Product News

First Data Corp. plans to further exploit its fast-growing Clover® point-of-sale hardware and software platform for small and mid-sized businesses by bringing it to full-service restaurants. “Clover has always been strong in small, quick-service restaurants, but the FSR segment needs much deeper functionality and is a large addressable software market that enables Clover to increase its revenue per merchant,” First Data chairman and chief executive Frank Bisignano said Monday morning while reviewing the Atlanta-based processor’s third-quarter financial results. The package, which Bisignano said will roll out “shortly,” will put First Data into even sharper competition with merchant processors Square [...]

Wagering that restaurants are seeking to learn more about their customers, First Data has invested in a restaurant software company. Salido raised $12 million in Series A funding, with First Data as an investor in the round, CNBC reported. While First Data originally thought of acquiring the company, it later decided to become an investor in Salido. First Data declined to comment to CNBC on its interest in the company. Through Salido’s point-of-sale (POS) hardware and software, restaurants can extract customer data: They can learn what customers had ordered in the past and how much money they spent. Additionally, [...]