Compeat, a leading provider of integrated restaurant accounting, back office, workforce, and intelligence management software, has announced the launch of their new product, Compeat Pay, that automates restaurant vendor payments. Compeat Pay removes the burden of manually paying bills for restaurant operators through automated options including check, automated clearing house (ACH), and includes a built-in virtual credit card option that earns cash back for qualified Compeat Advantage customers.
“Compeat Pay is a game changer for restaurant operators,” says Jeff Stone, CEO of Compeat. “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.”
“Compeat Pay is the first step to making my life manageable,” states Dean Johnson, Controller of F Street Hospitality. “With five locations, we were spending too much time processing and paying invoices. Compeat Pay has saved my accounting team multiple hours per week in time. As if that is not enough, we are on track to earn substantial rebates on our payment volume. It is truly a win-win.”
Compeat Pay services include:
Compeat prints and mails checks on behalf of the customer using their existing bank information on the checks so that all existing processes and bank reconciliations remain unchanged.
Compeat integrates with the customers bank to automate creation and delivery of ACH files using the customer’s bank account without changing the current processes or bank reconciliations.
Virtual Credit Card:
The Compeat solution issues a pre-approved, one-time use virtual credit card (VCC) that gives our Advantage customers more security than using a traditional credit card. Compeat takes care of working with our customers’ vendors to accept the VCC and then pays bills using the VCC, allowing the restaurant to earn potential rebate on payment volume.
“We could not be more thrilled about finding a way to solve one of the restaurant industry’s biggest pain points,” says Stone. “It has also changed the way that we pay vendors within our own company. Our internal accounting team was so excited about the new payments solution that we now use it to pay our vendors. Our CFO was floored by the amount of time his team has saved through automating payments.”
Compeat has hired Clint Blaylock, a seasoned payments veteran with over 20 years of payment experience, as VP of Payments and established a team to manage the Compeat Pay process so that customer involvement from implementation through execution is extremely minimal, yet absolutely secure.
A majority of payment options available on the market change the flow of the client’s banking by funding the liability, which changes the flow of every transaction. Compeat Pay is unique because it integrates with the customer’s bank existing Positive Pay, allowing for every client’s current flow to remain unchanged for check and ACH payments. Positive Pay is an automated fraud detection tool used by most banks to ensure top security by matching each requested check payment against a list of approved payments authorized by the company. While Positive Pay is the best way to deter fraud, many operators find the process of creating the list too cumbersome and time consuming. In Compeat Pay, the list of approved payments is automatically generated and transferred to the bank, allowing no opportunities for fraud.
For more information on Compeat Pay, go to www.compeat.com/solutions/compeat-pay.