The integration of payment platforms with expense management solutions not only unify the platform but also provide a user-friendly experience for businesses in terms of providing fewer manual processes in bill payments and payment automation processes.
In such, California-based non-bank payments company Plastiq has partnered with AR automation solutions company Billfire to assist suppliers and distributors to get paid faster and in more flexible ways by allowing them to accept payments via credit card without any merchant fees.
The press note states that this ‘integration between the two companies delivers an improved, seamless experience for Billfire customers’.
Last year, Plastiq and Tipalti had partnered for working capital and bill automation along with other many partnerships in this space such as Everlink and APS Payments, Emburse and Mastercard, and Bill.com and KeyBank, Clear Books and Metro Bank with the same theme of payments integration with expense management platforms.
The COO and President of Plastiq, Sameer Gulati noted that the partnership with Billfire meant that they were able to reach ‘a larger group of businesses who are in need of low-cost, easy-to-use payments and better cash flow management’.
The press note that with the capability to accept payment via credit card without paying a merchant fee expands ‘electronic payment capabilities to a wider group of vendors and industries’. It also focuses on providing ‘additional working capital to the buyers, while accelerating receivables and increasing margins for the suppliers’.
“We seek to bring the benefits of automation in payments to our customers by helping them get paid faster, reduce risk, and eliminate time-consuming tasks,” said John Lockhart, Billfire CEO.
As noted in the press note, Plastiq enables businesses to get paid by credit cards even when cards aren’t accepted so that they can ‘increase working capital, scale rapidly, and be more agile’. ‘Businesses can pay globally in more than 40 countries, and it works with all major credit card providers, including Mastercard, Visa, American Express, and Discover’.
While Billfire is an AR automation solutions company with 450,000 active users and it processes more than $20 billion transactions each year.