Plate IQ, the hospitality industry’s provider of AP automation and spend management, announced the launch of The VendorPay Network, the first full-service hospitality-focused payments platform to connect businesses and vendors.
With over 180,000 participating vendors, Plate IQ’s VendorPay Network consists of a Bill Pay module, where businesses can schedule vendor payments directly from their AP platform as well as an Accounts Receivables portal where participating vendors can track invoice payment status and look up customer accounts.
Users of The VendorPay Network can send and track payments made with virtual cards, ACH, and checks. VendorPay customers also get complimentary access to a Plate IQ VendorPay Concierge who can accommodate any vendor’s unique payment process securely, including payments via a vendor’s portal, email, over the phone or mailing checks on behalf of customers.
With Plate IQ VendorPay, businesses can now experience a zero-touch accounts payable process - from invoice scan, to payment sent, to balanced books.
With features like invoice approval automation, digital audit tracking of invoices and payments and syncing to any accounting platform, VendorPay empowers businesses to speed up their AP and pay vendors faster.
“The relationship between hospitality operators and their vendors are at the core of maintaining successful businesses,” said Plate IQ CEO, Bhavuk Kaul, “By eliminating the manual checks-in-mail step and shifting everything online, Plate IQ’s VendorPay Network helps build that cornerstone relationship with a cohesive experience that combines payment convenience and transparency. With VendorPay, businesses earn cash back on invoices, and vendors get paid 25% faster. That’s a win-win for the industry.”
VendorPay empowers operators to earn cash back on invoice spend by using Plate IQ’s corporate card product, The Plate IQ Card. Businesses using VendorPay can also generate single-use virtual Plate IQ Cards to pay any invoice online directly from the Plate IQ platform.
Vendors interested in joining The VendorPay Network can do so for free and get access to their Accounts Receivables portal to track customer payments.