Blackbird Labs, a hospitality technology startup established by Ben Leventhal, has launched an innovative Web3 payments platform known as Blackbird Pay. This crypto app designed specifically for restaurant industry players leverages the power of blockchain technology to revolutionize how restaurants manage payments and settle checks.
Blackbird Labs’ platform comes at a time when many restaurants are struggling with rising costs and shrinking margins post-COVID. According to a statement by the company, “the payment platform provides a solution to tackle the increasing issue of diminishing margins and depleting cash reserves by offering a complete end-to-end payments and check settlement system for the first time.”
Blackbird Pay has the potential to significantly cut both settlement times as well as transaction costs. Currently, restaurants grapple with transaction fees that can reach up to 4%. Blackbird Pay aims to lower these costs to approximately 2% per transaction, making it a compelling option for establishments looking to optimize their financial operations. According to Leventhal, most of the changes that have happened in restaurant technology over the last decade have not helped much in making payment processes less cumbersome and less technologically opaque. Fortunately, Blackbird Pay will change all that.
More Web3 tech in the food world means new ways to address common challenges and problems. Blackbird Labs is one of many new companies looking at how blockchain and crypto can help with things such as high costs and customer rewards. This is a fitting focus with the National Restaurant Association forecasting that U.S. restaurant sales will total more than $1 trillion in 2024.
Restaurants that use Blackbird Pay might save thousands each month on fees, says Roni Mazumdar from Unapologetic Foods, one of Blackbird’s big restaurant partners. Blackbird is also creating other tools, such as Bar Blackbird and Blackbird Breakfast Club, to help restaurants find more customers during slow seasons in business.
Blackbird Labs has recently raised $24 million during a Series A funding event to expand its restaurant loyalty and membership platform. This substantial investment highlights the strong belief in Blackbird’s vision and its potential to transform the industry. Prominent restaurants including Nom Wah, Crown Shy, Barbuto, Momofuku, Saga in New York, Leon in Charleston and Birdsong in San Francisco are already utilizing the platform.
As the restaurant industry continues to evolve, Blackbird Labs is pushing the Web3 revolution forward with an offering that addresses serious pain points in the post-pandemic world. Notably, its innovative blockchain network and cost-effective payment options provide a tailored rewards system so Blackbird Pay can be the change-maker in how restaurants do business and interact with customers.
Enterprises such as Horizon Fintex are also working to expand the reach of Web3 in other business verticals. Over time, the efforts of these different players will result in broader adoption of these novel technologies.
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