Hospitality-focused accounts payable (AP) automation platform Plate IQ has introduced The Plate IQ Card, which was made to satisfy the particular expense management requirements of “every hospitality business and entrepreneur,” according to a Thursday (June 3) announcement.
“Corporate card programs until now have not addressed the unique needs of hospitality organizations,” Plate IQ CEO and Co-founder Bhavuk Kaul said in the announcement. “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.”
Companies can now bring together expense reporting, petty cash and commercial card programs by the way of The Plate IQ Card. To that end, The Plate IQ Card serves as a commercial debit card program and expense management system combined. The product workforce of Plate IQ planned and developed the card, according to the announcement.
The card harnesses the same artificial intelligence (AI)-fueled receipt matching, accounting linkages and general lender (GL)-coding functionalities that were made for the invoice management and bill pay systems of Plate IQ.
Moreover, The Plate IQ Card earns as much as 1 percent cash back on card spend, according to the announcement.
One user of The Plate IQ Card is Clutch Coffee, a North Carolina-based, multilocation coffee chain, according to the announcement.
Plate IQ was established in 2014, graduated from Y Combinator in 2015 and has since moved on to process in excess of $10 billion in invoices and over $1 billion in direct vendor payments.
The news comes as Rho Technologies said in a May announcement that it is rolling out the Rho Card. Rho said at the time that it is the first bank-issued corporate card that enables firms to control cash back, credit terms, spend control and policies “all on their own terms.”