There's a new way to get last minute reservations at Toronto's busiest restaurants

If you've ever struggled to pass along a restaurant reservation after your plans changed, ResoExchange has a potential solution, aiming to connect diners with last-minute reservations in a bid to save them money on cancellation fees and support restaurants by filling seats.

Founded by Mohamed Hegazy, ResoExchange is a "peer-to-peer" system that helps diners rid of unwanted reservations, as well as assist those eager to book last-minute tables.

"We're reducing the barriers for people to be able to get those desirable reservations, without having to plan so far in advance," explains Hegazy.

"We also want to help people feel more comfortable about taking reservations without having to be afraid of cancellation fees or unforeseen circumstances."

After creating an account, diners can use the platform in two ways.

First, they can submit any Resy, Opentable, Tock, and SevenRooms reservations that they no longer want. Once the reservation has been confirmed, ResoExchange posts it online for other users to claim.

As the number of users grows, so too will access to covetable reservations at some of the city's top tables.

The platform reduces the very real anxiety caused by having to scramble to find someone (anyone!) to take a reservation off your hands. Instead of the 24-48 hour time frame offered by other services, ResoExchange transactions can take as little as 30 minutes.

Intrigued by the business, Daniel Van Welie, owner of Cano Restaurant, says he "reached out to them to learn more about it."

"People not showing up for reservations is definitely a common problem that we run into. A no-show reservation, unless replaced by a walk-in, results in a loss of potential income for the restaurant and tips for the staff," Van Welie explained.

ResoExchange, he says "helps my business by helping mitigate losses associated with late-cancellations and no-shows," adding that he "would definitely be open to signing up in the future."

Now "in growth mode," ResoExchange is currently free to use.

"We will monetize down the line," says Hegazy, adding that the plan is for users to get a certain number of reservation claims per month, after which they'll "pay a minimal exchange fee."

Eventually, restaurants will also have the option to partner with the company.

"We want to build out a back end for restaurants so they can seamlessly integrate with our product,” explains Hegazy.