Deliveroo announces cashflow support for restaurants through new rapid payment service
Deliveroo has announced a new financial service for restaurant partners to support them during the coronavirus pandemic, introducing a new daily payment service to boost cash movement.
The food delivery provider has offered this service free of charge to restaurants, giving them the chance to receive money made from deliveries within a day, instantly helping their cashflow wherever in the country they are. Deliveroo will cover the increased banking charges for the rapid payments.
Revenue from dining in restaurants has stopped completely in the wake of coronavirus, so the Deliveroo initiative will give restaurants faster access to their delivery revenue, helping them cover costs like paying staff wages or electricity bills. Having access to cash has never been more important for restaurants.
As reported recently, nearly 3,000 new restaurants have signed up to Deliveroo in the past month in order to maintain cashflow and to serve customers through delivery. The new payment process will boost their ability to manage their finances as they adapt to a delivery-only service.
Available for the next three months, this service will be reviewed by Deliveroo then as to whether to extend it.
Will Shu, Founder and CEO at Deliveroo, said: “At Deliveroo, we want to do everything possible to support our restaurant partners. We are here to deliver for restaurants who want to carry on offering their amazing food to families at home. This new rapid payment system will immediately improve the cash flow of thousands of restaurants and help them better manage their finances during these challenging times.”