Tab is introducing a new set of features to make it easier for multi-location restaurant groups to reconcile corporate card transactions
We're working on a extensive set of features to make it easier for multi-location restaurant groups to manage corporate card spending.
Our newest feature is live today: location tagging for card transactions.
When a card transaction occurs, Tab instantly sends an email and text to the employee that made the purchase. The employee can simply respond with the receipt, a note, and can now also tag the transaction with the corresponding location that the purchase was for. Multiple locations can also be tagged if a purchase is to be split between locations.
These tags can easily be seen and managed by admins right from the Tab Platform.
Today, finance teams at multi-location restaurant groups sift through hundreds and sometimes thousands of card transactions each month to match receipts/invoices and figure out which location or locations the purchase was for. A tedious, mind-numbing task that takes hours each week. Once this is done, these teams need to figure out each location's share of the corporate card bill at the end of the month and execute a series of internal transfers to rectify.
Corporate cards are one of the easiest and most controllable ways for restaurants to pay expenses, but issues like this continue to make cards resource intensive and prohibitive for broader restaurant purchasing.
We're working directly alongside dozens of multi-location restaurant finance teams to fix this.
We'll be announcing extensive features in the coming weeks all aimed at solving this - join us!
Learn more about Tab by visiting tabcommerce.com/demo or apply now at tabcommerce.com/start.
Getting fully set up with Tab takes just 30 minutes.
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Tab Commerce partners with Stripe Payments Company for money transmission services and account services with funds held at Fifth Third Bank, Member FDIC. Tab Visa® Commercial Credit cards are powered by Stripe and issued by Celtic Bank.Yield paid by Tab related to cash balances held in virtual operating accounts is subject to change over time without notice based on prevailing market conditions. Today's yield rates reflect the Annual Percentage Yield (APY) paid by Tab to customers, where payments are completed on a monthly basis according to daily cash balances held over the prior calendar month.
1. Our calculations are based on platform data from cash back, fraud reduction, spend controls, and time savings in addition to industry research, customer feedback, and info on alternative options. Your actual savings may vary.
2. Our calculations are based on platform data from automated invoice & receipt reconciliation, streamlined vendor payments, and accounting integrations in addition to industry research, customer feedback, and info on alternative options. Your actual time savings may vary.
3. Calculations based on average savings of 7%(1) of total costs times the average annual spend of a single restaurant of $500,000, which is based on platform data and industry research.
Book a call with a member of our team to learn more, get a walkthrough of our product, and if you'd like, get started with Tab.
Tab Commerce is a financial technology company providing the most secure way for restaurants to spend money. Get virtual operating accounts, modern corporate cards, and more - all secured with our payment verification.
Get started in minutes with no credit checks or personal liability. Tab cards work just like any other corporate card but with the benefits of powerful spend control software built just for restaurants.
Tab cards enable restaurants to completely automate the complexity of managing corporate cards across multiple locations. From card issuing and management, assigning transactions to the right locations, transaction splitting, and knowing exactly what each location owes on the statement. It's all incredibly simple with Tab.
Anywhere that Visa is accepted (most places). Most vendors accept cards, but some might only be available upon request. With the Tab Network, we work directly alongside our restaurant partners to enable their largest vendors to accept Tab Cards without passing on fees.
Easily apply for credit limits or use cash by securely connecting each locations primary bank accounts with Tab.
You can create as many users as you would like. You can have Admins who can do everything across all locations and Employees who can only see the cards that you have assigned them. Managing this is incredibly easy from within the Tab Platform.
Virtual operating accounts are business checking accounts but used specifically for the chaos of spending and operations. Virtual operating accounts isolate this chaos away from your primary bank, increasing security, simplifying expenses, and providing access to powerful embedded products to control spending and automate back office work.
Yes, you can hold a balance in the virtual operating accounts. Funds in the account will earn 2% APY, calculated daily and paid monthly.
Yes, accounts are eligible for FDIC insurance up to $250,000.
You can easily link your primary bank accounts and set up auto-funding to maintain a minimum balance. You can also receives sales payouts from your POS or delivery apps into the accounts via our Deposit Management product.
Simply provide your virtual operating accounts routing & account number to your vendor, they'll do the rest.
With just 2-clicks, you can send a same-day ACH to any of your vendors. You can also pay with Tab corporate cards.
Keep your primary bank account, and link it right into Tab. It's good to separate the chaos of spending and operations away from where your savings and the bulk of your cash sits.
Each virtual operating account has a unique account & routing number. This information can easily be inputted into your POS, delivery apps, payroll systems, and any other revenue or expense source.
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