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.
You’ve got your restaurant, and you’re crushing it.
High-quality, creative food. Killer ambiance. Packed tables.
And yet, while you’re crushing it, your restaurant’s invoice processing is crushing you. So many monthly invoices to pay, so many different vendors.
It makes you want to set your hair on fire.
Don’t strike that match just yet.
With automated invoice processing and the electronic vendor payment options available, your life can get much easier quickly.
Digital payments can save you money, cut down on errors, and make for some happy vendors.
Have you wondered what the best way to pay your vendors might be?
We’ve put together a guide to help you make the wisest decision on streamlining your vendor payment process.
We’ll cover:
Read how North Carolina’s Clutch Coffee keeps all its AP under 1 roof using the Plate IQ card for all vendor payments.
All of our virtual cards are pre-assigned to a GL account so that when transactions come through on them, they're immediately classified to a particular expense account and exported to NetSuite. That’s huge.
— Jake Vandermeer, CFO of Clutch Coffee
When it comes to the best way to pay your vendors, you’ve got options. As Accounts Payable continues to step away from paper checks, 3 formats for electronic B2B payments have risen to the top:
All 3 have value and can benefit you and your restaurant. So let’s dive into each 1 and give you more detail, plus pros and cons to guide you toward the best option for your vendor payment process.
An ACH payment transaction is processed by bank or credit union members through the Automated Clearing House and regulated by Nacha, which governs it.
Direct payment through ACH is when funds are used to pay your vendor directly out of your business checking account and are typically deposited into your vendor’s account within 1 to 3 business days.
It’s a solid way to pay your vendors. In 2020 alone, over 4 billion B2B payments were made.
Pros
Cons
To dispute a charge, the account holder must notify their bank in writing within 60 days of the payment.
Checks have been around the US for centuries and are considered the “traditional” way to pay your vendors. Checks are valuable financial tools and, at times, still make sense to use as a payment method.
However, let’s address the 2 ways to use checks as a vendor payment option.
The first is to hoist out your bulky black business checkbook that looks more like a Trapper Keeper from the ’80s (remember those?). Next, handwrite each check, then stuff it into an envelope, seal and stamp the envelope, walk it to your mailbox or post office and cross your fingers that it makes it to your vendor by the due date.
With the available digital technology today, the above option is costly, labor-intensive, and, frankly, unnecessary.
The second way to use checks as a vendor payment option is automated check processing. You get all the benefits of paying with a check, minus the hassle.
If you automate your accounts payable with Plate IQ, they offer automated check processing as a way to pay your vendors. They’ll let you cut a check, then print and mail it for you with a few clicks of a button.
Pros
Cons
Virtual Cards or vCards, combine the benefits of physical purchasing cards, the functionality of a check, and the efficiencies of ACH to improve cash flow, reduce fraud, and pay your vendors faster.
They offer a controlled invoice process because you can control how much is spent and who is paid.
Probably the single most strategically important aspect of a good vCard program is that it shifts accounts payable from a source of overhead costs to an engine of revenue creation.
The rebates that virtual cards deliver are the tangible expression of this revolution in accounts payable in every organization, especially in the restaurant industry.
According to a Juniper Research study, Virtual Cards — The Future B2B Solution, the global value of vCard transactions is predicted to reach $6.8 trillion in 2026, up from $1.9 trillion in 2021, and 71% will be B2B transactions.
Pros
Cons
Automated invoice processing streamlines your vendor payment process. This enables you to take advantage of the best way to pay vendors using a vCard.
Once your restaurant is ready to move to automated digital payments, it’s time to get prepared.
First things first, when transitioning to automated invoice processing, you’ve got to get your AP department ready to be fully digital.
Follow these simple steps and you’ll be set:
Ditch those paper invoices in favor of digital versions. Digitize all of your existing paper invoices and load them into your automated accounts payable system. Be sure to ask your vendors about sending electronic invoices in the future. **Remember, zero-touch leaves less room for error.**
Many vendors already accept electronic payments because of their efficiency and speed. They get paid faster! Cash flow is critical for many suppliers to keep daily operations running without a hitch. Get those vendors set up in your AP software. However, if you have a holdout, be prepared to explain the benefits to them of accepting digital payments.
vCards are hands down the best way to pay vendors, thanks to their many benefits. Cash back is a big one. In business, every dollar counts, and that goes double for the restaurant industry, where the average restaurant profit margin is a mere 6.2%. A vCard that offers cash back can give that margin a boost.
If you’re not using a virtual card as a vendor payment option, you’re leaving money on the table.
Making the transition to digital payments will revolutionize your invoice payment process. Your AP team will thank you.
Your relationship with your vendors is precious. They’re the lifeblood of your restaurant. Without their products delivered consistently and on time, you’re dead in the water.
Finding the best way to pay your vendors is not only crucial for that relationship, it’s essential to choose the best option for you and your AP operation.
While ACH and checks both have their merits, the vCard comes with more benefits than those 2 combined and is clearly the best option for paying your vendors.
Plate IQ’s VendorPay supports all 3 and can help you automate and streamline your vendor payment process. To see VendorPay for yourself, either as a buyer or a customer, scroll down and request to see a demo of Plate IQ.
You’ve got your restaurant, and you’re crushing it.
High-quality, creative food. Killer ambiance. Packed tables.
And yet, while you’re crushing it, your restaurant’s invoice processing is crushing you. So many monthly invoices to pay, so many different vendors.
It makes you want to set your hair on fire.
Don’t strike that match just yet.
With automated invoice processing and the electronic vendor payment options available, your life can get much easier quickly.
Digital payments can save you money, cut down on errors, and make for some happy vendors.
Have you wondered what the best way to pay your vendors might be?
We’ve put together a guide to help you make the wisest decision on streamlining your vendor payment process.
We’ll cover:
Read how North Carolina’s Clutch Coffee keeps all its AP under 1 roof using the Plate IQ card for all vendor payments.
All of our virtual cards are pre-assigned to a GL account so that when transactions come through on them, they're immediately classified to a particular expense account and exported to NetSuite. That’s huge.
— Jake Vandermeer, CFO of Clutch Coffee
When it comes to the best way to pay your vendors, you’ve got options. As Accounts Payable continues to step away from paper checks, 3 formats for electronic B2B payments have risen to the top:
All 3 have value and can benefit you and your restaurant. So let’s dive into each 1 and give you more detail, plus pros and cons to guide you toward the best option for your vendor payment process.
An ACH payment transaction is processed by bank or credit union members through the Automated Clearing House and regulated by Nacha, which governs it.
Direct payment through ACH is when funds are used to pay your vendor directly out of your business checking account and are typically deposited into your vendor’s account within 1 to 3 business days.
It’s a solid way to pay your vendors. In 2020 alone, over 4 billion B2B payments were made.
Pros
Cons
To dispute a charge, the account holder must notify their bank in writing within 60 days of the payment.
Checks have been around the US for centuries and are considered the “traditional” way to pay your vendors. Checks are valuable financial tools and, at times, still make sense to use as a payment method.
However, let’s address the 2 ways to use checks as a vendor payment option.
The first is to hoist out your bulky black business checkbook that looks more like a Trapper Keeper from the ’80s (remember those?). Next, handwrite each check, then stuff it into an envelope, seal and stamp the envelope, walk it to your mailbox or post office and cross your fingers that it makes it to your vendor by the due date.
With the available digital technology today, the above option is costly, labor-intensive, and, frankly, unnecessary.
The second way to use checks as a vendor payment option is automated check processing. You get all the benefits of paying with a check, minus the hassle.
If you automate your accounts payable with Plate IQ, they offer automated check processing as a way to pay your vendors. They’ll let you cut a check, then print and mail it for you with a few clicks of a button.
Pros
Cons
Virtual Cards or vCards, combine the benefits of physical purchasing cards, the functionality of a check, and the efficiencies of ACH to improve cash flow, reduce fraud, and pay your vendors faster.
They offer a controlled invoice process because you can control how much is spent and who is paid.
Probably the single most strategically important aspect of a good vCard program is that it shifts accounts payable from a source of overhead costs to an engine of revenue creation.
The rebates that virtual cards deliver are the tangible expression of this revolution in accounts payable in every organization, especially in the restaurant industry.
According to a Juniper Research study, Virtual Cards — The Future B2B Solution, the global value of vCard transactions is predicted to reach $6.8 trillion in 2026, up from $1.9 trillion in 2021, and 71% will be B2B transactions.
Pros
Cons
Automated invoice processing streamlines your vendor payment process. This enables you to take advantage of the best way to pay vendors using a vCard.
Once your restaurant is ready to move to automated digital payments, it’s time to get prepared.
First things first, when transitioning to automated invoice processing, you’ve got to get your AP department ready to be fully digital.
Follow these simple steps and you’ll be set:
Ditch those paper invoices in favor of digital versions. Digitize all of your existing paper invoices and load them into your automated accounts payable system. Be sure to ask your vendors about sending electronic invoices in the future. **Remember, zero-touch leaves less room for error.**
Many vendors already accept electronic payments because of their efficiency and speed. They get paid faster! Cash flow is critical for many suppliers to keep daily operations running without a hitch. Get those vendors set up in your AP software. However, if you have a holdout, be prepared to explain the benefits to them of accepting digital payments.
vCards are hands down the best way to pay vendors, thanks to their many benefits. Cash back is a big one. In business, every dollar counts, and that goes double for the restaurant industry, where the average restaurant profit margin is a mere 6.2%. A vCard that offers cash back can give that margin a boost.
If you’re not using a virtual card as a vendor payment option, you’re leaving money on the table.
Making the transition to digital payments will revolutionize your invoice payment process. Your AP team will thank you.
Your relationship with your vendors is precious. They’re the lifeblood of your restaurant. Without their products delivered consistently and on time, you’re dead in the water.
Finding the best way to pay your vendors is not only crucial for that relationship, it’s essential to choose the best option for you and your AP operation.
While ACH and checks both have their merits, the vCard comes with more benefits than those 2 combined and is clearly the best option for paying your vendors.
Plate IQ’s VendorPay supports all 3 and can help you automate and streamline your vendor payment process. To see VendorPay for yourself, either as a buyer or a customer, scroll down and request to see a demo of Plate IQ.
You’ve got your restaurant, and you’re crushing it.
High-quality, creative food. Killer ambiance. Packed tables.
And yet, while you’re crushing it, your restaurant’s invoice processing is crushing you. So many monthly invoices to pay, so many different vendors.
It makes you want to set your hair on fire.
Don’t strike that match just yet.
With automated invoice processing and the electronic vendor payment options available, your life can get much easier quickly.
Digital payments can save you money, cut down on errors, and make for some happy vendors.
Have you wondered what the best way to pay your vendors might be?
We’ve put together a guide to help you make the wisest decision on streamlining your vendor payment process.
We’ll cover:
Read how North Carolina’s Clutch Coffee keeps all its AP under 1 roof using the Plate IQ card for all vendor payments.
All of our virtual cards are pre-assigned to a GL account so that when transactions come through on them, they're immediately classified to a particular expense account and exported to NetSuite. That’s huge.
— Jake Vandermeer, CFO of Clutch Coffee
When it comes to the best way to pay your vendors, you’ve got options. As Accounts Payable continues to step away from paper checks, 3 formats for electronic B2B payments have risen to the top:
All 3 have value and can benefit you and your restaurant. So let’s dive into each 1 and give you more detail, plus pros and cons to guide you toward the best option for your vendor payment process.
An ACH payment transaction is processed by bank or credit union members through the Automated Clearing House and regulated by Nacha, which governs it.
Direct payment through ACH is when funds are used to pay your vendor directly out of your business checking account and are typically deposited into your vendor’s account within 1 to 3 business days.
It’s a solid way to pay your vendors. In 2020 alone, over 4 billion B2B payments were made.
Pros
Cons
To dispute a charge, the account holder must notify their bank in writing within 60 days of the payment.
Checks have been around the US for centuries and are considered the “traditional” way to pay your vendors. Checks are valuable financial tools and, at times, still make sense to use as a payment method.
However, let’s address the 2 ways to use checks as a vendor payment option.
The first is to hoist out your bulky black business checkbook that looks more like a Trapper Keeper from the ’80s (remember those?). Next, handwrite each check, then stuff it into an envelope, seal and stamp the envelope, walk it to your mailbox or post office and cross your fingers that it makes it to your vendor by the due date.
With the available digital technology today, the above option is costly, labor-intensive, and, frankly, unnecessary.
The second way to use checks as a vendor payment option is automated check processing. You get all the benefits of paying with a check, minus the hassle.
If you automate your accounts payable with Plate IQ, they offer automated check processing as a way to pay your vendors. They’ll let you cut a check, then print and mail it for you with a few clicks of a button.
Pros
Cons
Virtual Cards or vCards, combine the benefits of physical purchasing cards, the functionality of a check, and the efficiencies of ACH to improve cash flow, reduce fraud, and pay your vendors faster.
They offer a controlled invoice process because you can control how much is spent and who is paid.
Probably the single most strategically important aspect of a good vCard program is that it shifts accounts payable from a source of overhead costs to an engine of revenue creation.
The rebates that virtual cards deliver are the tangible expression of this revolution in accounts payable in every organization, especially in the restaurant industry.
According to a Juniper Research study, Virtual Cards — The Future B2B Solution, the global value of vCard transactions is predicted to reach $6.8 trillion in 2026, up from $1.9 trillion in 2021, and 71% will be B2B transactions.
Pros
Cons
Automated invoice processing streamlines your vendor payment process. This enables you to take advantage of the best way to pay vendors using a vCard.
Once your restaurant is ready to move to automated digital payments, it’s time to get prepared.
First things first, when transitioning to automated invoice processing, you’ve got to get your AP department ready to be fully digital.
Follow these simple steps and you’ll be set:
Ditch those paper invoices in favor of digital versions. Digitize all of your existing paper invoices and load them into your automated accounts payable system. Be sure to ask your vendors about sending electronic invoices in the future. **Remember, zero-touch leaves less room for error.**
Many vendors already accept electronic payments because of their efficiency and speed. They get paid faster! Cash flow is critical for many suppliers to keep daily operations running without a hitch. Get those vendors set up in your AP software. However, if you have a holdout, be prepared to explain the benefits to them of accepting digital payments.
vCards are hands down the best way to pay vendors, thanks to their many benefits. Cash back is a big one. In business, every dollar counts, and that goes double for the restaurant industry, where the average restaurant profit margin is a mere 6.2%. A vCard that offers cash back can give that margin a boost.
If you’re not using a virtual card as a vendor payment option, you’re leaving money on the table.
Making the transition to digital payments will revolutionize your invoice payment process. Your AP team will thank you.
Your relationship with your vendors is precious. They’re the lifeblood of your restaurant. Without their products delivered consistently and on time, you’re dead in the water.
Finding the best way to pay your vendors is not only crucial for that relationship, it’s essential to choose the best option for you and your AP operation.
While ACH and checks both have their merits, the vCard comes with more benefits than those 2 combined and is clearly the best option for paying your vendors.
Plate IQ’s VendorPay supports all 3 and can help you automate and streamline your vendor payment process. To see VendorPay for yourself, either as a buyer or a customer, scroll down and request to see a demo of Plate IQ.