Restaurant iPad POS solutions provider TouchBistro and Canadian SME finance fintech Thinking Capital have unveiled a partnership which offers restaurants a new way to secure operating capital or business growth financing. Canadian restaurateurs using Touch Bistro’s POS system can apply for financing with Thinking Capital via their TouchBistro account portal.
“By partnering with TouchBistro, more restaurateurs across the country will now know that there is an alternate source of financing available to help them grow their business,” Thinking Capital chief strategy officer Anthony Lipschitz said. “In addition to being the gold standard for POS software for restaurants, TouchBistro is a peer in this market that also embraces the same technology-first approach as we do, making them an ideal partner.”
TouchBistro will promote Thinking Capital as a partner making it easier to obtain financing. It will introduce qualified restaurants to Thinking Capital, but the longer play is to connect two technology platforms and drive quick and accurate lending decisions.
“Thinking Capital is a trusted source for Canada’s small and mid-size business owners that need fast and easy access to financing to help fund their operations or support their growth,” TouchBistro founder and CEO Alex Barrotti said.” By enabling restaurants to apply for financing online and receive a decision so quickly, it provides a significant advantage to the many restaurateurs we work with that are looking to invest in their growth.”
More than one out of three privately-owned, English speaking Canadian restaurants employ TouchBistro, which makes POS mobile while also allowing servers to enter orders at the table and not manually deliver them to the kitchen. Those more than 7,000 restaurants run more than $4.2 billion in transactions through TouchBistro each year.
Mr. Lipschitz said POS financing is relatively new in Canada. Thinking Capital provided a white label application where customers can apply online. The data TouchBistro has access to helps Thinking Capital make well-informed lending decisions.
The restaurant industry is a challenging one, Mr. Barrotti said. Capital costs, especially at the beginning when revenue is low or nonexistent can be daunting, with rent, staffing, renovations, decor and equipment to worry about.
And they need it fast, Mr. Lipschitz said, which provides a challenge for finance providers trying to gauge an applicant’s success potential. They also have to consider geography and seasonality.