Today, Plastiq, the intelligent payment solutions provider for businesses, announced a partnership with Silicon Valley Bank, the bank of the world’s most innovative companies and their investors, to offer foreign exchange (FX) credit card payment capabilities.
Through this new partnership, businesses can use their credit card to pay international suppliers in the suppliers’ local currency instead of in U.S. dollars, even where credit cards are not accepted, for a more streamlined, hassle-free payments experience. SVB will release new currency options on a rolling basis and its broad global reach will provide clients with the option to pay their suppliers in more than 90 international currencies.
“We are looking forward to deepening our relationship with SVB to provide our respective clients with FX payments integration using Plastiq,” said Eliot Buchanan, CEO and co-founder of Plastiq. “This unique value-add will empower businesses to further optimize their cash flow and maximize their working capital to ensure their companies can continue operating during this time of economic uncertainty.”
By using Plastiq, companies can free up to 30-45 days of cash flow by putting bills on their credit cards, allowing them to allocate their cash reserves to the places they need it most to safeguard their businesses. Plastiq charges a low flat fee for domestic and global payments, which can be quickly processed in as little as three business days.
“Plastiq offers an innovative solution to provide companies with the flexibility to use a credit card to make payments, even where they typically aren’t accepted,” said Shawn Repulles, Senior FX Advisor at Silicon Valley Bank. “Adding the FX payments capability to Plastiq’s card acceptance product will make it easier and faster for companies to make secure payments in the currencies that work best for their suppliers.”
In addition to the new FX payments solution, the partnership expands to SVB’s Commercial Card segment. SVB Commercial Card clients can now benefit from preferential Plastiq pricing when using Plastiq to pay their suppliers that do not accept credit cards in the U.S. or global markets, enabling them to benefit further from their SVB Commercial Cards.
Plastiq has revolutionized how its more than 1 million customers optimize working capital by enabling them to pay or accept payment for anything with a credit card, even where credit cards are not accepted. Plastiq works with all major credit card providers, including Mastercard, Visa and American Express.