Australia’s hospitality industry has been one of the most affected by the pandemic with venues and suppliers needing to continuously adapt to the ever-changing environment.
This included adopting ingenious methods of venues diversifying menus to takeaway offerings and adapting their business models to embrace new digital technologies.
However, as consumer spending continues to increase and government support pulled back in late 2021, many venues were finding their cash reserves were depleted – making it hard to manage their cash flow and buy additional supplies.
Traditionally, foodservice suppliers would provide venues with a trade account so cash flow wouldn’t be as much of a problem, however, the pandemic has seen suppliers shifting 90%+ of their customers from trade accounts to paying on delivery (POD) using credit and debit cards, making the road to recovery bumpier for some due to less access to credit.
To support our venues even further, we are proud to announce the launch of BombPay[1] , a buy now pay later product, designed specifically for hospitality venues. We’re digitising the traditional trade account and making it accessible in an instant.
How can BombPay help my business?
Whether you need access to additional cash for a new kitchen appliance or simply just need a cash injection, BombPay offers your business six key benefits:
- One digital application for all your Foodbomb suppliers. no more lengthy paper applications that often get lost and take forever to be approved.
- You’ll be up and running in 24-48 hours.
- You get 21 days of credit across all your suppliers, putting you in control of your cash flow to order the things you need.
- It’s completely free! With BombPay there are no setup, payment or late fees.
- BombPay works seamlessly alongside your preferred accounting software[2] with automatic reconciliation and invoices via Foodbomb’s smart accounting integrations tool.
- Using it is as easy as cracking an egg. At checkout it appears as a standard payment option, simply select it and checkout as normal and the rest is a piece of cake.
How do I sign up for Bombpay?
Signing up to BombPay is easy. Learn more about Foodbomb here or simply register [3] instantly (it’s free!). Foodbomb gives you access to over 150 suppliers across 18 different categories.
We’re here to help
At Foodbomb, we’re passionate about making life easy for business owners and venues, especially in such a chaotic time!