Square Inc. (NYSE: SQ) shares saw a handy gain on Tuesday after the firm announced its most recent expansion into full-service restaurants. The firm is expanding its platform as well as finally integrating recently acquired Caviar to now be able to help full-service restaurants.
According to the firm, Square for Restaurants is Square’s most sophisticated software solution yet, enabling fast, accurate operations for both the front and back of the house. It’s cloud-based and customizable for however a restaurant is run, letting managers easily update menus and floor layouts remotely across multiple terminals and locations.
Also, new conversational ordering enables waitstaff to place orders, the way that diners speak. Square for Restaurants offers built-in employee management to enable staff time and performance tracking, tip splitting, fraud protection and more.
Businesses using Caviar and Square for Restaurants also will be able to see delivery and pickup orders directly within their point of sale — speeding up operations, reducing incorrect orders, eliminating the clutter of excess tablets and giving restaurants an omnichannel view of their sales and diner base.
Alyssa Henry, seller lead at Square, commented:
Square for Restaurants offers everything you need to run a restaurant at full speed — with none of the distractions or pain points you don’t want. Now, we can serve larger restaurant customers, as well as grow with those who have been using Square services from the start. With Square for Restaurants, we’ve created a cohesive solution to help our sellers supercharge their entire restaurant business.
Gokul Rajaram, Caviar lead at Square, added:
Caviar’s experience working with thousands of top restaurants across the country gave us the unique insight we needed to build a one-stop point of sale with on-demand delivery integration. We’re excited to bring Caviar and Square together and let our restaurant partners grow their businesses through delivery in an even more effortless way.
Shares of Square were last seen up about 4% at $53.21 on Tuesday, with a consensus analyst price target of $49.39 and a 52-week range of $19.45 to $58.46.