The Financial Advantage with GSS
The Financial Advantage with GSS is the podcast for hospitality CFOs, business owners, and financial leaders seeking practical strategies to streamline operations and drive scalable growth. Designed to address the unique challenges of multi-unit financial management, this show delivers actionable insights to navigate compliance, optimize workflows, and enhance decision-making.
Each episode features industry experts and proven solutions tailored to the restaurant industry, providing the knowledge you need to stay ahead in a competitive market and achieve operational excellence.
The Financial Advantage with GSS
Virtual Payment Cards: Transforming Transactions in the Hospitality Industry.
In this episode of The Financial Advantage with GSS, host Nick Stauff explores how virtual payment cards can revolutionize accounts payable processes for restaurants and hospitality businesses. Guest Andrew Grunder from Corpay explains how this technology provides businesses with "free money" through rebates while improving security and streamlining payment workflows.
Andrew breaks down the differences between physical corporate cards, typically used for travel expenses, and virtual cards designed specifically for accounts payable. He details how virtual payment cards create float opportunities, enable fraud prevention, and generate cash back incentives—all while reducing the archaic practice of check writing that dates back to 1659.
For restaurant franchisees and hospitality businesses operating on tight margins, Andrew describes how implementing virtual cards can significantly impact the bottom line. A typical $10 million business could potentially see $25,000-$50,000 in additional revenue simply by changing payment methods, with minimal disruption to existing vendor relationships.
Ready to transform your restaurant's financial operations? Listen now to discover how virtual payment solutions could boost your bottom line with minimal disruption to your existing vendor relationships.