Sunbasket
See how the meal kit company uses Plastiq to keep their suppliers happy and their customers coming back for seconds.
2 min. read
Tastier ingredients. Happier suppliers.
Sunbasket is built around the idea that delicious food starts with delicious ingredients, and delicious ingredients start with a respectful and reverent relationship to nature. To bring the best ingredients to their customers, Sunbasket has to cultivate strong partnerships with their suppliers. Being able to pay the farmers, ranchers, and fishermen fast and the way they want to be paid goes a long way.
Locking in payments.
For Sunbasket, it’s all about speed. By paying suppliers via Plastiq faster than the speed of business-as-usual creates opportunities and efficiencies. Todd Smith, Sunbasket’s VP and Corporate Controller elaborates “There may be a situation where I need to do it quickly and I'll use Plastiq, whereas doing it some other way would take longer.”Plastiq on a podcast, and it has been fantastic ever since."
Keeping cash flow healthy.
Sunbasket is also able to take advantage of Plastiq’s short term financing functionality to keep their cash position healthy. When making a payment with a business credit card via Plastiq, the payment is instantly financed as a normal credit card payment, allowing Sunbasket to preserve their cash on hand. “The ability to float the capital for a month or two is a part of our scaling strategy here,” says Todd Smith.
Complex supply chain. Straightforward payments.
In addition to meal kits, Sunbasket provides “ready to heat” meals. This new product has increased the complexity of the supply chain and logistics. Some of these suppliers may not be in their payments system, even so, “Plastiq allows us to make these payments very quickly,” says Todd Smith.
We’re using Plastiq for all payments that fall outside the weekly bill run. It’s a multi-faceted tool. I’m discovering new ways to leverage it. For me, Plastiq solves a lot of problems all at once.
Todd Smith, VP Corporate Controller,
Sunbasket
Adjusting to the new supply chain.
Post-pandemic supply, labor, and inflationary issues have tilted the balance of power into the hands of vendors. By using Plastiq, Sunbasket is able to pay suppliers fast and nimbly; while also allowing them to float payments and save money off the bottom line.
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