Plastiq, a payment solutions provider, and Tipalti, a global payables automation platform, have partnered to empower 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 help its clients by increasing their payment power and cash flow while also providing added convenience and greater access to card rewards and rebates.
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Eliot Buchanan, CEO and co-founder of Plastiq, said:
“The Tipalti partnership opens up a unique market for us for high-velocity businesses.
“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.”
Freeing cash flow to invest in growth
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.
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By GlobalDataAll 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.
Chen Amit, co-founder and CEO of Tipalti, said:
“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.”
Backed with integrated artificial intelligence and machine learning
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, organisations can easily streamline their payables efforts.
Tipalti’s customers typically wipe out 80% of their payables workload, the company said.
