Shift integrates with FoodByUs
Partnership simplifies and streamlines procurement and payments for Australian restaurants, cafes, pubs and clubs
Shift, a provider of credit and payments platforms to Australian businesses, today announced an integration with FoodByUs, Australia’s largest online wholesale food ordering platform which connects thousands of restaurants and cafes with thousands of suppliers.
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, CEO 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.
With online B2B marketplaces increasing in popularity in recent times, Ben Lipschitz, cofounder 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,” says Ben.
“There is no other software in the hospitality industry 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.
“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.”
About Shift
Shift is finance on demand for business, providing credit and payments platforms that help businesses trade, pay and access funds. As one of Australia’s fastest-growing technology companies Shift is changing the way businesses access finance. Shift has been recognised by AFR’s Fast 100, Deloitte’s Technology Fast50, Smart Company’s Smart50 and Deloitte’s Asia Pacific Technology Fast 500.
About FoodByUs
FoodByUs is Australia’s leading online wholesale food ordering platform connecting thousands of restaurants, cafes and caterers with thousands of wholesale food and alcohol suppliers.
Launched in 2016, FoodByUs is the only hospitality marketplace in Australia which allows venues to not only choose from a list of thousands of suppliers but offers an entire procurement solution around how a venue orders and manages its supplier payments. It fuses the idea of procurement software including incredible features like accounting integrations with Xero and MYOB, detailed reporting and offers a true one-stop-shop marketplace where restaurants and cafes can literally buy anything they need to run a successful business.
The business has had an impressive 12-18 months of MoM 30% growth, doubled its team to 85 people and in January 2023 completed a Series B $12M funding round cementing its position as Australia’s leading online wholesale food ordering platform.
