Phoodeez Partners With First Data To Cut Restaurants’ Credit Card Costs

Deal with payment processing leader will help Phoodeez Network, other local restaurants retain revenue

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Phoodeez, a company reinventing catering to make event eating easy, today announced a strategic partnership with First Data Corporation, a global leader in electronic commerce and payment processing, to offer restaurants deep reductions on credit and debit card transactions. The deal will extend First Data’s merchant services and other suite of payment system products to all the restaurants in the Phoodeez Network, as well as to other local restaurants that wish to leverage the cost savings that come with group buying power. The partnership is one of many ways Phoodeez’s team of industry, technology and financial management experts are fulfilling the company’s mission to help high-quality restaurants increase their profit margins and compete against larger players in the catering market.

“The Phoodeez Network restaurants and others nationwide can take advantage of our breadth of payment options to drive down costs and stay competitive.”

The Phoodeez-First Data partnership is the first in the Boston area to extend lower, group-based credit card processing rates to restaurants that offer online ordering and catering services. Participating restaurants will get the guaranteed lowest payment processing rates on MasterCard, Visa and Discover cards, as well as potential deep discounts on American Express card processing fees. The partnership also gives restaurants access to First Data Merchant Services, which include payment card security with encryption and tokenization, electronic check acceptance, gift card solutions, and card-linked offer enablement.

“Joining the Phoodeez Network has led to a 15 percent bump in catering revenue, and we’re also seeing a significant savings on expenses like credit card processing,” said Eric Quadrino, owner at Mexicali Burrito Company in Cambridge’s Kendall Square. “Phoodeez’s economy of scale allowed Mexicali to negotiate waivers and reductions on many initial and annual account fees. With the increased business and the decreased expenses, we’ve been able to expand our hours and our staff to serve a growing customer base.”

Restaurants that opt into the Phoodeez-First Data offering receive:

• Money-saving price structure for all credit and debit card transactions;
• Easy implementation and training;
• One convenient statement that incorporates all card transactions;
• Online reporting and 24/7 telephone customer support; and
• The speed, security and affordability that comes with First Data products.

“Credit card processing fees are a hefty expense for restaurants and can run anywhere from 2 to 4 percent,” said Bom Lee, director of strategic partnerships at First Data Corporation. “The Phoodeez Network restaurants and others nationwide can take advantage of our breadth of payment options to drive down costs and stay competitive.”

Christine Marcus, CEO of Phoodeez said, “As a true business partner to our network of restaurants, Phoodeez sought to curb credit card processing costs, and our partnership with First Data makes that happen. Because we’ve brought together many of the city’s great eateries, we can use the power of the group to decrease fees that would otherwise cut deeply into restaurant revenues.”

To learn more about how Phoodeez and First Data can help your restaurant accept more credit card payments, lower processing costs and build business, contact [e-mail].

Additional Phoodeez information:

• Phoodeez FAQ
• The Phoodeez team
• Phoodeez catering packages

About Phoodeez

Phoodeez connects administrative assistants, c-level executives, student groups and anyone else who needs an easy way to order impressive food with carefully screened, top-rated area restaurants. The company’s mission is to disrupt the catering industry status quo for boring, big-box food with delicious dishes that are delivered on time in sustainable, attractive packaging. Founded at MIT, Phoodeez makes event eating easy for its customers, who look like foodie Ph.D.s. in front of their peers, colleagues and bosses. To learn more, visit http://www.phoodeez.com or follow us on Facebook, Twitter or LinkedIn.

About First Data

Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction. More information about the company is available on FirstData.com as well as on Twitter, LinkedIn, Facebook and YouTube.