It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Paerpay to discuss all things credit union, fintech, and digital innovation.
Every now and then, a fintech comes along to disrupt an industry. Paerpay decided to disrupt the industry. That’s right: there’s a new payment system in town for the service industry, and it might be just what we all needed.
Speaking as a (former) high-end cocktail bartender, I understand the pain points of full-service restaurant servers. Especially in my time at an award-winning bar, the pace of service often went from 0 to 100 real quick. During our busy seasons, we often sat 15–20 tables within minutes of opening. With a good crew, that situation is stressful, but manageable.
However, there’s a bottleneck that occurs when tables are ready for the bill. Especially when several tables show up at once, tables often all need to leave at once, too. Unfortunately, there’s no way to expedite the process. There are only so many servers, and there are only so many Points of Sale available. Plus, any party who splits a check just makes the bottleneck worse.
Few things frustrate diners more than service that takes too long. Servers also get frustrated, and the time they spend closing tables out actively hampers their ability to tend to their other guests. Finally, restaurants lose out on tables because they can’t efficiently turn them quickly enough.
I remember all that, and I really, really don’t miss it one bit.
But Paerpay has a solution:
Make payment easier.
Their platform integrates with various POS systems. Paerpay users can sit down, keep an updated tab on their mobile device, and use the app to split, tip, and manage their bill. Essentially, Paerpay makes dining and dashing a real option.
Paerpay has had great initial success in a limited market, and they’re about to go live. Personally, I wish them luck. It will make servers’ jobs less stressful, help restaurants turn tables more efficiently, and ease customer frustrations with slow service or bill paying at the end of a meal.
If this sounds like an intriguing fintech, check out the video and Paerpay snapshot below!
Fintech Snapshot: Paerpay
Top 3 Problems Solved
- Restaurant payment
- Payment application
- Restaurant efficiency
Paerpay Founder: Derek Canton
Paerpay Market Strategy
Full-service restaurants and restaurant patrons
Credit Union Fintech: Paerpay in the News
A better payment system for restaurants and their diners
CEO Derek Canton featured on a “40 under 40” list
Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.
Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.
If you want to learn more about credit union–fintech partnerships, click here.