Small- to medium-sized business (SMB)-focused FinTech Plastiq has unveiled Plastiq Pay, which is intended to help SMBs improve their cash flow, according to a Tuesday (April 5) press release emailed to PYMNTS.
Plastiq Pay eliminates the manual management of vendor payments and helps SMBs connect to affordable working capital, the release stated. It’s paired with a mobile app to allow SMBs to manage their business finances on the go.
The new offering allows SMBs to automate invoice receipt, payment approval routing, submission and bill reconciliation, according to the release.
“With inflation reaching its highest point in a generation, cash flow is an ever-increasing worry for all businesses,” said Plastiq Chief Operating Officer Stoyan Kenderov in the release. “Plastiq Pay represents the biggest update to our product offering since our founding.”
Plastiq Pay comes in three different subscription plans.
“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,” said Plastiq Chief Financial Officer Amir Jafari in the release.
Earlier this month, Aditya Mishra, vice president of product management at Plastiq, told PYMNTS that product teams can help improve financial services development — particularly when it comes to building payments into the mix.
Read more: Product Development Automation, Collaboration Boost Payments Innovation
To do so, though, those development teams must fine-tune what insights they seek to gather from customers, as well as what they do with the insights once they are in hand.
“Everything shifts when you put the lens of payments on [a situation], especially with how rapidly things are changing,” Mishra said.
Product development teams need to tweak practices to better suit end users, so that the teams themselves are agile and forward-looking, he said.
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