> Toast recently laid off half their workforce...obviously restaurants doing poo... | Hacker News

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		Melting_Harps on May 13, 2020 \| parent \| context \| favorite \| on: America is stuck at home, but food-delivery compan... > Toast recently laid off half their workforce...obviously restaurants doing poorly in the covid-economy. Ouch. It says they're affiliated with Grubhub, so hopefully that's their support line in all of this. This is interesting and suggests they're more a fee generation business model than a traditional fintech POS supplier and management/tech support one: > As a result, fintech companies that help restaurants work better and depend on foot traffic are seeing less transaction volume.

gbear605 on May 13, 2020 [–]

Their model is primarily taking a share of credit card transaction fees plus a monthly fee for physical devices. While they’re doing poorly right now without restaurants open, they have a large war chest (raised their series F in February).

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