Payments technology firm Priority Technology Holdings, Inc. has joined forces with business process automation provider OneDataSource to improve accounts payable (AP) processes for quick-service restaurants (QSRs), according to a Monday (Nov. 8) press release.
As part of the partnership, the integration of Priority Commercial Payments Xchange (CPX) into OneDataSource’s onePAY will help to fully automate, integrate and monetize AP for multi-unit QSRs, the announcement states. The integration is aimed at bolstering scalable growth and improving profitability for QSR operators by streamlining their AP processes and monetizing their supplier spend, the firms said. In addition, the platform boosts efficiencies, eliminates manual processes and improves revenue share from virtual cards for buyers, while accelerating payments and managing transaction costs for suppliers.
“CPX exceeds OneDataSource’s exacting standards for visibility, control, simplicity and supplier adoption far beyond other AP automation solutions, which typically operate disparate payment and reconciliation processes,” said Stephen Tackett, executive vice president and head of the commercial payments division of Priority Technology Holdings. “The onePAY solution powered by CPX will seamlessly optimize seven payment types, five of which generate revenue share.”
Emphasizing the need for more comprehensive AP processes, the QSR market is expected to increase by $119.20 billion between 2021 and 2025, according to Technavio. Of that forecasted growth, North America is projected to contribute more than 40% of the QSR industry’s sales growth during that four-year span.
Beyond efforts to automate QSRs’ backend processes, contactless ordering kiosks, robotic baristas and self-serve smoothie stations are helping to speed up front-end services, as PYMNTS reported.
Foe example, automated pizza kitchen (APK) company Basil Street Pizza is opening locations at major airports to provide pizza 24 hours a day, seven days a week. Customers can order from their phones and pick up their pizzas from a warming drawer, the company’s CEO Deglin Kenealy told PYMNTS.
Related news: Automated Kiosks Out-Quick-Service the QSRs