Plastiq Announces Accelerated Release of Free Credit Card Acceptance Product to Help Businesses through COVID-19 Crisis
Plastiq’s card acceptance product fast-tracked to help SMBs collect payments faster, keep cash on hand and still meet inventory needs
SAN FRANCISCO, May 13, 2020 (GLOBE NEWSWIRE) — Today, Plastiq, the intelligent payment solutions provider for small and medium-sized businesses (SMBs), announced the accelerated availability of Plastiq’s card acceptance product. Originally slated for late Q3 2020, Plastiq’s enhanced payment acceptance features will help businesses get paid faster and more reliably. SMBs who sign up for the waitlist, which opens today, will receive early access to Plastiq’s card acceptance product free of charge beginning May 24, with general availability this summer.
“COVID-19 and the associated stay-at-home orders have caused a domino effect of late payments across the economy, with SMBs especially hard hit,” said Eliot Buchanan, CEO and co-founder of Plastiq. “As cash reserves run dry, many SMBs have been unable to pay suppliers, as they simply don’t have the cash on hand. This has left suppliers unable to pay their own bills due to these late or missed payments. Responding to our customers’ feedback, we accelerated the development of Plastiq’s card acceptance product in order to reduce cash flow burdens and unblock the flow of vital services and supplies.”
Expanded to include capabilities previously only available through traditional and costly credit card acceptance products, Plastiq’s card acceptance product enables SMBs to accept credit card payments for free, without having to pay the typical 2.5-4% fee that traditional payment services providers charge. By offering a credit card payment option to their customers through Plastiq, SMBs get paid on time and more reliably, unblocking cash flow in the supply chain and getting businesses moving forward again. By allowing SMBs’ customers to put payments on credit cards and gain an additional 30-45 days of leeway between the biller due date and their credit card statement due date, SMBs are able to help their clients maximize working capital while also conserving cash during this period of economic uncertainty. At the same time, customers’ on-time payments through Plastiq helps keep the supply chain moving without delays.
Plastiq’s card acceptance offerings include reporting integration and a custom payment page, giving SMBs the convenience of a standard merchant account without the traditional fee and integration hassles. Their customers can also benefit from early pay and bulk purchase discounts while also earning rewards on their credit cards. Integration with accounts receivables is slated to roll out in the near future.
Interested SMBs can learn more and sign up for Plastiq’s card acceptance product waitlist here in order to secure free, early access to the platform.
About Plastiq
Plastiq is the intelligent payments solutions provider enabling small and medium-sized businesses to pay or accept payment via a credit card for virtually any expense. With Plastiq, it is easier for businesses to access working capital in ways that make the most sense for them, so they can maximize every business opportunity. Plastiq works with all major credit card providers, including Mastercard, Visa and American Express, and its automated payment platform has signed up more than one million clients, processing billions in payments for a wide range of expenses, from business supplier payments to contractors, taxes and rent. Plastiq has won a number of awards and recognitions, including being named to the 2020 Forbes FinTech 50. Learn more at www.plastiq.com.
Contacts
Wynne Ahern, CommStrat for Plastiq
T. 510.206.2161
[email protected]
Jessica Cheney, CommStrat for Plastiq
T. 419.350.4614
[email protected]
