Our partner Plastiq, has a unique business offering which essentially allows businesses to pay any vendor with a credit card even where they’re typically not accepted. This feature came in handy recently for a client of ours that needed to pay a vendor by the end of the month while also covering payroll, when he only had enough funds for one item.
His cash crunch challenge meant he was at risk of not being able to order certain inventory to fulfill a large holiday order and he was in a bind in trying to make his weekly payroll. Plastiq’s low fee option allowed him to pay his vendor by charging amount owed via Plastiq’s proprietary program, and they then sent a wire to his vendor to cover the balance of the purchase order.
The skinny on Plastiq: There is no application process. All you need to do is register to open an account. They charge your card and send your vendor a wire. And your cash is freed up to pay your employees to keep your business operational.
With Plastiq, businesses can now use credit cards to make these payments to vendors even if they do not accept cards. Plastiq generates an individual virtual card for each transaction and then sends the vendor an ACH or check payment against the cred card issues. Businesses that use Plastiq can then tap into their newly available card credit options to pay vendors, including international vendors, earn more rewards and rebates, get early pay discounts from vendors that offer them and consolidate more of their expenses on their cards.
We were proud to host a recent WEBINAR with team-members from Plastiq where they explained how the program works and how many businesses can take advantage of this new payment option. Signup for Plastiq using PEYD’s special link and dedicated team HERE.