US Visa commercial cardholders can use Plastiq payments platform
Plastiq has announced that US Visa commercial cardholders can now use its platform to pay vendors, even those who currently do not accept card payments. According to a Credit Research Foundation survey, fewer than 12% of B2B payments are currently made on cards. By opening its platform to Visa commercial cardholders, Plastiq says it is providing businesses flexibility and control over how they use their cards to manage their cash flow and finances.
U.S. Bank recently introduced a small business credit card, called U.S. Bank Business Leverage Visa Signature. This business card accelerates rewards in the categories where customers spend the most each month, including raw materials and supply chain purchases such as construction materials, commercial equipment, medical supplies or advertising. These cardholders can now use Plastiq to pay even more of their expenses with their U.S. Bank card to help access working capital and reap additional rewards.
“Business owners know how to run their businesses efficiently,” said John Steward, president of U.S. Bank Retail Payment Solutions. “We worked closely with owners to develop the U.S. Bank Business Leverage card. One of the messages we heard loud and clear is they want maximum value on spend they’re already making. Now with Plastiq and Visa, our cardholders have expanded options to use their cards with more vendors and earn rewards on more purchases than they would with other forms of payment.”
For many businesses, commercial cards are the most accessible financing tool, providing a revolving line of credit that they can immediately use to fund or expand business operations. With Plastiq, business owners can pay a large majority of their expenses by credit card, which allows them to better manage cash flow, tap early pay discounts and earn card rewards.
Sherman Chang, CEO of Trekology, and a U.S. Bank Visa commercial cardholder commented, “Plastiq lets us pay for commercial inventory and logistics with company credit cards – expenses totalling millions of dollars that we used to pay by cheque. The Plastiq platform helps us better manage our cash flow, is very user friendly and saves us both time and money. Plus, we use points earned to offset travel expenses.”
“We’re excited to see Plastiq open its platform to Visa commercial cardholders,” said Taira Hall, vice president, head of partnerships and new initiatives, Visa Business Solutions. “Companies – from small to large – now have more options to manage their cash flow when it comes to paying with their Visa cards for business-critical expenses such as inventory and commercial rent.”
“Businesses want the flexibility and convenience of using their cards to pay for any expense, whether it is rent, inventory or other supplies. We are excited to help simplify payments for businesses that rely on their Visa cards and Plastiq to pay for expenses when and how they want,” said Eliot Buchanan, Plastiq’s CEO and co-founder.