Plate IQ launches commercial card for hospitality

The hospitality sector has been the hardest hit by the pandemic and when the sector is getting back on track in hope of mass vaccination, companies in this segment are offering products that make manual and payment processes much easier and reliable.

In such, California based accounts payable automation company, Plate IQ has launched The Plate IQ Card which is a Visa virtual card and expense management platform. The company claims this is designed to meet the requirements in spend management needs of every hospitality business and entrepreneur.

The Plate IQ Card is a corporate debit card program and spends management platform combined as one and according to the press note, with no credit checks, personal guarantee or minimum bank balance requirements, any business can now set up an expense card program.

This year, Repay and VBA have partnered for B2B healthcare payment offerings and Boost Payments and GHX teamed up for a healthcare commercial payments push.

“Corporate card programs until now have not addressed the unique needs of hospitality organizations,” says Bhavuk Kaul, CEO and co-founder of Plate IQ.

Adding further Kaul said, “they’ve tended to focus on rewards programs without optimizing for the needs of CFOs and controllers managing multiple departments and multi-location teams”.

With this corporate card, companies can unify petty cash, expense reporting, and corporate card programs. The card platform used AI receipt matching, GL-coding capabilities, and accounting integrations developed for Plate IQ’s invoice management and bill pay platforms. The combination of two will help clients to manage invoices and non-invoice spend with the same system which the company notes would enable businesses of all sizes to automate AP and maximize cashback.

According to the press note, the company has processed more than $10 billion worth of invoices and more than $1 billion in direct vendor payments since 2014 and the company has more than 15,000 customers.