may apply. Cardholders using the Toast Pay Card can access over 37,000 surcharge-free ATMs through the MoneyPass^® network. MoneyPass is a registered trademark of Fiserv, Inc.

Toast Restaurant Cards and Toast Pay Cards are issued by Sutton Bank, Member FDIC, pursuant to license by Mastercard. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard. Toast Pay Card and PayOut is not available in all jurisdictions. See here for more details.

Forward-looking Statements

This press release includes certain “forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Toast’s business strategy, plans and objectives of management for future operations, Toast’s ability to deliver innovative solutions, growth opportunities for existing products and the actual benefits of Toast’s products for its customers. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “may,” “will,” “should,” "expects," "anticipates," "intends," "plans," “could,” "believes," "seeks," "estimates," “predicts,” “potential,” “continue,” or words of similar meaning. These forward-looking statements reflect management’s current expectations and assumptions about future events which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: our ability to successfully execute our business a the effect of uncertainties related to the COVID-19 pandemic on our business and the industry; the attraction and retention of qualified employees and key personnel; our ability to maintain the security and availability of our platform and other risks set forth under the caption "Risk Factors" in our prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on September 21, 2021, Toast’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 filed with the SEC on November 9, 2021, and Toast’s subsequent SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

TOST-CORP

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Source: Toast