Monday, June 27, 2022

Catering marketplace Foodbomb seasons COB supplies with BNPL option

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Hospitality wholesale ordering platform Foodbomb has launched a buy-now-pay-later (BNPL) product to help restaurateurs and cafe owners manage supplier payments.

Foodbomb’s solution, BompPay, gives users 21 days of credit to pay wholesale suppliers at no additional cost. Suppliers are paid immediately.

Founder and CEO Paul Tory said recent conversations with customers showed that more than 40% of locations believe a recent shift to cash on delivery has negatively impacted cash flow. After the lockdown, nearly two-thirds said they had yet to return to full-service operations.

“It’s no secret that the hospitality industry has been under enormous pressure in the past two years. Before the pandemic, credit was a widely accepted form of payment for most suppliers. But when locations had to close, a lot of debt went unpaid, crushing the wholesale business,” he said.

“Flash forward to 2022 and most suppliers are now asking for COD on delivery to protect themselves. While locations are excited to reopen, to do this successfully they need staff and food to serve; the out-of-pocket expense for both when they are not yet operational are huge and they need more flexibility.

Tory said he hopes BombPay will help Foodbomb’s more than 3,000 customers get back on their feet faster.

“We also wanted to end one of the industry’s most time-consuming and redundant practices, which is the impracticality of having multiple suppliers, each with unique needs, on the go at the same time,” he said.

“One location alone can easily have 15 suppliers, all requiring different payment and ordering terms. By streamlining this side of their operations, users can not only save time and resources, but can also focus on what they do best: provide great dining experiences. Suppliers can also reach a wider range of locations with greater confidence.”

Launched in 2017, Foodbomb currently operates in NSW, Victoria and Queensland and operates as a marketplace with 19 product categories from over 100 suppliers.

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