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Plastiq and Tipalti partner to increase working capital and automate bill pay for commercial busines

Source: Plastiq

Today, Plastiq, the intelligent payment solutions provider for businesses, and Tipalti, the leading global payables automation platform, announced a partnership and integration to empower commercial businesses to use their corporate credit cards to pay suppliers, even if the suppliers don’t accept credit cards.

This new partnership will enable Tipalti to offer even more value to its mid-market clients by helping to increase their payment power and cash flow while also providing added convenience and greater access to card rewards and rebates.

“The Tipalti partnership opens up a unique market for us for high-velocity businesses,” said Eliot Buchanan, CEO and co-founder of Plastiq. “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.”

Using Plastiq, Tipalti customers can free up to 30-45 days of cash flow by paying invoices with their credit cards, allowing them to allocate their cash reserves to the places they need it the most. All businesses need to do is sign up for Plastiq and use their existing cards to fund supplier payments. This partnership will also enable Tipalti’s clients to extend payment terms and earn card rewards on any type of business expense, from inventory and equipment to rent and advertising.

“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.

Tipalti’s solution incorporates every step in the payables process—including self-service supplier management, tax compliance, fraud and regulatory controls, invoice processing and approvals, global payments execution and payment reconciliation. Because it’s fully self-contained and backed with integrated artificial intelligence and machine learning, organizations can easily streamline their payables efforts. Its customers typically wipe out 80% of their payables workload, enabling them to focus on mission-critical initiatives, while doing more with less. Tipalti helps strengthen compliance and financial controls, avoid future AP headcount requirements, accelerate the financial close by 25% and employ AP best practices.

Plastiq has revolutionized how its more than 1.5 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 typically accepted. Powering more than $2 billion in transactions, Plastiq has formed strategic partnerships with companies including US Bank, Visa, Mastercard and Silicon Valley Bank, among others. 

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