COVID-19 has had a tumultuous effect on your business and, in turn, our business as well. We are all experiencing difficult times. Clients like you have shared with us how important our services have been in navigating the current situation, from sending a historically large volume of messages to quickly launching additional touchless solutions.
I am writing to give you an update on what we are doing to ensure that the Paytronix platform is available to you now and for years to come.
Our primary move was to secure our financial future by obtaining an additional $10 million in funding, led by Great Hill Partners and our company’s cofounders. This funding represents the faith that we have in Paytronix.
Like you, we have had to make many adjustments and take cost-cutting measures, including canceling any travel, all tradeshows, and this year’s Paytronix user conference, PXUX. In addition, every Paytronix employee has taken a pay cut, with the largest ones coming at the management level. These cuts have been painful but essential to sustain a high level of service while also building great new products. We are lucky to be powered by investors and team members who have such passionate belief in Paytronix’s future.
We continue to push innovations that you’ll need in a landscape forever changed by COVID-19. That’s why we’ve rolled out several new products and features over the past couple of weeks, including advances to our Order & Delivery platform and touchless technologies through our Apple Pay and Google Pay integrations.
Along the way, we have been heartened by stories of companies doing innovative and creative campaigns. Our commitment to serving the restaurant industry is only heightened when we hear about brands that have found ways to retain their employees despite struggling with the bottom line. We even see hope in the sales data we collect across the platform. After gross sales declined by as much as 60%, the trend line appears to have reached the bottom and is starting a steady climb, recovering 10% in the last week. You can see the sales trends for restaurants and convenience stores here.
Having served the restaurant industry for nearly 20 years, we have endured multiple boom and bust cycles. Paytronix has come out stronger after each and we know that this time will be no different. Our financing and cost cutting will ensure that we can invest in technologies and continue supporting your brand as it emerges from this period. You can be confident that we will be here for you now and in the future.
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