Loop, a leading SaaS provider enabling restaurants to maximize their third-party delivery service profitability, announced today it has become a certified vendor with Olo, a leading restaurant technology provider with ordering, payment, and guest engagement solutions. Restaurants that use both Olo and Loop can leverage proven technology to stay in lock-step with all elements of finances & operations related to third-party delivery. Specific benefits include:
- Enterprise ready: SOC2 certified, access controls, audits etc.
- Get to the why of customer complaints and refunds
- Workflows: Notification & alerts infrastructure, a feature clients are raving about
- Full suite of accounting integrations : R365, Netsuite, QBO, Sage and a comprehensive reconciliation suite with bank integrations
- Marketing optimization to deploy spend efficiently
- AI Capabilities: Sentiment management and competitive intelligence for brands
Third-party delivery is already responsible for more than 25% of revenue for countless restaurant brands, and is set to be a $1T global industry in this decade. Unlike other revenue channels, restaurants pay 20-35% in commissions to delivery platforms, challenging their financial models and accounting systems. Additionally, 3-4% of orders that leave the door have accuracy issues that affect guest experience and the restaurant’s brand, decaying future revenue. Thanks to Loop’s delivery accounting reconciliation and its seamless integration with Olo, third-party delivery, which can often be a pain point for operators, can be a sustainable revenue stream.
“Third-Party Delivery is here to stay, and we’re on a mission to make it as profitable as possible, and part of the way we achieve that is through partnerships with Saas platforms like Olo,” says Anand Tumuluru, co-founder and CEO of Loop. “Consumer behavior has shifted rapidly and decisively towards third-party delivery, but the restaurant back office continues to be underserved in handling revenue and operational complexity from off-premise orders. Loop positions the restaurant to succeed by providing a real time view of their cash flow both in aggregate and at an order level and the operational levers they can exercise to do even better – a capability that restaurants don’t have even for their in-store orders today. ”
“Since the 2017 introduction of Rails, Olo has been working hard to make third-party delivery as frictionless and profitable as possible for our customers,” says Nolan Decoster, SVP of Business Development at Olo. “We’re thrilled to partner with Loop, a company that shares that same goal, to bring its cutting-edge innovations to restaurant brands that will further enhance their delivery operations.”
