B2B payments platform Plastiq has launched the next generation of its Plastiq Connect embedded finance product, saying it now offers an embeddable user interface (UI) that requires less development time.
With Plastiq Connect, platforms can enable multiple payment methods and disbursement options that let their business customers more easily pay suppliers and get paid by their customers, Plastiq said Monday (Oct. 24) in a press release.
“Businesses looking to get into the $9 trillion financial services market have two choices: they can spend millions to build or buy financial services technology, or they can partner with a proven platform like Plastiq Connect,” Plastiq Founder and CEO Eliot Buchanan said in the release. “With a single line of code, they can get to market in just weeks while outsourcing the operations functions of risk, KYC (know your customer) and compliance to Plastiq.”
By providing a buyer-funded model of credit card acceptance, replacing the traditional supplier-funded one, Plastiq allows businesses to better utilize working capital, gain new lines of credit and deploy a digital bill pay and accounts payable (AP), according to the press release.
“Embedded finance is not only changing the way businesses transact and maintain working capital, it’s giving any business the opportunity to offer financial services as a means to expand product lines and drive growth,” Buchanan said.
With Plastiq, small- to medium-sized businesses (SMBs) can use the existing credit cards they already have at their disposal to fund their largest suppliers and vendors who typically might not accept those cards, Buchanan told PYMNTS’ Karen Webster in an Aug. 18 interview.
Read more: Plastiq CEO: Capital From SPAC Deal Offers ‘Prudent’ Strategic Advantage
In doing so, SMBs have access to short-term working capital, without having to take out bank loans or tap new credit sources, which may be hard to get, Buchanan said.
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