Product: SMB merchant wallet
Plastiq, the intelligent payment solutions provider for businesses, created an all-in-one digital wallet and commerce platform for small and midsize merchants. Designed to support a range of payments options, the platform processes billions of payments for over 1.5 million clients, stated Stoyan Kenderov, chief product and technology officer at Plastiq.
Kenderov noted that Plastiq's all-in-one wallet supports any form of money coming in or going out. "Other solution providers offer bill payment but only for vendors that accept credit cards," he said. "Plastiq enables SMBs to pay with cards, even with vendors that don't accept cards. The platform supports a full range of payments, including cash, check, ACH and wire transfer."
Kenderov went on to say that Plastiq provides real-time insights into businesses’ payments, cash flow and working capital. Companies can use these insights to determine how and when to pay expenses and efficiently manage resources across any industry supply chain, he added.
Unlike partially integrated solutions, Plastiq's QuickBooks Online solution can update QuickBooks Online entries accurately in real time. Designed to eliminate manual entry, the solution helps to improve efficiencies by enabling merchants to reconcile payments, bills and invoices within their accounting systems, according to Eliot Buchanan, CEO and co-founder of Plastiq.
“We recognize how time-consuming and error-prone it can be to manually maintain accurate QuickBooks records,” Buchanan said. “By integrating QuickBooks into Plastiq, we’re giving businesses back vital time and resources while greatly reducing the chances of human error, enabling businesses to keep their eyes on innovating and propelling growth.”
Buchanan mentioned that integrated service imports invoices directly from QuickBooks, quickly identifying and populating all essential information such as vendor, amount due and invoice due dates. The platform also exports invoices paid through Plastiq back into QuickBooks, separating invoice payments from Plastiq’s transaction fee to help maintain accurate record keeping.
Plastiq's all-in-one intelligent platform enables businesses to pay or accept payment even where credit cards or digital payments are not accepted, Kenderov stated. Merchants can enroll in the platform in minutes to receive the following benefits:
Kenderov noted that Plastiq was recently named to the 2020 Forbes FinTech 50 and has strategic partnerships with U.S. Bank, Visa, Mastercard and Silicon Valley Bank. In addition, credit card processors integrate the platform using the company's APIs.
Plastiq's growth has been driven by companies that receive Plastiq payments and extend the platform to their customer base. Fintechs, credit card issuers and third party service providers are also adopting the platform, Kenderov stated, adding that Plastiq stays attuned to customers and what they need next.
Kenderov acknowledged that achieving frictionless vendor payments has been a long journey. "If I have any form of money that is liquid and contains value, I should be able to use it for any of my payments anywhere in the world," he said. "It may take years, but I see encouraging signs and believe we're at the beginning of something very big and transformational."
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