Restaurant management software company Compeat has launched Compeat Pay, a solution to enable restaurant professionals to pay their vendors electronically.
In a press release last week, Compeat said Compeat Pay automates vendor payments by using virtual cards, ACH and check payments to enhance the security of accounts payable.
The solution can print and mail checks on behalf of its restaurant users by using existing bank details. Should restaurants wish to pay their suppliers electronically, the platform integrates with restaurants' banks to create and deliver ACH files.
Compeat highlighted its virtual card capabilities as a payment solution that connects users to rebates. The tool generates a one-time virtual card number to promote security, while working with suppliers to accept that card.
“It's a risk-free way to save hours per week and reduce costs of check processing while enhancing payment security for our customers with no set-up, implementation, or recurring monthly fees for our qualified Advantage customers,” said Compeat CEO Jeff Stone in a statement.
According to Stone, Compeat Pay has “changed the way that we pay vendors without our own company. Our internal accounting team was so excited about the new payments solution that we now use it to pay our vendors,” he said.
In addition to the launch of Compeat Pay, Compeat announced that Clint Blaylock has been hired as the firm's new VP of Payments.
Compeat broadened its service offerings for the restaurant industry in 2017 when it acquired Ctuit, another restaurant management software firm that augmented Compeat's ability to provide a suite of back-office services to the industry, including accounting, payroll and inventory management.
That year, the firm's Chief Marketing Officer Kristi Turner spoke with PYMNTS about the impact technology has in the restaurant industry.
“It is actually very rare today to find a restaurant that has not adopted some form of restaurant management software, especially for the back office,” Turner said at the time.