Plastiq Introduces Plastiq Pay, New Features for Small Businesses
As businesses continue to navigate a quickly-changing landscape, a number of startups are looking to meet the moment and provide tools that can assist entrepreneurs in building their businesses. Case in point: this week, Plastiq announced the launch of Plastiq Pay to help small business owners improve their cash flow.
With the new platform, businesses will be able to view all of their card and bank account balance info in one place as well as keep up on payment due dates, approval requirements, and more. Additionally, Plastiq customers will now be able to apply for instant financing when needed. Other new features include the ability to capture data from invoice emails to easily create bills; team workflows bill routing, approvals, and compliance; and more.
According to Plastiq, the update comes as cash flow has been an increasing concern for businesses amid record inflation. In fact, a survey of Plastiq small business customers found 88% reporting that inflation had negatively affected their bottom line. Additionally, half of the respondents said they were seeking access to more capital to assist with daily operations.
Currently, Plastiq offers three levels of service, including a free version that can be used by up to three users. Meanwhile, the “Professional” plan comes at a cost of $59 a month and adds automatic two-way sync with accounting software, invoice data capture, and more. This plan also includes unlimited users. Lastly, the $119 a month “Enterprise” plan adds even more features for larger operations.
Speaking to what Plastiq Pay means to the company and its clients, COO Stoyan Kenderov said in a statement, “Plastiq Pay represents the biggest update to our product offering since our founding. It solves the mismatch of how businesses and suppliers want to make and receive payments by digitizing back office processes and providing instant access to short term financing to make money flow easier. It is the result of more than a decade of working with SMBs to help solve their biggest challenges and friction points.”
Plastiq CFO Amir Jafari also added, “Plastiq’s payment automation features are built for CFOs that want to upskill their teams, get people out of mundane and manual work, focus on more meaningful finance function optimization, and reduce cost with a more elegant, modern payables platform.”
Once known as a way for credit card enthusiasts to make rent payments with their credit cards to meet minimum spending requirements, Plastiq’s pivot to the small business market has proven to be fruitful. Now, with the debut of Plastiq Pay and an array of new features, the company is showing that it has some big ideas for helping small businesses. In turn, entrepreneurs may want to take a closer look at what Plastiq has to offer.