Innoviti Introduces Cloud Payment Reconciliation Technology for Restaurants
Payment solutions provider Innoviti Payment Solutions announced that after successful pilots, it will now start extending its newly introduced cloud-based reconciliation technology to full-service restaurants, that require payments to be collected at a customer's table with automatic reconciliation with the bill.
For modern retail outlets, tight front-end integration between the store billing system and all payment acceptance POS terminals in the store is crucial to ensure ease of back-end reconciliation between overall store billing and corresponding payments received. In typical retail checkout scenario, this billing-payments integration is often powered via a wired USB connection between the store billing server and the POS terminal usually kept adjacent to it. This need for POS terminal to be on same counter as billing server restricts the potential portability of the POS terminal. This may not be a huge concern for retail formats where customers queue up to make payment at stationary billing counters. However, in use cases like full-service restaurants, the POS terminal needs to accept payments at the table.
The new technology works in a simple way. In a typical restaurant example, the central billing server first uploads every new bill generated to Innoviti's cloud-based integration server. Thus, the Innoviti Integration Server maintains an updated real time list of all pending bills that are yet to be paid. When a patron calls for his check, the waiter assigned to the relevant table simply uses the table's id to 'pull' the correct pending bill from cloud-based integration server on to the portable POS terminal in his hand. Once payment is completed on POS terminal, it generates an on-spot charge slip and updates back the necessary payment details against the specific pending bill on cloud server and then onwards to the restaurant billing server which initiated the bill.
Across India, Innoviti processes over US$ 6.5Bn of payments annually from over 1000+ cities, with a throughput per point of acceptance of 7000$, 2X of India's average (as per RBI data). Innoviti's payment solutions help merchants, banks and brands influence commercial transactions happening in offline commerce more efficiently than possible otherwise, through unconventional use of payment terminals.
Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore and Catamaran, India.