FreedomPay and Toast Survey Reveals Top Priorities for Enterprise Hospitality Leaders: Data Security

Integration and Customer Support Emerge as Crucial Factors in Merchant Preferences for Payment Solutions

Philadelphia, Pennsylvania, June 25, 2024 (GLOBE NEWSWIRE) -- A recent survey conducted by FreedomPay, a global leader in Next Level Commerce™ solutions, in collaboration with Toast, a leading cloud-based restaurant management software company, has unveiled crucial insights into the top priorities for enterprise hospitality leaders. The findings emphasize the importance of data security, system integration, and growth enablement in shaping merchant preferences and trust in payment solutions and point-of-sale (POS) providers.

Key Insights from the Survey:

• 53% of merchants face challenges in deciding where to allocate their technology budgets, highlighting the demand for integrated solutions that offer comprehensive value and support informed decision-making.
• The biggest factors that contribute to trust in a payment solution/point of sale (POS) provider are the quality of customer support (49%), user-friendliness (46%), reliability (44%), and integration capabilities (44%).
• Almost all merchants believe data security (100%) and data privacy (98%) are highly important when selecting a payment solution, while most believe growth enablement (82%) and speed (81%) are highly important.
• Organizations are already implementing a high level of integration between their payment/POS systems and other software systems. Most merchants say they have either fully integrated (15%) or have a very high level (70%) of integration between these systems. Almost all merchants (98%) place strong value on an integrated payment solution

“The survey with Toast highlights that integration, understanding customer behavior, and ensuring security are paramount for merchants,” said Nate Ware, SVP Sales & Digital Development at FreedomPay. “This also shows that most merchants are striving for a fully integrated ecosystem to drive growth and enhance operational efficiency. At FreedomPay, we are committed to providing the integration and security that merchants need to thrive and succeed.”

Understanding customer behavior, including shopping and purchasing patterns, is key to enhancing the customer experience and driving sales. Additionally, merchants are prioritizing security and minimal system downtime to safeguard operations and ensure business continuity. The availability of responsive and reliable customer support significantly contributes to fostering a sense of security and trust among merchants.

“The survey really underscores merchants’ need for seamless integration and a thorough understanding of customer behavior to fully enhance operational efficiency,” remarked Kelly Esten, GM of Enterprise at Toast. “For merchants, prioritizing robust data security and reliable customer support is crucial for fostering trust with customers.”

These insights highlight that seamless integration, robust data security, and reliable customer support are essential for merchants aiming to enhance operational efficiency, foster trust with customers, and drive sustained business growth in today's competitive landscape. These factors form the cornerstone of strategic decision-making for enterprise hospitality leaders as they align their technology investments with long-term success and customer satisfaction.

To learn more, download the full report: The Security Tightrope: Balancing Innovation and Risk Management for Enterprise Brands

About FreedomPay:

FreedomPay’s Next Level Commerce™ platform transforms existing payment systems and processes from legacy to leading edge and enables merchants to unleash the power of pay. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay’s technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce.

The company maintains a world-class security environment and was one of the first payment solution providers in North America to be validated by the PCI Security Standards Council. FreedomPay’s robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com

About Toast:

Toast [NYSE: TOST] is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a comprehensive platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. For more information, visit www.toasttab.com.

Jennifer Tayebi
Hill & Knowlton for FreedomPay
+1 734 395 0780
jennifer.tayebi@hillandknowlton.com