The Plastiq Vision
3 min. read
Nov 21, 2022
Plastiq’s mission is to accelerate the financial success of small businesses. We’ve built the modern financial operating system based on a simple insight: small businesses lack access to the working capital they need to grow and thrive from their outset.
While accessible funding is one of the greatest challenges an SMB faces, it’s not the only problem. Small businesses are typically left behind when it comes to solutions and tools available to larger enterprises for managing finances and cash flows. We’re changing all that.
An easier path for funding your businesses
Our flagship product Plastiq Pay offered a groundbreaking way for businesses to pay any other business by credit card regardless of card acceptance. This unlocked the means for businesses to not only eliminate the hassle of managing paper based invoices and checks that has plagued B2B payments for so long, but also enabled credit cards as a means to access instant working capital. A more accessible and economically attractive financing alternative, credit cards help businesses like retail brands, wholesalers, and manufacturers, to name just a handful of the types of businesses we serve, fund their largest expenditures and extend the time to pay up to 90 days.
To help businesses expand their line of credit the most efficient way possible, we’ve built a card marketplace by partnering with card issuers such as Ramp, Brex, Torpago, US Bank, Silicon Valley Bank, and many more. In 2022, Plastiq expanded working capital access further by launching a short-term financing product, the first of its kind enabling businesses to get a lump sum or installment loan right in a bill payment flow.
A better way to organize and pay business expenses on a modern platform
For businesses that have grown to the phase of needing greater financial organization and control over cash flow, we offer Plastiq Pay Pro, a complete bill pay solution with a dedicated inbox, accounts payable workflows, and integrations with a variety of accounting software applications.
A way to get paid faster without credit card fees enabled by Plastiq’s buyer-funded model
The payments industry, as it relates to credit card acceptance, has for decades now been fundamentally focused on the idea that merchants should be paying a 4-5% fee to accept credit cards. Plastiq’s approach is the exact opposite.
We believe the segment of the $9 trillion market size of B2B payments does not run through credit cards because merchants have no interest or ability to eat this type of fee. And so, we reverse the model. Our belief is most of the ecosystem can support what we refer to as a “buyer-funded” model. When businesses use Plastiq to accept credit cards, it’s free. Not only does the model offer convenience for businesses that want to get paid faster by customers, it’s a way to provide more buying power and instant working capital for their customers. It all adds up to healthier supplier / custom relationships.
Plastiq Connect enables any platform to offer a payments solution to customers.
How will B2B payments look ten years from now? We believe there’s no world where all businesses aren’t embedding payments and being active parts of the payment’s ecosystem. In the future, we envision Plastiq existing as an infrastructure for platforms that may not even exist today as the plumbing behind the accounts payable and cash flow needs any provider can capitalize on to support and monetize their customer base.
Our Plastiq Connect suite of embedded finance solutions is already powering platforms that deliver use cases in accounting software, ecommerce, manufacturing, and the healthcare space. As we grow this offering, any platform or marketplace serving small businesses will be able to launch a payment solution, expanding payments and working capital access to deliver better business outcomes for their customers.
As small businesses thrive, the world thrives. Lives are made better, richer, and more connected. It is our mission and our goal to drive what’s next for helping businesses build, scale, and succeed, first in North America and later, around the globe.
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