ARLINGTON, Va., March 07, 2024 (GLOBE NEWSWIRE) -- MarginEdge, a leading restaurant management and bill payment platform, today announced a partnership with Mastercard to support U.S.-based small to mid-sized restaurants in their B2B payments digitization journeys. MarginEdge will offer its customers an exclusive co-branded Mastercard, providing restaurants with greater choice and access to working capital in near real-time. Additionally, MarginEdge will provide customers access to a suite of Mastercard’s commercial solutions that offer increased visibility for suppliers, assess profitability and food costs, and manage cash flow.
Small to mid-sized restaurants often rely on cash to make quick purchases, resulting in a manual expense management process. Even when paying vendors and suppliers with a card, they may not have access to a centralized expense management location that provides a secure and holistic view into their purchases.
MarginEdge’s virtual co-branded Mastercard card will equip the restaurants on its platform with the ability to make purchases directly with suppliers, tapping into the control, transparency, security, and accessibility that virtual cards support for business purchases. The virtual card offers benefits such as potential rebates, increased liquidity, and financing options.
“Our collaboration with Mastercard will accelerate our growing embedded payments and financial service offerings. MarginEdge is focused on making restaurant operators’ lives easier by helping streamline their back office. Paying vendors and cash flow management are a critical part of this and we are pleased to have Mastercards’ support in helping to address these challenges,” said MarginEdge CEO Bo Davis.
Additionally, MarginEdge will incorporate Mastercard’s suite of commercial solutions into its centralized platform, including its virtual card solution, which brings together its industry leading virtual card and tokenization platforms, as well as Mastercard B2B Analytics. Customers will receive an embedded finance experience that provides visibility into spending, facilitates transparency and seamless payments with suppliers, and informs spending decisions through advanced analytics.
“January SpendingPulse insights show that spending in the restaurant sector grew approximately eight percent year over year. Yet, many small and medium-sized establishments still face challenges such as liquidity shortages and require additional tools to manage their business efficiently,” said Marie Elizabeth Aloisi, EVP, Mastercard Commercial Solutions and Mastercard Healthcare Solutions. “Mastercard is delighted to collaborate with MarginEdge to provide its customers with comprehensive B2B payment solutions and a co-branded MarginEdge Mastercard to seamlessly and securely manage supplier payments and day-to-day expenses. These are critical pieces that will be especially vital for small businesses that need to further digitize their operations to grow and scale.”
All solutions will be seamlessly integrated into the MarginEdge suite of restaurant management tools and available on the MarginEdge platform and mobile app.
About MarginEdge
MarginEdge’s mission is to create a world where restaurant operators can focus on the business they love. By using best-in-class technology to eliminate unproductive paperwork and streamline the flow of operational data, MarginEdge is reimagining the back office and freeing restaurants to spend more time on their culinary offerings and guest experiences. The platform offers market-leading invoice processing, inventory management, recipe analysis, budgeting, performance tracking and supplier bill payment capabilities. Founded by industry veterans, MarginEdge serves a diverse group of operators from single units and small chains to large franchise and hospitality groups, providing a high impact product that resonates across the hospitality industry. For more information visit marginedge.com.
Media Contact:
Cara Harbor
Firecracker PR
(888) 317-4687
cara@firecrackerpr.com
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9af50d98-8adc-4fb1-9ea6-813eb5934f93
https://www.globenewswire.com/NewsRoom/AttachmentNg/4cca7377-94f0-418e-a15e-63b6b2e59893
