Payments

Don't like waiting for the cheque in restaurants? "Cover" got it covered...

MEDICIFounder and Chief Strategy & Innovation Officer

You would agree that when it comes to restaurants suddenly we become a little more impatient. We can't wait in queue, can't wait to get our food and finally when we finish eating (and talking) we can't wait to get the check and pay the bill. I was doing a consulting assignment for a chain of restaurants and the owner told me that he knows servers waste a lot of trips and time going back and forth for bill payment and tips. And here is Cover by Mark Egerman and Andrew Cove , a solution to make the experience of paying a check as seamless as paying for a ride on Uber as the founders would like to put it. Mark is the payments and legal expert. Andrew drives the tech and fundraising.

Scott Belsky who is one of the investors in the firm believes that there is a lot of potential in this concept. Scot adds that payment experience should be frictionless, completely native and customized and that Hospitality is a huge opportunity given the inefficiency that has always existed with not so streamlined processes.

photo 1What got us excited is the fact that Naval Ravikant of the Angelist fame and who went to DC and changed the law (as they say - http://pandodaily.com/2012/11/15/how-naval-ravikant-went-to-washington-and-changed-the-law/) is an investor in the firm. He thinks very highly Andrew's Technical and Business capabilities. The other investors are Josh Spear and Dave Eisenberg. In May 2013, Cover raised about $1.5 Million in funding from OATV and other investors. Cover's app is still in beta, $1.5 Million funding money should help the Cover team to get off the ground.

Here is how Cover works -

"Cover lets you pay at restaurants without waiting for the check. It's your house account, everywhere. Leave when you're ready. Uber's payment experience - in restaurants. You pay without playing with your phone. The app is there if you need it. Most of the time, you don't.

photo 2Cover gives restaurants data to personalize service. Servers save time and turn tables faster. The result is better service and a better experience for everyone" Cover is also meant to solve the problem of splitting the bill. The usual conundrum who pays what, who doesn't pay for what and so on. So its pretty neat in that sense as well. photo 3

Cover app can be downloaded for free through iTunes here.

Image Courtesy: Cover App through Apple iPhone

LTP view: In the US, Cover makes a lot of sense. The whole bill delivery, check, and tip process takes a minimum of 2 and sometime 3-4 trips of the waitress/waiter. It puts a lot of pressure on the overall functioning of the restaurant. If Cover could free up the time of the servers, they can get more time to do value added activities such as suggesting side orders and desserts to the customers. It could also help the restaurant owner to right size the team and making the restaurant business more lean and sustainable.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”