Trust and Plastiq Partner for B2B payments
With businesses going back to normal and economic activity picking up globally, payment companies are teaming up with other platforms to enable businesses to smooth out their working capital and cash flow management.
Los Angeles based commercial card fintech, Trust and San Francisco based payments company, Plastiq have joined hands in order to lend to businesses to pay for their digital marketing and advertising. An unregulated fintech, Trust uses Utah-based Celtic Bank as an issuer of its Visa card, while its banking services are provided by Evolve Bank & Trust.
With this partnership, Trust customers would benefit from ‘up to 90-day payment terms and the ability to pay invoices where cards are not accepted’. This would include marketing investment across major ad platforms such as Amazon, Facebook, Google, LinkedIn, Microsoft Bing, Snapchat, TikTok, Pinterest, Roku and more.
“Making better marketing investments and having access to more funding choices can make all the difference for SMBs trying to grow faster,” says Kerry Hatch, president at Plastiq.
As per the press note, Plastiq enables businesses to use cards to pay invoices so they can increase working capital and with this partnership with Trust, its customers can layer Trust’s offerings of 60 days payments terms to extend the total payment terms for their marketing investments by up to 90 days and in addition to this, its customers can also access to10-20x higher credit limits, community insights, market-level performance data, and investment advice.
“Paying for marketing investments through bank transfers (ACH) or check can restrict cash flow and constrain growth. Our partnership with Plastiq will help remove that hurdle,” said James Borow, Trust CEO.