Intelligent payment services provider Plastiq has announced it will allow for U.S. cash to be used on its payments platform, not just credit card payments, according to a press release emailed to PYMNTS.
The release stated the new service enhances the company's offerings to allow businesses to pay their bills in one place with linked bank accounts or credit or debit cards to optimize cash flow management. Plastiq's cash payment service will now let users make any payment through their linked bank account, and users can now make payments instantly, without the hassle of worrying about writing a check.
The service also allows businesses to make payments and keep track of them more easily, with “unprecedented visibility” to cash flow, the release stated.
“With the addition of cash payments, we are providing our customers with a fully integrated, intelligent payments solution that serves as a one-stop shop for all of businesses’ payment needs,” said Stoyan Kenderov, chief product and technology officer at Plastiq, according to the press release. “By giving businesses the freedom to pay and be paid in more ways than ever before, including cash, credit card or check, Plastiq is now the one essential tool every business owner can count on to set themselves up for growth and success. It allows owners to better manage their cash flow and save thousands of dollars in time spent on making or tracking payments across disparate tools and services.”
Plastiq partnered with Tipalti, an accounts payable automation company, this month to help boost companies' ability to pay vendors with business credit cards even when said vendors don't accept credit cards, PYMNTS reported. Tipalti will gain more ways to offer value to customers from the partnership and help with convenience and access to more card incentives.
Plastiq is no stranger to partnerships, having also struck deals to work with Mastercard, Visa, U.S. Bank and Silicon Valley Bank, according to PYMNTS.
