Plate IQ, the AP automation platform for hospitality, today unveiled The Plate IQ Card, the first corporate card and expense management platform designed to meet the unique spend management needs of every hospitality business and entrepreneur.
Designed and built in-house by Plate IQ’s hospitality-focused product team, The Plate IQ Card is a corporate debit card program and spend management platform rolled into one. With no credit checks, personal guarantee or minimum bank balance requirements, any business can now set up an expense card program.
“Corporate card programs until now have not addressed the unique needs of hospitality organizations,” says Bhavuk Kaul, CEO and co-founder of Plate IQ. “They’ve tended to focus on rewards programs without optimizing for the needs of CFOs and controllers managing multiple departments and multi-location teams. We created The Plate IQ Card to give every business a user-friendly way to control spend across an entire organization.”
With The Plate IQ Card, businesses can now unify petty cash, expense reporting, and corporate card programs. Additionally, The Plate IQ Card earns up to 1% cash back on card spend.
The Plate IQ Card leverages the same AI-powered receipt matching, GL-coding capabilities, and accounting integrations developed for Plate IQ’s industry-leading invoice management and bill pay platforms. Together, these platforms make Plate IQ the only hospitality-focused solution that allows customers to manage invoice and non-invoice spend with the same system — enabling businesses of all sizes to automate AP and maximize cash back.
Clutch Coffee, a fast-growing Southeastern multi-location coffee chain headquartered in North Carolina, became a user of The Plate IQ Card after CFO Jake Vandermeer decided its employee expense tracking software was cumbersome and inefficient. Corporate cards were difficult to obtain due to underwriting requirements that the small company found prohibitive.
“We’re a fast-growing group,” said Vandermeer. “Our priorities are clean reporting and closing the books faster. Most corporate cards out there didn’t work for us because of stringent cash balance requirements. Plate IQ’s corporate debit cards are way simpler. I can issue one with a single click, control the card’s rules myself, and monitor all of my purchase activity in real time.”
Applying for The Plate IQ Card is easy. With no credit check, personal guarantee, or bank balance requirement, any business can qualify. First-time customers will receive their first card for free. Find out more at www.plateiq.com/card.
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 more than $1 billion in direct vendor payments, serving more than 15,000 customers across restaurants, hotels, country clubs, and accounting services.
For more information, please visit www.plateiq.com.