Notch launches B2B payments platform for food and beverages industry
The B2C side of the food business has grown rapidly as consumers adopt mobile and online ordering but the B2B side of the industry has remained relatively untouched.
In a move to change this, Canada based B2B marketplace platform, Notch has announced the launch of notchPay which is a B2B payment platform for the food and beverages industry. The platform is built upon Balance, a B2B payments company that offers the online checkout built for businesses.
“As the food and beverage industry continues to rebound from the pandemic, there is a growing demand for solutions that simplify the wholesale ordering process,” said Jordan Huck, CEO at Notch.
Further mentioning that partnering with Balance would allow for a better checkout experience to wholesale foodservice and also ‘abolishing the analogue ordering process in favor of an online model that is faster and easier for our customers’.
The company in its press note also mentioned that it has addressed major shortcomings of the B2B payments in the food and beverages industry as now restaurants can ‘leverage any payment method including credit card, ACH, wire transfers, or checks, while distributors can receive payments in a matter of days rather than weeks or months’.
“The majority of food and beverage transactions are still conducted offline, creating widespread inefficiencies that negatively impact businesses”, the press release noted and the reduction in friction of B2B payments will process as notchPay will allow its clients to increase speed and efficiency, optimizing the food and beverage supply chain as a whole.
Notch is a software solutions company that helps the food industry with wholesale food-supply operations and order taking for restaurants and distributors while Balance is a B2B payment company that offers its clients different payment methods such as ACH, Card, Wire, and Checks.