Bank of America Merchant Services, the payments, eCommerce and security solutions company, announced Tuesday (October 30) that it and talech, a cloud-based restaurant management software company, are teaming up to roll out a point of sale solution for the full-service restaurant and bar industries.
In a press release, the companies said that the point of sale solution is targeted toward businesses that have one or more locations. “Restaurants compete for customers who demand excellence in every aspect of their experience. This is why we have partnered with talech, a best-in-class technology solution for our restaurant clients to simplify their operations and seamlessly integrate our payments capability,” said Bank of America Merchant Services CEO Tim Tynan in the press release announcing the new partnership. Clients who use Bank of America Merchant Services’ processing and talech’s integrated software will benefit from cloud-based connectivity offering point of sale mobility, a fast and convenient checkout experience for guests, the ability to customize and manage table layout and orders, simplified employees management and streamlined ordering and cashing out with the ability to add discounts and tips.
“At talech, we believe that by using data insights, small business owners can know as much about their business as their largest competitors,” said talech’s CEO Irv Henderson. “In partnership, the Bank of America Merchant Services and talech teams offer business owners an easy-to-use, feature rich point-of-sale that can help them save time and money.”
The deal comes at a time when Bank of America Merchant Services is shining a light on the challenges small businesses face. Earlier this month it released a new survey that found the costs associated with data breaches is increasing. The financial institution released the results of its Small Business Payments Spotlight survey, which surveyed more than 500 small business owners and 500 consumers in the U.S. According to the bank, 22 percent of consumers who have already had their personal or bank information stolen in a data breach said they would not shop at a small business that had fallen victim to a data breach. Bank of America Merchant Services said data breaches can be “devastating” to small businesses. Nearly 40 percent of SMBs that said they had been hit by a data breach said it cost more than $50,000, a sum attributed to costs of lost sales and efforts to remedy the breach. But the survey showed that the impact of a data breach on a small business goes beyond finances, with SMBs losing trust and business from their customers.