Square Makes Bigger Push Into $800 Billion Restaurant Industry
A customer removes a credit card from a Square device while making a payment.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The restaurant industry has nearly $1 trillion in annual sales, and Jack Dorsey wants to take a bigger bite out of it.
Dorsey’s payments company, Square Inc., is launching its first product aimed at full-service restaurants, a large part of the industry that was projected to have $799 billion in sales last year, according to the National Restaurant Association. After getting its start by helping vendors process credit-card payments at food trucks and farmers’ markets, then expanding to quick-service establishments and coffee shops, Square is now going after the tablecloth set, including bars and lounges.