US bank is the latest financial institution to enable its SMB Visa cardholders to pay vendors through Plastiq
Plastiq today announced US Visa commercial cardholders can now use its platform to pay vendors, even those who currently do not accept card payments. Today, less than 12% of B2B Payments are made by cards according to a Credit Research Foundation survey. By opening its platform to Visa commercial cardholders, Plastiq is providing businesses more flexibility and control over how they use their cards to manage their cash flow and finances.
U.S. Bank recently introduced a new small business credit card, called U.S. Bank Business Leverage Visa Signature. This new business card accelerates rewards in the categories where customers spend the most each month, including raw materials and supply chain purchases such as construction materials, commercial equipment, medical supplies or advertising. These cardholders can now use Plastiq to pay even more of their expenses with their U.S. Bank card to help access working capital and reap additional rewards.
“Business owners know how to run their businesses efficiently,” said John Steward, President of U.S. Bank Retail Payment Solutions. “We worked closely with owners to develop the U.S. Bank Business Leverage card. One of the messages we heard loud and clear is they want maximum value on spend they’re already making. Now with Plastiq and Visa, our cardholders have expanded options to use their cards with more vendors and earn rewards on more purchases than they would with other forms of payment.”
Commercial cards are the most accessible financing tool for many businesses, providing a revolving line of credit they can immediately use to fund or expand business operations. With Plastiq, business owners can pay a large majority of their expenses by credit card, which allows them to better manage cash flow, tap early pay discounts and earn card rewards.
Sherman Chang, CEO of Trekology, and a U.S. Bank Visa commercial cardholder said, “Plastiq lets us pay for commercial inventory and logistics with company credit cards—expenses totaling millions of dollars that we used to pay by check. The Plastiq platform helps us better manage our cash flow, is very user friendly and saves us both time and money. Plus, we use points earned to offset travel expenses.”
“We’re excited to see Plastiq open its platform to Visa commercial cardholders,” said Taira Hall, vice president, head of partnerships and new initiatives, Visa Business Solutions. “Companies – from small to large – now have more options to manage their cash flow when it comes to paying with their Visa cards for business-critical expenses such as inventory and commercial rent.”
“Businesses want the flexibility and convenience of using their cards to pay for any expense, whether it is rent, inventory or other supplies. We are excited to help simplify payments for businesses that rely on their Visa cards and Plastiq to pay for expenses when and how they want,” said Eliot Buchanan, Plastiq’s CEO and co-founder.
Source: Company Press Release