FinTech Payments

Plastiq Joins Visa Hub To Help More SMBs Access Payment Options

August 16, 2020 at 10:04PM

Plastiq, which works in intelligent payments software, is now included in the U.S. Visa Small Business Hub, which will allow it to join other firms in offering new, safe, digital tools to small- to medium-sized businesses (SMBs), according to a press release.

The Visa Small Business Hub works to assist SMBs with starting, running and growing business, the release stated. Some of the aid afforded to SMBs involves securing funding, budgeting, drawing in new customers, working with finances, enacting eCommerce and managing reputation.

The hub launched in June with 20 partners, including PayPal, Yelp, Shopify and Freshbooks.

Plastiq in particular will let SMBs use a Visa card to pay for almost any business expense, including when a supplier doesn’t accept credit card payments, the release stated. The SMBs will be able to use Plastiq to help free up 30 to 45 days of cash flow through adding formerly cash-only payments to their Visa.

In addition, Visa and Plastiq plan to launch a new campaign focused on digital means to educate companies on how to pay bills online, according to the release. And, paying bills through Visa will help SMBs by letting them earn rewards while also saving cash.

Plastiq CEO and Co-Founder Eliot Buchanan said the company would be able to aid more SMBs through its joining up with the Visa Small Business Hub.

“Helping small businesses is a part of our DNA, so we are thrilled to come together with Visa to support entrepreneurs as they start and grow their businesses in today’s challenging economic landscape,” Buchanan said, according to the release. “By utilizing our payment tools and Visa’s business cards, small businesses will be able to free up vital cash reserves and better manage cash flow to set themselves up for long-term success.”

In related news, Plastiq, PYMNTS reported, raised $75 million in Series D funding in March of this year, with the money going toward implementing new services to let SMBs improve payment methods through cards.

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