With more digital orders than ever before, it's important to make sure you're getting your payouts fast 💰🏃♂️
It shouldn't come as a surprise that restaurant transactions are increasingly digital. Today, more customers order via third-party delivery apps and online ordering systems, with less cash and fewer cards handed to staff.
There are some obvious positives to this. Delivery/pickup orders are pre-paid for and reduce contact between customers and staff to keep both safe. But there are also negatives - these orders are often sourced by third-party platforms that take a large chunk of revenue away from you. Not cool! 👎
But there's another problem that doesn't get mentioned as much as it should: the money owed to restaurants by popular third-parties take a while to transfer. Here are the default payout times by some platforms:
- GrubHub - 1 month 💀
- UberEats - 1 week 😓
- DoorDash - 1 week 😓
Why is this problematic? If you're an owner, you know time is money, especially now. You need to pay your rent, your staff needs to pay theirs, and waiting up to a month to receive funds your restaurant is relying on to survive ranges between problematic and disastrous.
Even pre-COVID, these payout times were a serious inconvenience.
When we started TableTab - so dine-in guests could digitally order through their phones - payout time was top of mind. We knew digital orders can be paid out to restaurants within 48 hours.
Why services make restaurants wait a week, or even a month, to receive funds when restaurants are desperate to maintain cash flow is a mystery. To be fair, you can get faster payouts if you - you guessed it - pay an additional fee. 👎
While COVID-19 has made quick payouts increasingly important, it was never unimportant in the first place. With more digital orders than ever before, it's important to make sure you're getting your payouts fast.
If you're a restaurant owner evaluating services for digital ordering - whether for delivery or pickup or dine-in (that's our specialty) - make sure you inquire about payout schedules. You literally can't afford to wait weeks for your money.
That's why, when we built TableTab in 2019, we made sure to provide rolling 48-hour payouts to our restaurant partners (shoutout to our payment partner, Stripe). And that hasn't changed. So if you're looking for contactless, mobile order and payment for dine-in service, check us out.
(And if you're not a restaurant owner, introduce us to one for $100 🙌)