Hospitality-focused Accounts Payable (AP) automation platform IQ plate introduced The Plate IQ Card, which was designed to meet the unique expense management requirements of “every hospitality business and entrepreneur,” according to a Thursday (June 3) ad.
“Corporate card programs have so far failed to meet the unique needs of hospitality organizations,” Plate IQ CEO and co-founder Bhavuk Kaul said in the ad. “They have tended to focus on rewards programs without optimizing the needs of CFOs and controllers managing multiple departments and multi-site teams. We created The Plate IQ Card to provide a user-friendly way for every business to control spending across the organization.
Businesses can now bundle expense reporting, petty cash and commercial card programs with the IQ plate card. To this end, The Plate IQ Card serves as both a commercial debit card program and an expense management system. The Plate IQ product team planned and developed the card, according to the announcement.
The card leverages the same artificial intelligence (AI) powered receipt matching, accounting links, and lender general (GL) coding features that were designed for Plate’s invoice management and bill payment systems. IQ.
Additionally, according to the announcement, The Plate IQ Card earns up to 1% cash back on card spending.
According to the announcement, Clutch Coffee, a multi-site coffeehouse chain based in North Carolina, is one of the users of The Plate IQ Card.
Plate IQ was established in 2014, graduated from Y Combinator in 2015, and has since processed over $ 10 billion in invoices and over $ 1 billion in direct payments to suppliers.
The news comes like Rho Technologies said in an announcement in May that it was rolling out the Rho Card. Rho said at the time that it was the first corporate card issued by a bank that allows businesses to control cash backs, credit terms, expense controls and “all-in-one” policies. their own conditions “.
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