Ottimate Introduces VendorPay, A Payments Platform Connecting Businesses And Vendors
by The Ottimate Editorial Team
Designed for B2B payments, VendorPay allows businesses to send and track payments to vendors via ACH, virtual cards or checks, and vendors to track payment statuses of customer invoices
Ottimate (formerly Plate IQ), the hospitality industry’s leading provider of AP automation and spend management, announced the launch of The VendorPay Network, the first full-service hospitality-focused payments platform to connect businesses and vendors.
With over 180,000 participating vendors, Ottimate’s VendorPay Network consists of a Bill Pay module, where businesses can schedule vendor payments directly from their AP platform as well as an Accounts Receivables portal where participating vendors can track invoice payment status and look up customer accounts.
The relationship between hospitality operators and their vendors are at the core of maintaining successful businesses.
Bhavuk Kaul, Board Member, Ottimate
Users of The VendorPay Network can send and track payments made with virtual cards, ACH, and checks. VendorPay customers also get complimentary access to a Ottimate VendorPay Concierge who can accommodate any vendor’s unique payment process securely, including payments via a vendor’s portal, email, over the phone or mailing checks on behalf of customers.
With Ottimate VendorPay, businesses can now experience a zero-touch accounts payable process – from invoice scan, to payment sent, to balanced books.
With features like invoice approval automation, digital audit tracking of invoices and payments and syncing to any accounting platform, VendorPay empowers businesses to speed up their AP and pay vendors faster.
“The relationship between hospitality operators and their vendors are at the core of maintaining successful businesses,” said Ottimate CEO, Bhavuk Kaul, “By eliminating the manual checks-in-mail step and shifting everything online, (Ottimate’s) VendorPay Network helps build that cornerstone relationship with a cohesive experience that combines payment convenience and transparency. With VendorPay, businesses earn cash back on invoices, and vendors get paid 25% faster. That’s a win-win for the industry.”
VendorPay empowers operators to earn cash back on invoice spend by using Ottimate’s corporate card product, The Ottimate Card. Businesses using VendorPay can also generate single-use virtual Ottimate Cards to pay any invoice online directly from the Ottimate platform.
Vendors interested in joining The VendorPay Network can do so for free and get access to their Accounts Receivables portal to track customer payments.
About Ottimate (Formerly Plate IQ)
Ottimate is AP automation AI that provides a more innovative way for AP managers, approvers, controllers, and CFOs to work through the entire invoice lifecycle. With mature deep learning capabilities powered by AI, Ottimate learns your business and AP process down to the line item, supporting a custom approval and payment workflow. Ottimate eliminates over 90% of the manual accounting process and provides insights into invoices and spending, helping finance professionals uncover opportunities for growth. This means more strategic business decisions for CFOs and a better day-to-day for the entire team. Don’t just automate AP. Ottimate it. To learn more, visit ottimate.com.
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