SME bars and restaurants have an opportunity to adopt cutting edge payment tech, to enable better customer experience at low cost. Dash is a mobile payments platform that enables users to pay the bill with their smartphone without having to wait for the check at restaurants, clubs and bars. Restaurant also gets reports, analytics and insights into customer behavior. Their mobile application was launched on 19th November 2013 and kicked off at 25 venues in New York. 50 restaurants have already signed up for their platform.
Dash was founded in January 2011. The management team includes Jeff McGregor (CEO), Robin Chou (iOS Engineer), Gennady Spirin (COO) and Stephanie Bono (Account Executive). The company has received a total funding of $700k through investors New York Angels, Brooklyn Incubator and Caerus Ventures.
This video gives you an overview of Dash’s platform:
How does it work?
- The user Checks-in at his/her favorite restaurant, bar or club.
- The tab can be viewed in real time which can help a user regulate his spending.
- The user can set a tip beforehand (no more drunken math required).
- He then Presses ‘Pay’ and walks out. There is no need to fight your way to the bar to pay your bill at the end of the night!
Some features of the App:
- Dash enables users to open, view, and pay their restaurant or bar tab directly on their iPhone at some of the popular venues.
- Apart from being able to collect faster payments, restaurants get access to analytics based on the data captured through Dash.
- Dash will also be able to split bills and store gift card information in the coming months, according to the company.
- Bar and restaurant managers can contact Dash for specific pricing information. The company charges a success-based subscription fee for merchants to use the service. The App is free for consumers to download and use.
- Dash users can even suggest new venues to be added to the application by making use of a feature called “Request Venue”. This will ping bars and restaurants to inform them that their customers are requesting them to enable payments via Dash.
“Innovation in the hospitality industry can be challenging due to the multitude of distribution challenges selling to SMB customers,” says the company. “Startups with products that create value for small business with a team capable of driving adoption are key to helping these businesses realize the opportunities new technology affords. Dash is a product wherein everyone wins by solving an issue both sides of the table experience.” More than 250K bars and restaurants are present in the key U.S Markets, and Dash has an addressable market of approximately 40% of the total market size according to them.
Some of the other companies operating in this space include Tabbedout, MyCheck, Elacarte and Cover. The free Tabbedout app for iPhone and Android enables consumers to open a tab with their smart phone, see their tab in real-time and pay the tab anytime, anywhere. Users can even split the check paying just their portion directly from the app. Tabbedout says its mobile payment solution integrates directly with the merchant’s point-of-sale (POS) system without the need of additional hardware. Tabbedout also provides validated payment information when a tab is first opened.