Payment solutions provider Plastiq, which focuses on small businesses, has expanded the scope of its platform to incorporate US cash payments along with credit card payments.
The cash payments function improves the firm’s credit card payment offerings to enable businesses to make all their bills payments in a single place.
This can be done utilising linked bank accounts or credit and debit cards.
This ends the requirement of writing checks and enables businesses to make and track their business payments in a single place.
As a result, businesses also get more visibility into their total cash flow, noted the firm.
Commenting on the development, Plastiq chief product and technology officer Stoyan Kenderov said: “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.
“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.”
Recent Plastiq moves
Plastiq enables credit card payments for over one million customers, by working with Mastercard, Visa, and American Express.
Earlier this month, the firm partnered with global payables automation platform Tipalti to empower businesses to use their corporate credit cards to pay suppliers, even if the suppliers do not accept credit cards.
In August this year, Plastiq collaborated with Silicon Valley Bank to allow businesses to make foreign exchange (FX) payments using credit cards.
Earlier in 2020, Plastiq received $75m Series D investment to help small businesses use credit cards more.