Hospitality-focused accounts payable (AP) automation platform Plate IQ debuted The VendorPay Network, a full-service payments platform aimed at connecting businesses and vendors, according to a Thursday (Oct. 7) press release. Through the B2B platform, businesses can send and track payments to vendors via ACH, virtual cards or checks, while vendors can track payment statuses of customer invoices.
Described as a “zero-touch” accounts payable process, VendorPay Network features invoice approval automation, digital audit tracking of invoices and payments and syncing to any accounting platform.
The VendorPay Network is comprised of more than 180,000 participating vendors.
VendorPay customers can earn cash back on invoice spend via The Plate IQ Card, a corporate card product. Businesses using the new platform can create single-use virtual Plate IQ Cards to pay any invoice online.
Read more: Plate IQ Introduces Commercial Card With Expense Management
The Plate IQ Card launched in June to streamline expense reporting, petty cash and commercial card programs into a joint commercial debit card and expense management system, according to PYMNTS.
Prior to the launch of VendorPay, Plate IQ last month announced a partnership with food service procurement and supply chain solution Foodbury Foodservice, allowing Plate IQ’s restaurant customers to use the procurement solutions’ Manufacturer Rebate Program to organize group purchases to earn bulk discounts from manufacturers and suppliers, according to PYMNTS.
See also: Plate IQ Automates Restaurants’ Back-of-House Operations to Save Time, Cut Costs
Where Foodbuy Foodservice provides restaurants with rebates and discounts, Plate IQ provides them pricing transparency when they are buying ingredients. The accounts payable provider’s restaurant partners include McDonald’s, Burger King, Au Bon Pain and Nobu, among others.
Since its founding in 2014, Plate IQ has processed more than $10 billion worth of invoices and more than $1 billion in direct vendor payments.
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