Free Request For Quotation Software: Top 5 Free RFQ Software and Templates in 2026

In today’s fast-paced business environment, efficiency in procurement is paramount. Free RFQ software can significantly streamline your procurement process, reducing manual effort and improving accuracy. This article explores the top free RFQ software options available in 2026, helping you make informed decisions for your business needs.

What is RFQ Software?

Understanding RFQ Software and Its Importance

RFQ software, or request for quotation software, is a critical tool for businesses seeking to procure goods or services efficiently. This type of software automates the request for quote process, enabling buyers to solicit bids from multiple suppliers and compare pricing and terms to ensure the best value. The use of RFQ software helps in streamlining your procurement strategy.

Types of Free RFQ Software Available

There are several types of RFQ software on the market, ranging from basic RFQ templates to comprehensive RFQ management software. Basic RFQ software solutions often provide templates that can be manually filled out, while more advanced platforms offer end-to-end automation, AI capabilities, and integration with other supply chain systems, improving overall visibility of the RFQ process.

How Free RFQ Software Streamlines the Procurement Process

RFQ software significantly streamlines procurement processes by automating many manual tasks. From creating and sending RFQs to managing RFQ responses and comparing bids, the software reduces errors, saves time, and enhances collaboration. RFQ software can automate and streamline your procurement with an intuitive dashboard which ensures a smoother workflow and quicker procurement cycle.

Top 5 Free RFQ Software Solutions in 2026

1. oboloo: A Comprehensive Free RFQ Tool

oboloo stands out as a comprehensive free RFQ software, offering an intuitive interface and a range of features designed to automate and streamline the RFQ process. It provides end-to-end RFQ management, from creating and sending requests for quotation to analyzing RFQ responses, making it easier for businesses to make informed decisions and improve their procurement strategy. Beyond its core RFQ capabilities, oboloo includes customizable templates and guided workflows so teams can standardize requests across categories and suppliers quickly.

Built-in collaboration tools allow stakeholders to comment, compare bids side-by-side, and score proposals using configurable criteria, reducing evaluation time and improving transparency. Real-time notifications and a centralized document repository keep everyone aligned and ensure no deadlines or supplier communications are missed.

oboloo offers the following features in its free RFQ software:

• Unlimited RFQs, RFPs, and RFIs – Create as many sourcing events as you need with no caps or restrictions.
• Dynamic Sourcing Process – Run single-round or multi-round sourcing events, reopen bids, and manage the full sourcing lifecycle end-to-end.
• Automated Weighted Scoring – Set evaluation criteria, assign weights, score suppliers, and let the system calculate results automatically.
• Side-by-Side Supplier Comparison – Compare pricing, answers, documents, and scores in a single view.
• Supplier Portal for Responses – Suppliers submit bids securely, upload files, answer questions, and receive automatic notifications.
• Reusable Sourcing Templates – Save time by creating your own RFQ/RFP templates and reusing them for future events.
• Internal Evaluation & Collaboration – Assign internal scorers, review supplier bids collaboratively, and track all decisions.
• Full Audit Trail – Every action, submission, change, and decision is logged automatically for compliance.
• SSO & Role-Based Access Control – Secure access via Single Sign-On and control what each user in your team can see or do.
• Document Uploads & Storage – Collect files from suppliers during the sourcing process and keep everything organised in one place.
• Automatic Supplier Notifications – Invites, reminders, updates, and award notifications sent automatically.
• Exportable Results & Reports – Download scoring tables, pricing summaries, and supplier response data.
• Multi-currency Support – Run RFQs in any currency and evaluate bids consistently.
• Mobile-friendly Supplier Experience – Suppliers can respond easily on any device.

The platform also supports supplier management — capturing supplier profiles, past performance, certifications, and pricing history — enabling smarter sourcing decisions and easier supplier discovery for future RFQs. Analytics and reporting dashboards surface key metrics such as lead times, price trends, win rates, and savings opportunities, helping procurement teams identify bottlenecks and track progress against targets.

Designed to fit into existing tech ecosystems, oboloo offers integrations with common ERPs, procurement systems, and communication tools, as well as options for data export and API access for custom workflows. Security and compliance are prioritized with role-based access controls, audit trails, and data encryption to protect sensitive supplier and bid information.

Because it’s free, oboloo lowers the barrier for small and medium-sized businesses to adopt professional RFQ practices without upfront software costs. Whether you’re running occasional bids or managing a high volume of sourcing events, oboloo reduces administrative overhead, shortens sourcing cycles, and helps you secure better terms — all while maintaining flexibility to scale as your procurement needs grow. Try oboloo to streamline your RFQ process and start turning more competitive bids into measurable savings. 

2. Power RFP: Limitations and Features

Power RFP offers a free version of its RFQ software, but it comes with certain limitations. Users are restricted to a limited number of RFQ projects. Additionally, the interface can be clunky, and it lacks advanced features like scoring. Despite these drawbacks, it can still be a useful tool for businesses seeking basic RFQ functionalities, or a basic RFQ.

3. Smartsheet: Free Templates vs. Full Software

Smartsheet provides a free RFQ template in Excel format, which can be helpful for small businesses or those just starting with RFQs. However, the template comes with Smartsheet branding and lacks the full automation and collaboration capabilities of dedicated RFQ software. The template helps buyers to automate requests for quote and streamline the entire procurement process.

4. Comparison with Paid RFQ Software

When comparing free RFQ software with paid options like Loopio, Medius, and Marketdojo, the key differences lie in features, scalability, and support. Paid software often offers advanced analytics, AI-driven insights, and seamless integration with other business systems. While paid RFQ platforms can be costly, they provide a more robust and comprehensive RFQ management experience with end-to-end RFQ capabilities.

1. Loopio – RFQ management software — however also requires additional paid module subscriptions. Their RFQ offering starts from £20,000 per year, but that base price typically covers core response management and content library functionality only. Add-ons such as advanced analytics, workflow automation, single sign-on, integrations with CRM or procurement systems, expert services, and additional user or workspace capacity are often sold separately, which can increase the total cost significantly depending on your needs.

2. Medius – Pricing is not transparent, and organisations typically discover that the “headline price” only covers a small portion of what they actually need. Beyond the base package, customers are required to purchase multiple additional modules, plus professional services fees for implementation, configuration, onboarding, and ongoing support. This makes the true cost significantly higher than what is initially advertised.

This lack of transparency often hides key cost drivers such as:

– Mandatory add-ons for core functionality

– Separate fees for integrations, connectors, or workflow changes

– Professional services for setup, training, process mapping, and customisation

Architecturally, Medius also inherits limitations from being a large, older enterprise suite. Many reviews note that while powerful, it can feel heavy, less agile, and slower to implement than modern SaaS procurement platforms. Its module-based structure also means customers can easily become locked into a long onboarding cycle and a higher ongoing spend than expected.

Overall, the combination of opaque pricing, reliance on costly add-ons, and an enterprise-style implementation model means Medius can be expensive and complex for organisations wanting a straightforward, predictable cost structure and quicker time to value.

3. MarketDojo – Starts at £500 per user, but the pricing model is opaque and quickly escalates once you factor in the required add-ons. Even on their own pricing page, there are three different price points shown for the same sourcing module, with no clear explanation of what is actually included or what additional costs are required to unlock full functionality.

On the technical side, MarketDojo still runs on older, legacy architecture, which creates limitations for scalability, performance, and modern integrations. A key issue is the lack of true data separation — everything is stored on a single shared database rather than isolated tenant environments. This not only creates risk around privacy and data-leak exposure, but also makes customisation, performance optimisation, and enterprise-level governance more difficult.

User feedback is similarly mixed. Many reviews highlight that the system is not particularly user-friendly, with dated UI patterns and more complicated workflows compared to newer SaaS procurement tools. This leads to a steeper learning curve, slower onboarding, and reduced adoption for teams that want modern, intuitive procurement experiences.

5. Choosing the Best Free RFQ Software for Your Needs

Choosing the right free RFQ software depends on your specific needs and budget. Evaluate your requirements for automation, integration, and scalability, and compare the best free RFQ software options based on these criteria. Consider factors like ease of use, customer support, and the ability to customize the software to fit your unique procurement processes. Ensure you use free RFQ software to streamline bid RFQ.

Get started today with oboloos free RFQ software today

How to sign up free to oboloo?

Signing up for oboloo’s free RFQ software is a straightforward process. The intuitive dashboard makes navigation easy, and new users can quickly create an account and start using the RFQ tool. oboloo’s free RFQ software helps to streamline procurement processes by simplifying the creation and management of quote requests. The software provides a user-friendly experience, ensuring that even those new to RFQ management can easily adopt and benefit from the platform.

Sign up today completely for free

Benefits of Using Free RFQ Software

Cost-Effectiveness and Budget Management

One of the primary advantages of using free RFQ software is its cost-effectiveness. These tools eliminate the need for expensive software licenses and reduce manual administrative costs, making them ideal for businesses with tight budgets. The use of a free RFQ tool can dramatically streamline procurement by automating tasks such as RFQ creation, distribution, and response tracking, thus optimizing the procurement process and allowing for faster RFQ turnaround.

Automation and Efficiency in RFQ Processes

Free RFQ software offers significant automation capabilities that can streamline the RFQ process. By automating tasks such as sending RFQs, collecting supplier responses, and comparing bids, businesses can save time and reduce errors. Automation in RFQ management can also improve the overall workflow, leading to faster procurement cycles and better decision-making, using a best RFQ software.

Improved Supplier Management and Communication

Free RFQ software enhances supplier management and communication by providing a centralized platform for all RFQ-related interactions. This ensures that all communication is tracked and documented, reducing the risk of misunderstandings and improving transparency, which is vital for effective software procurement. With streamlined communication, businesses can build stronger relationships with suppliers, leading to better terms and more reliable supply chains, and a stronger procurement strategy.

Four types of RFQ

Open RFQs

Open RFQs are publicly available and allow any interested supplier to submit a bid. This approach is beneficial for businesses looking to broaden their supplier base and foster competition, particularly when utilizing a comprehensive RFQ package. Using open RFQs can drive down costs and improve the quality of goods or services by encouraging more suppliers to participate in the bidding process, allowing them to streamline their procurement process.

Closed RFQs

Closed RFQs are sent to a select group of pre-approved suppliers, which is a common practice among procurement professionals. This method is ideal for businesses with established relationships and a preference for working with trusted partners, especially in the context of RFQ automation for government agencies. By limiting the RFQ to known entities, companies can ensure a higher level of quality and reliability in the responses they receive, improving the request for quotation process.

Multi-line Item RFQs

Multi-line item RFQs involve requesting quotations for multiple products or services within a single RFQ document. This approach is efficient for businesses needing a variety of items from the same suppliers. The supplier will then provide information on all the items needed for a procurement cycle. It streamlines the RFQ process, making it easier to manage complex procurement needs and compare supplier offerings using advanced procurement software.

Sealed Bid RFQs

Sealed bid RFQs require suppliers to submit their bids in a sealed format, preventing them from knowing the other bids. This ensures fairness and transparency in the bidding process, as suppliers cannot adjust their offers based on competitors’ pricing, which is a key aspect of a well-designed RFQ package. Sealed bid RFQs are commonly used in government procurement and other situations where impartiality is critical for requests for quotation.

Features to look for in Free RFQ software

1. User Interface

A user-friendly and intuitive interface is crucial when selecting request for quote software. The best RFQ software, such as those found in a comprehensive guide to RFQ software, should offer an intuitive dashboard that simplifies navigation and makes it easy for buyers to create, send, and manage RFQs. A well-designed user interface in procurement software can significantly streamline the procurement process and improve overall efficiency by helping users streamline procurement.

2. Collaboration Tools

Effective collaboration tools are essential for efficient RFQ management, as they facilitate faster RFQ processes. The software should facilitate seamless communication and collaboration among team members, suppliers, and other stakeholders, particularly when using RFQ tools that help improve interactions. This includes features like real-time messaging, document sharing, and version control to streamline procurement processes and ensure that everyone is on the same page throughout the RFQ process.

3. Dynamic Process

A dynamic RFQ process ensures that the software can adapt to changing business needs and market conditions. The system should allow for customization of RFQ templates, flexible workflows, and real-time updates to ensure that the request for quotation process remains efficient and effective. This flexibility is crucial for businesses looking to optimize their procurement strategy and make informed decisions.

4. Analytics and Reporting

Robust analytics and reporting capabilities are vital for making informed decisions. The best RFQ software should offer features like data visualization, performance tracking, and customizable reports. These tools provide insights into supplier performance, pricing trends, and overall RFQ efficiency, enabling businesses to identify areas for improvement and streamline procurement.

5. Integration

Seamless integration with existing business systems is crucial for an efficient RFQ process. The software should integrate with accounting software, CRM systems, and supply chain management tools to streamline data flow and avoid manual data entry. This integration ensures a cohesive workflow and provides a comprehensive view of the entire procurement cycle, helping you streamline procurement.

6. Automated Workflow

Automated workflow capabilities are key to reducing manual effort and improving efficiency. The software should automate tasks such as sending RFQs, tracking responses, and generating reports. This automation frees up valuable time for procurement teams to focus on strategic activities and helps streamline procurement processes by streamlining your procurement.

7. Supplier Management

Effective supplier management features are essential for building strong supplier relationships. The software should provide tools for managing supplier profiles, tracking performance, and communicating with suppliers. A robust supplier management system ensures that businesses can make informed decisions and optimize their supply chain with the best RFQ software and RFQ management software, enabling them to get the best price.

8. Document Management

Efficient document management is critical for maintaining organized records and ensuring compliance. The software should offer features for storing, organizing, and retrieving RFQ-related documents, such as specifications, drawings, and contracts. This ensures that all necessary information is easily accessible and helps streamline procurement processes, improves visibility, and supports software procurement initiatives.

9. Security

Robust security measures are essential for protecting sensitive RFQ data, particularly for government agencies that handle confidential information in the context of RFQ automation. The software should offer features like data encryption, access controls, and audit trails to ensure that information is secure. This is particularly important for businesses handling confidential product or service specifications, and pricing information, and need to consider the different types of RFQ.

10. Scalability

Scalability is crucial for ensuring that the RFQ software can grow with the business. The software should be able to handle increasing volumes of RFQs, suppliers, and users without compromising performance. This scalability ensures that the software remains effective as the business expands and the procurement needs evolve. It can help streamline procurement by integrating with Microsoft Teams for enhanced efficiency.

How to Choose the Right RFQ Management Software

Evaluating Features and Functionalities

When selecting RFQ management software, carefully evaluate the features and functionalities offered, including how the software to automate tasks can enhance productivity. Consider whether the procurement software provides end-to-end RFQ management, including RFQ creation, distribution, response tracking, and analysis, as this software empowers businesses to achieve efficiency. The goal is to compare the best RFQ software by assessing its ability to streamline the procurement process and improve decision-making.

Understanding Pricing and Transparency in Software

Understanding the pricing structure and transparency of RFQ platforms is crucial for effective procurement management. Some vendors offer free RFQ software with limited features, while others provide paid options with more advanced capabilities. Ensure that the pricing is transparent and that there are no hidden costs, as accurate pricing is essential for effective procurement, especially when dealing with software procurement. The template helps buyers to automate requests for quote and streamline procurement.

Assessing User Experience and Interface

Assessing the user experience and interface of RFQ software is essential for ensuring user adoption and satisfaction. The procurement software should have an intuitive dashboard and be easy to navigate, allowing users to quickly create and manage RFQs. Request a free demo to test the software’s usability before making a decision to streamline procurement.

RFQ Templates: Enhancing Your Request for Quote Process

Importance of RFQ Templates

RFQ templates are essential for standardizing and streamlining the RFQ process. Using pre-designed RFQ templates ensures that all necessary information is included when requesting quotes from suppliers. These templates also help in comparing bids more effectively by providing a consistent format for requests for proposal. A good RFQ template should streamline procurement process.

How to Create Effective RFQ Templates

To create effective RFQ templates, start by identifying the essential information needed from suppliers. Include clear and concise descriptions of the goods or services required, along with detailed specifications and any relevant documentation. Ensure the template is easy to understand and complete, facilitating accurate and timely responses from potential suppliers, and streamline procurement.

Examples of RFQ Templates You Can Use

There are various examples of RFQ templates available that you can adapt for your specific needs. These include templates for product or service RFQs, construction RFQs, and IT RFQs, which can often be generated in PDF format using new RFQ tools that help streamline the process. Many software solutions also offer customizable templates that can be tailored to fit your unique requirements, helping streamline procurement processes and improve RFQ management.

FAQs about Free RFQ Software

What is the best free RFQ software available?

oboloo stands out as the best free RFQ software available, offering a comprehensive suite of features designed to automate and streamline the RFQ process. The software offers end-to-end RFQ management, an intuitive dashboard, and robust collaboration tools, making it an excellent choice for businesses looking to improve their procurement strategy and streamline procurement.

How does free RFQ software compare to paid options?

Free RFQ software provides basic functionalities suitable for small businesses with limited budgets, while paid options offer advanced features such as AI-driven analytics, seamless integration with other systems, and dedicated customer support. Paid software solutions are often more scalable and customizable, providing a more comprehensive RFQ management and request for quotation.

How does RFQ response automation work?

RFQ response automation uses AI and machine learning to automatically analyze and categorize RFQ responses. This automation streamlines the process of evaluating bids, reducing manual effort and improving accuracy, which is one of the key benefits of RFQ software. With RFQ response automation, businesses can quickly identify the best bids and make informed decisions, streamlining procurement, ensuring an efficient procurement cycle.

How Much Does RFQ Software Cost?

RFQ software pricing varies widely depending on the features, scalability, and vendor, especially when considering those that offer a wide range of features. Free RFQ software options are available but often come with limitations. Paid solutions can range from a few hundred to several thousand dollars per month, depending on the complexity and scope of the software to enhance procurement efficiency. Paid software provides advanced features to streamline procurement process.

Do you need a simple tool that only handles RFQs or a comprehensive procurement solution?

The choice between a simple RFQ tool and a comprehensive procurement solution with a wide range of features depends on your business needs. If you only require basic RFQ management, a free or low-cost procurement software tool may suffice. However, for more complex procurement processes, a comprehensive solution with advanced features and integration capabilities is essential, streamlining procurement.

Can I automate my RFQ process with free software?

Yes, you can automate your RFQ process with free software, though the extent of automation may be limited compared to paid options. Free RFQ software typically offers basic automation features such as automated email notifications and template creation. The template helps buyers to automate requests for quote and streamline procurement with their best RFQ software.