Shift, a provider of credit and payments platforms to Australian businesses, announced an integration with FoodByUs, one of Australia’s largest online wholesale food ordering platform which connects thousands of restaurants and cafes with thousands of suppliers.
What does the integration mean for FoodByUs clients?
Following the integration with Shift, FoodByUs customers can now access flexible payment terms with transparent spend thresholds set by Shift based on real-time bank statement information. FoodByUs customers simply register with Shift Trade or connect their existing account within the FoodByUs platform to streamline the purchase and payment process.
Jamie Osborn, Chief Executive Officer of Shift, commented that integrating Shift Trade with FoodByUs helps break the traditional payment terms and cashflow issues that hospitality businesses have previously had to navigate. “FoodByUs is a prime example of a business enabler for the hospitality sector, streamlining procurement for their customers,” said Jamie.
“Integrating Shift Trade with the FoodByUs platform even further streamlines business processes, giving customers favourable trade terms alongside certainty of spend.”
With Shift Trade, FoodByUs customers can more carefully manage cashflow in an industry where half of all revenue is spent on supplier costs, according to the Shift Business Index.
What does the partnership mean for FoodByUs?
With online B2B marketplaces increasing in popularity in recent times, Ben Lipschitz, co-founder and CEO of FoodByUs said that customers are looking for platforms that make the procurement process easy from start to finish. “Cashflow, administration and supplier management are three of the biggest challenges for any hospitality business. By offering a payments solution within FoodByUs, our customers can address all three issues,” said Ben.
“There is no other software in the hospitality industry at the moment that allows suppliers and their customers to transact seamlessly with the backing of a best-in-class trade financing product. A typical ‘credit application-to-ordering’ period can be over 4 weeks when a restaurant wishes to engage a new supplier – with FoodByUs it is 90 seconds,” Ben added.
“We have thousands of customers who use FoodByUs because it provides them with free, instant access to a rich variety of suppliers and through the marketplace function they enjoy substantially reduced food and labour costs and advanced accounting integrations and detailed reporting. This Shift integration provides further benefit by allowing customers to stay on top of all supplier payments in one place and better manage their cashflow.”