Plastiq and Tipalti partner for working capital and bill automation
The integration of payment and automation solutions is the theme of 2020. Multiple banks and fintechs jumped into this space as growing demand for payment digitisation grew in 2020.
Partnerships such as Everlink and APS Payments, Emburse and Mastercard, and Bill.com and KeyBank, Clear Books and Metro Bank were all themed around payment integration with workflow automation platforms.
This week, California-based non-bank payments company Plastiq has partnered with global payables automation solutions company Tipalti. Under this partnership, commercial businesses would be able to pay their suppliers with their corporate credit cards even if the suppliers don’t accept credit cards.
According to the press release, this partnership would allow Tipalti to offer its mid-segment clients the ability to increase their cash flows while also providing convenience and access to card rewards.
“More businesses will be able to use their corporate cards as a funding source while both recouping their rebates and reducing risks associated with accounts payable processes while still automating workload,” said Eliot Buchanan, CEO and co-founder of Plastiq.
Using the Plastiq platform, clients of Tipalti would be able to free up 30-45 days of their cash flows by paying invoices with corporate credit cards and allocate this towards cash reserves, the press release noted. The clients need to sign up for Plastiq and use their existing cards for said purpose.
Plastiq in the past has collaborated with Visa, Mastercard, US Bank and Silicon Valley Bank. It currently has 1.5 million customers and helps to carry out more than $2 billion transactions. Tipalti’s solution also incorporates ‘self-service supplier management, tax compliance, fraud and regulatory controls, invoice processing and approvals, global payments execution and payment reconciliation’.
“Providing Tipalti customers with a flexible, cost-effective way to fund their payables transactions with Plastiq frees up funds to reinvest back into the growth of their business,” said Chen Amit, co-founder and CEO of Tipalti.