Tech Talks: Take a Byte Out of The National Restaurant Show
Prioritizing digital and tech solutions will help modernize your restaurant business. Preview the latest from the 2022 National Restaurant Association show.
It’s Thursday, and you’re staring at an email, desperately trying not to freak out.
Your liquor vendor emailed to let you know your account is on hold due to non-payment — they’ll only deliver if you pay COD.
Cool, cool.
Your hotel is completely booked this weekend, plus you’re hosting 3 events requiring full bars at each — deposits were taken, and contracts signed.
This is the 3rd time in 11 months this has happened because of no payment. It’s not that your hotel didn’t pay. But, batching checks is slow, and the mail is slower.
Your vendor is fed up with late payments.
You take a deep breath, get your groveling groove on, and dial your vendor’s number…
To say that vendor relationships are “important” is kinda like saying oxygen is “important” to humans. True? Sure, but it doesn’t seem to speak to the weight of the matter, does it?
Promptly paying your vendors should be a top priority to ensure your hotel’s operation continues to run smoothly. Keep in mind, if deliveries get put on hold because of non-payment, you’ll lose revenue and your customer satisfaction will take a hit.
Does your hotel have a streamlined system to pay hotel vendors efficiently while getting you discounts?
Today, let’s chat about the best way to pay hotel vendors while saving money at the same time. We’ll cover:
Hotels are essentially businesses within a business. Under the umbrella of hotel operation falls many departments with a ton of moving parts that need to be managed.
Managing vendors, contracts, and invoices/payments within each department is intricate. Efficiently paying hotel vendors is an integral part of this process.
Think of all these hotel departments with a complete list of their own vendors:
Factor in hotel groups with multi-properties managing hotel suppliers across the properties, and you’ve got a tightrope juggling act fit for Barnum & Bailey’s.
You can’t let your vendor payment process fall through the cracks.
Your vendors are the lifeblood of your hotel operation. It’s vital to nurture those relationships. You’re not the only hotel your suppliers are servicing, and it’s critical to make sure your vendor relationships are taken care of and nurtured.
So, how do you do that?
In the business world, nurturing relationships mainly looks like paying vendors ON TIME. Big fat bonus points if you pay EARLY.
Your payment process needs to be as efficient, streamlined, and speedy as possible.
The long and the short of it is this — your hotel vendors need to be paid promptly every time to ensure the continual flow of supplies to serve your guests.
When vendors feel appreciated & are regularly paid on time for their services, your relationship flourishes.
When it comes to paying your hotel vendors, you’ve got options.
As we go through these 3 ways to pay your hotel suppliers, ask yourself about your current payment method(s):
If you answered 'no' one or more times, keep reading for a golden nugget or two.
Virtual cards (aka vCards) are randomly-generated 16-digit numbers linked to an underlying bank account that can be used in any online payment portal set up for credit cards.
vCards can be single-use or multi-use numbers that, when used, link those charges back to the bank account without exposing the real account numbers.
They’re pretty fabulous and come bearing a bouquet of benefits:
✷Money-saving fact — Online discounted prices are often cheaper than placing orders through procurement.
Virtual cards are innovative, safe, fast, cost-efficient, and set your hotel up for future success.
ACH stands for Automated Clearing House — an ACH payment is a type of electronic bank-to-bank payment made by transferring funds, run by NACHA (formerly National Automated Clearing House Association).
Think ACH vendor payments are outdated? Think again — in 2020 alone, over 4 billion B2B ACH payments were made.
Let’s hit the pros of using ACH payments for your hotel suppliers:
Paper checks date way back in history — the first checks appeared in the U.S. around the end of the 17th century, and caught on like wildfire.
Today, while we’ve got other options for vendor payments, there are times when it still makes sense to pay a hotel vendor with a check.
When you need to pay a vendor with a check, Plate IQ’s gotcha covered — they’ll let you cut a check within the software, then print and mail it for you, saving your bookkeeper valuable time.
There are a few facts to note about paper checks:
Streamlining your hotel operations, including vendor payments, is future-thinking, just like when you transitioned to accepting credit cards as payment for guests' rooms when cash or checks used to do just fine.
The reality is, your hotel may have to change some processes to keep up with the times. Digitization & technology are part of that evolution.
The world is in a digital transformation — your guests want to check in & out on an app and unlock their doors with their phones.
Your vendor payment process needs to evolve too. It’ll save your hotel valuable time, boost vendor relationships, pad your bottom line, and set you up for success as the digital age continues.
You know that your hotel depends on stellar vendor relationships. Streamlining how you pay hotel vendors powers long-term, solid vendor relationships.
The success of your hotel relies on your operation running smoothly and the supply chain continually flowing.
Transitioning to digital payments will get your vendors paid faster, keep them happy, and open up discount options for you.
Find out more about how the Plate IQ Card can revolutionize your vendor payment process.
It’s Thursday, and you’re staring at an email, desperately trying not to freak out.
Your liquor vendor emailed to let you know your account is on hold due to non-payment — they’ll only deliver if you pay COD.
Cool, cool.
Your hotel is completely booked this weekend, plus you’re hosting 3 events requiring full bars at each — deposits were taken, and contracts signed.
This is the 3rd time in 11 months this has happened because of no payment. It’s not that your hotel didn’t pay. But, batching checks is slow, and the mail is slower.
Your vendor is fed up with late payments.
You take a deep breath, get your groveling groove on, and dial your vendor’s number…
To say that vendor relationships are “important” is kinda like saying oxygen is “important” to humans. True? Sure, but it doesn’t seem to speak to the weight of the matter, does it?
Promptly paying your vendors should be a top priority to ensure your hotel’s operation continues to run smoothly. Keep in mind, if deliveries get put on hold because of non-payment, you’ll lose revenue and your customer satisfaction will take a hit.
Does your hotel have a streamlined system to pay hotel vendors efficiently while getting you discounts?
Today, let’s chat about the best way to pay hotel vendors while saving money at the same time. We’ll cover:
Hotels are essentially businesses within a business. Under the umbrella of hotel operation falls many departments with a ton of moving parts that need to be managed.
Managing vendors, contracts, and invoices/payments within each department is intricate. Efficiently paying hotel vendors is an integral part of this process.
Think of all these hotel departments with a complete list of their own vendors:
Factor in hotel groups with multi-properties managing hotel suppliers across the properties, and you’ve got a tightrope juggling act fit for Barnum & Bailey’s.
You can’t let your vendor payment process fall through the cracks.
Your vendors are the lifeblood of your hotel operation. It’s vital to nurture those relationships. You’re not the only hotel your suppliers are servicing, and it’s critical to make sure your vendor relationships are taken care of and nurtured.
So, how do you do that?
In the business world, nurturing relationships mainly looks like paying vendors ON TIME. Big fat bonus points if you pay EARLY.
Your payment process needs to be as efficient, streamlined, and speedy as possible.
The long and the short of it is this — your hotel vendors need to be paid promptly every time to ensure the continual flow of supplies to serve your guests.
When vendors feel appreciated & are regularly paid on time for their services, your relationship flourishes.
When it comes to paying your hotel vendors, you’ve got options.
As we go through these 3 ways to pay your hotel suppliers, ask yourself about your current payment method(s):
If you answered 'no' one or more times, keep reading for a golden nugget or two.
Virtual cards (aka vCards) are randomly-generated 16-digit numbers linked to an underlying bank account that can be used in any online payment portal set up for credit cards.
vCards can be single-use or multi-use numbers that, when used, link those charges back to the bank account without exposing the real account numbers.
They’re pretty fabulous and come bearing a bouquet of benefits:
✷Money-saving fact — Online discounted prices are often cheaper than placing orders through procurement.
Virtual cards are innovative, safe, fast, cost-efficient, and set your hotel up for future success.
ACH stands for Automated Clearing House — an ACH payment is a type of electronic bank-to-bank payment made by transferring funds, run by NACHA (formerly National Automated Clearing House Association).
Think ACH vendor payments are outdated? Think again — in 2020 alone, over 4 billion B2B ACH payments were made.
Let’s hit the pros of using ACH payments for your hotel suppliers:
Paper checks date way back in history — the first checks appeared in the U.S. around the end of the 17th century, and caught on like wildfire.
Today, while we’ve got other options for vendor payments, there are times when it still makes sense to pay a hotel vendor with a check.
When you need to pay a vendor with a check, Plate IQ’s gotcha covered — they’ll let you cut a check within the software, then print and mail it for you, saving your bookkeeper valuable time.
There are a few facts to note about paper checks:
Streamlining your hotel operations, including vendor payments, is future-thinking, just like when you transitioned to accepting credit cards as payment for guests' rooms when cash or checks used to do just fine.
The reality is, your hotel may have to change some processes to keep up with the times. Digitization & technology are part of that evolution.
The world is in a digital transformation — your guests want to check in & out on an app and unlock their doors with their phones.
Your vendor payment process needs to evolve too. It’ll save your hotel valuable time, boost vendor relationships, pad your bottom line, and set you up for success as the digital age continues.
You know that your hotel depends on stellar vendor relationships. Streamlining how you pay hotel vendors powers long-term, solid vendor relationships.
The success of your hotel relies on your operation running smoothly and the supply chain continually flowing.
Transitioning to digital payments will get your vendors paid faster, keep them happy, and open up discount options for you.
Find out more about how the Plate IQ Card can revolutionize your vendor payment process.
It’s Thursday, and you’re staring at an email, desperately trying not to freak out.
Your liquor vendor emailed to let you know your account is on hold due to non-payment — they’ll only deliver if you pay COD.
Cool, cool.
Your hotel is completely booked this weekend, plus you’re hosting 3 events requiring full bars at each — deposits were taken, and contracts signed.
This is the 3rd time in 11 months this has happened because of no payment. It’s not that your hotel didn’t pay. But, batching checks is slow, and the mail is slower.
Your vendor is fed up with late payments.
You take a deep breath, get your groveling groove on, and dial your vendor’s number…
To say that vendor relationships are “important” is kinda like saying oxygen is “important” to humans. True? Sure, but it doesn’t seem to speak to the weight of the matter, does it?
Promptly paying your vendors should be a top priority to ensure your hotel’s operation continues to run smoothly. Keep in mind, if deliveries get put on hold because of non-payment, you’ll lose revenue and your customer satisfaction will take a hit.
Does your hotel have a streamlined system to pay hotel vendors efficiently while getting you discounts?
Today, let’s chat about the best way to pay hotel vendors while saving money at the same time. We’ll cover:
Hotels are essentially businesses within a business. Under the umbrella of hotel operation falls many departments with a ton of moving parts that need to be managed.
Managing vendors, contracts, and invoices/payments within each department is intricate. Efficiently paying hotel vendors is an integral part of this process.
Think of all these hotel departments with a complete list of their own vendors:
Factor in hotel groups with multi-properties managing hotel suppliers across the properties, and you’ve got a tightrope juggling act fit for Barnum & Bailey’s.
You can’t let your vendor payment process fall through the cracks.
Your vendors are the lifeblood of your hotel operation. It’s vital to nurture those relationships. You’re not the only hotel your suppliers are servicing, and it’s critical to make sure your vendor relationships are taken care of and nurtured.
So, how do you do that?
In the business world, nurturing relationships mainly looks like paying vendors ON TIME. Big fat bonus points if you pay EARLY.
Your payment process needs to be as efficient, streamlined, and speedy as possible.
The long and the short of it is this — your hotel vendors need to be paid promptly every time to ensure the continual flow of supplies to serve your guests.
When vendors feel appreciated & are regularly paid on time for their services, your relationship flourishes.
When it comes to paying your hotel vendors, you’ve got options.
As we go through these 3 ways to pay your hotel suppliers, ask yourself about your current payment method(s):
If you answered 'no' one or more times, keep reading for a golden nugget or two.
Virtual cards (aka vCards) are randomly-generated 16-digit numbers linked to an underlying bank account that can be used in any online payment portal set up for credit cards.
vCards can be single-use or multi-use numbers that, when used, link those charges back to the bank account without exposing the real account numbers.
They’re pretty fabulous and come bearing a bouquet of benefits:
✷Money-saving fact — Online discounted prices are often cheaper than placing orders through procurement.
Virtual cards are innovative, safe, fast, cost-efficient, and set your hotel up for future success.
ACH stands for Automated Clearing House — an ACH payment is a type of electronic bank-to-bank payment made by transferring funds, run by NACHA (formerly National Automated Clearing House Association).
Think ACH vendor payments are outdated? Think again — in 2020 alone, over 4 billion B2B ACH payments were made.
Let’s hit the pros of using ACH payments for your hotel suppliers:
Paper checks date way back in history — the first checks appeared in the U.S. around the end of the 17th century, and caught on like wildfire.
Today, while we’ve got other options for vendor payments, there are times when it still makes sense to pay a hotel vendor with a check.
When you need to pay a vendor with a check, Plate IQ’s gotcha covered — they’ll let you cut a check within the software, then print and mail it for you, saving your bookkeeper valuable time.
There are a few facts to note about paper checks:
Streamlining your hotel operations, including vendor payments, is future-thinking, just like when you transitioned to accepting credit cards as payment for guests' rooms when cash or checks used to do just fine.
The reality is, your hotel may have to change some processes to keep up with the times. Digitization & technology are part of that evolution.
The world is in a digital transformation — your guests want to check in & out on an app and unlock their doors with their phones.
Your vendor payment process needs to evolve too. It’ll save your hotel valuable time, boost vendor relationships, pad your bottom line, and set you up for success as the digital age continues.
You know that your hotel depends on stellar vendor relationships. Streamlining how you pay hotel vendors powers long-term, solid vendor relationships.
The success of your hotel relies on your operation running smoothly and the supply chain continually flowing.
Transitioning to digital payments will get your vendors paid faster, keep them happy, and open up discount options for you.
Find out more about how the Plate IQ Card can revolutionize your vendor payment process.