Compeat Adds New Automated Payment Offering
Compeat, a provider of integrated restaurant accounting, back office, workforce, and intelligence management software, has launched of Compeat Pay that automates restaurant vendor payments. Compeat Pay removes the burden of manually paying bills for restaurant operators through automated options including check, automated clearing house (ACH), and includes a built-in virtual credit card option that earns cash back for qualified Compeat Advantage customers.
“Compeat Pay is the first step to making my life manageable,” states Dean Johnson, Controller of F Street Hospitality. “With five locations, we were spending too much time processing and paying invoices. Compeat Pay has saved my accounting team multiple hours per week in time. As if that is not enough, we are on track to earn substantial rebates on our payment volume. It is truly a win-win.”
Compeat Pay services include:
Checks: Compeat prints and mails checks on behalf of the customer using their existing bank information on the checks so that all existing processes and bank reconciliations remain unchanged.
ACH: Compeat integrates with the customers bank to automate creation and delivery of ACH files using the customer’s bank account without changing the current processes or bank reconciliations.
Virtual Credit Card: The Compeat solution issues a pre-approved, one-time use virtual credit card (VCC) that gives Advantage customers more security than using a traditional credit card. Compeat takes care of working with our customers’ vendors to accept the VCC and then pays bills using the VCC, allowing the restaurant to earn potential rebate on payment volume.
In related news, Compeat has hired Clint Blaylock, a seasoned payments veteran with over 20 years of payment experience, as VP of Payments and established a team to manage Compeat Pay. For more information on Compeat Pay, go to https://www.compeat.com/solutions/compeat-pay/.