Plastiq & Silicon Valley Bank partner to offer FX credit card payment capabilities

By Pavithra R

Plastiq, an intelligent payment solutions provider for businesses, has announced that the company has partnered with Silicon Valley Bank, a leading provider of a range of banking services to companies of all sizes in innovation centers around the world, to offer foreign exchange (FX) credit card payment capabilities.

“We are looking forward to deepening our relationship with SVB to provide our respective clients with FX payments integration using Plastiq. This unique value-add will empower businesses to optimize their cash flow further and maximize their working capital to ensure their companies can continue operating during this time of economic uncertainty,” said Eliot Buchanan, CEO, and co-founder of Plastiq.

Plastiq’s mission is to make it easier for businesses to pay and get paid, optimize cash flow, and control their finances. 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 where they need it most safeguarding their businesses. Plastiq charges a low flat fee for domestic and global payments, which can be quickly processed in 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. 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,” said Shawn Repulles, Senior FX Advisor at Silicon Valley Bank.

In addition to the new FX payments solution, the collaboration expands to SVB’s Commercial Card segment. SVB Commercial Card clients can benefit from preferential Plastiq pricing when using Plastiq to pay their suppliers who do not accept credit cards in the U.S. or global markets, enabling them to benefit further from their SVB Commercial Cards.

Recently, Plastiq and Visa partnered to help SMB’s through Visa’s Small Business Hub.

Founded in 2012, Plastiq is committed to helping small businesses achieve their growth potential. It offers intelligent payment solutions enabling businesses to pay or accept payment via a credit card for virtually any expense. The firm works with all major credit card providers, including Mastercard, Visa, and American Express.