Today, Plastiq, a fast-growing Kleiner Perkins-backed fintech for small and medium-sized enterprises (SMEs), announced the launch of its next-generation product – Plastiq Pay.
Plastiq Pay helps SMBs improve their cash flow at a time when inflation threatens their very survival, saves teams valuable time otherwise spent manually managing supplier payments, and instantly connects SMBs to affordable working capital . A new complementary mobile application completes the offer, allowing SMEs to manage their business finances on the go.
Recent surveys of Plastiq SMB customers have shown that 88% experience a negative impact on bottom line due to inflation, while 50% seek access to more capital in their day-to-day operations. The US Bureau of Labor Statistics reports that 50% of small businesses do not survive past their fifth year due to cash flow issues. The new Plastiq Pay product gives SMBs a competitive edge that can help them thrive in a rapidly changing landscape by automating all aspects of receiving invoices, routing payment approvals, submitting and reconciling payments. invoices.
“With inflation reaching its highest point in a generation, cash flow is a growing concern for all businesses,” said Stoyan Kenderov, chief operating officer at Plastiq. “Plastiq Pay represents the biggest update to our product offering since our inception. It solves the mismatch between how businesses and suppliers want to make and receive payments by digitizing back-office processes and providing instant access to short-term finance to facilitate the flow of money. It is the result of more than a decade of working with SMEs to help solve their biggest challenges and pain points.”
New features announced today by Plastiq include the following:
Invoice Data Capture: Forward invoices via email for quick and easy invoice creation. New AI-powered data capture extracts vendors and payment details and automatically creates invoices so you can pay your bills painlessly.
Team Workflows: Built-in support for routing invoices, approvals, and compliance.
Automatic two-way synchronization: allows full integration with QuickBooks Online, Xero and Sage Intacct for automatic data import and reconciliation of paid transactions in Plastiq. Integrations with Oracle Netsuite and Freshbooks are coming soon.
Cash Flow Dashboard: Provides a cash flow view with the ability to see all card and bank account balances at a glance. The dashboard highlights actionable information such as payments due, approvals required, and payment method recommendations.
Short Term Financing: Instantly extends financing options even when cash and credit are tight. In addition to paying nearly all suppliers by credit card, businesses can now get an instant financing decision for their supplier payment, allowing them to extend the term of a payment without having to apply for a bank loan.
Mobile app: Manage debts from anywhere and ensure income-dependent payments get to their destination on time with the Plastiq Pay app.
Todd Smith, Plastiq customer, Vice President and Corporate Controller of Sunbasket, a full-service meal delivery company, said, “When it comes to supplier payments, we faced many challenges: ad hoc, flexibility, speed, automation and even employee retention was a priority for us.As we face increased inflation rates, our suppliers also want to get paid faster than ever; because their suppliers are doing the same Plastiq’s multi-faceted solution helps us free up time and automate our accounts payable to focus the team on other business activities that need our attention.”
According to Plastiq’s CFO, Amir Jafari, “Plastiq’s payment automation features are designed for CFOs who want to upskill their teams, get people out of mundane, manual work, focus on more meaningful financial function and reduce costs with a more elegant, modern payment platform.”
Jason Rappaport, Plastiq Client, Chief of Staff and General Counsel at UniversalStandard.com, a size-inclusive apparel brand, described how Plastiq provides access to working capital to extend billing times by up to 60 days – ” We pay overseas suppliers for inventory as well as heavy online advertising investments, so Plastiq helps us smooth out cash flow peaks and troughs, which is especially crucial when dealing with supply chain downturns. .”
Plastiq Pay comes in three different subscription plans to meet the needs of small businesses at every stage of growth.