Foodbuy Foodservice, the largest food service procurement and supply chain solution organization in North America, today unveiled a partnership with Plate IQ, the hospitality industry’s leading provider of AP automation and expense management.
This strategic partnership is designed to enhance Plate IQ’s service offerings to the restaurant community, and help them increase margins by opening up access to the Foodbuy Foodservice Manufacturer Rebate Program.
As part of the partnership, Plate IQ customers will have an opportunity to leverage the collective purchasing power of Foodbuy Foodservice and obtain preferential pricing on restaurant supplies in the form of manufacturer rebates.
“Plate IQ is excited to partner with Foodbuy to help our customers maximize their purchasing power and strengthen their finances,” said Bhavuk Kaul, Co-Founder & CEO of Plate IQ. “Foodbuy’s best-in-class group purchasing and procurement services represent Plate IQ’s commitment to helping our restaurant customers bounce back with more efficient operations and better margins.”
Foodbuy Foodservice customers will also be able to leverage Plate IQ’s industry-leading accounts payable automation and payments platform to process, approve and pay over 40,000 vendors faster through Plate IQ’s Bill Pay Network.
“Foodbuy Foodservice is excited to partner with Plate IQ to further increase savings for Plate IQ members. Combining Plate IQ’s Accounts Payable solutions with the additional support a GPO can bring a restaurant’s procurement team is a phenomenal combination. In our new normal, Foodbuy Foodservice and Plate IQ recognize members’ needs for strategic partnerships to increase restaurant efficiencies,” said Jeff Cockerham, COO Foodbuy Foodservice.
Here’s how it works:
As a Group Purchasing Organization (GPO), Foodbuy Foodservice combines all members’ purchasing power to obtain volume discounts from participating manufacturers and suppliers.
These discounts are then passed back to customers in the form of deviated pricing and/or Manufacturer Rebates automatically upon enrollment in the Program.
With more than 3,000 supplier contracts and a collective $26+ billion in purchasing power, Plate IQ customers will be able to earn rebates from Foodbuy Foodservice manufacturer partners on top of their existing cashback rebates through Plate IQ’s Bill Pay and The Plate IQ Card (Plate IQ’s Corporate Card and Expense Management program).
By automating invoice processing and matching to participating manufacturers, Foodbuy customers will be able to eliminate manual data entry and receive rebates more quickly. Foodbuy customers using Plate IQ’s Bill Pay Network and The Plate IQ Card also enjoy additional options to pay vendors directly and earn cash back.
To learn more about the Manufacturer Rebate Program visit www.plateiq.com/partners/foodbuy
Foodbuy and Plate IQ customers are also invited to an exclusive online Q&A session on the partnership by registering at https://www.crowdcast.io/e/improving-margins-with-plateiq-foodbuy
About Plate IQ:
Plate IQ helps businesses automate accounts payables on their terms. We simplify everything from invoice management to payments for both recurring and one-time expenses with a cloud-first approach that enables remote work.
Plate IQ was founded in 2014, graduated Y Combinator in the summer of 2015, and has since processed more than $10 billion worth of invoices and over $1 billion in direct vendor payments, serving more than 15,000 customers across restaurants, hotels & hospitality, country clubs and accounting services.
For more information, please visit www.plateiq.com
About Foodbuy Foodservice:
Foodbuy Foodservice is a division of Foodbuy, LLC- the largest foodservice procurement and supply chain solutions organization in North America and the sole sourcing partner for its parent company, Compass Group North America. Foodbuy manages more than $26 billion in purchasing volume, giving them an industry-leading edge when negotiating contracts for Compass Group and Foodbuy Members.
For more information, please visit www.foodbuy.com