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2024-12-18 20:20
Block's (NYSE:SQ) Square merchant payment system formed a partnership with food-service distributor Sysco (NYSE:SYY) to expand its presence in the restaurant industry, and announced new features to help restaurants run more efficiently, the companies said Wednesday.
As a partner in the Sysco Restaurant Solutions program, Square's technology will be promoted, co-marketed, and sold to Sysco's (NYSE:SYY) customers.
Beyond the Sysco partnership, Square will introduce preauthorized bar tabs for customers paying with credit card or digital wallet; instant payout, allowing Square Checking users to receive funds for orders made through third-party delivery platforms instantly; and the ability to set up house accounts for regulars or large institutional clients.
Block (NYSE:SQ) stock rose 1.0%, and Sysco (SYY) stock fell 0.5% in Wednesday premarket trading.