EMERYVILLE, CA — 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.
“Corporate card programs until now have not really addressed the unique needs of hospitality organizations,” says Bhavuk Kaul, CEO and co-founder of Plate IQ. “They’ve tended to focus on visual design and rewards programs without optimizing for the needs of CFOs and controllers managing multi-department charts of accounts and multi-location teams. Plus, a lot of these programs exclude small businesses with burdensome requirements. We created The Plate IQ Card to give every business a user-friendly way to control spend across an entire organization.”
Designed and built in-house by Plate IQ’s hospitality-focused product team, The Plate IQ Card is a spend management platform and corporate debit card program rolled into one.
Controllers use the platform to issue cards, both virtual and physical, and to control every parameter of the cards’ spending power. Employees swipe Plate IQ Cards like normal corporate cards. With virtual cards, they can request single-use “burner” cards for one-off expenses, submit card-on-file payments for recurring expenses, and more. The platform also supports traditional reimbursable employee expenses and external corporate card programs.
With The Plate IQ Card, hospitality businesses can replace petty cash, expense reporting, and corporate card programs with one user-friendly system. 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 three 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 their cash-back potential.
Clutch Coffee, a fast-growing multi-location coffee chain based 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.