Plastiq, a U.S.-based intelligent payments solution for small businesses, announced on Wednesday it has teamed up with global payables automation platform Tipalti to enable commercial businesses to use their corporate credit cards to pay suppliers, even if the suppliers don’t accept credit cards. According to the duo, this new collaboration will enable Tipalti to offer even more value to its mid-market clients by helping to increase their payment power and cash flow while also providing added convenience and greater access to card rewards and rebates.
“Using Plastiq, Tipalti customers can free up to 30-45 days of cash flow by paying invoices with their credit cards, allowing them to allocate their cash reserves to the places they need it the most. All businesses need to do is sign up for Plastiq and use their existing cards to fund supplier payments.”
Eliot Buchanan, CEO and Co-Founder of Plastiq, shared more details about the partnership by stating:
“The Tipalti partnership opens up a unique market for us for high-velocity businesses. More businesses will be able to use their corporate cards as a funding source while both recouping their rebates and reducing risks associated with accounts payable processes while still automating workload.”
Chen Amit, Co-Founder and CEO of Tipalti, went on to add that providing customers with a “flexible, cost-effective way” to fund their payable transactions with Plastiq frees up funds to reinvest bank into the growth of businesses.