Plastiq has revolutionized how its more than 1.5 million customers optimize working capital by providing an all-in-one solution that enables them to pay or accept payment for anything with cash or a credit card, even where credit cards or digital payments are not accepted. Integrating QuickBooks into Plastiq is giving businesses back vital time and resources while greatly reducing the chances of human error, enabling businesses to keep their eyes on innovating and propelling growth.
Tell us your story. Why did you start your business?
When I moved to the US for university, I was eager to establish credit and build my score. I was soon perplexed by the limitations of card acceptance when I discovered that I couldn’t use my card for a portion of my most important expense, tuition. I founded Plastiq to enable more choice in payments. Since then, Plastiq has helped millions of consumers and more than 100,000 small businesses to make billions of dollars in payments – particularly where cards are not accepted – enabling them to better manage cash flow and growth. On the other side, savvy businesses use and promote Plastiq as a way to receive card payments for free, giving more choice and convenience to their customers.
How did you come up with your business name?
The Plastiq name is a play on credit cards and the added flexibility Plastiq offers customers to pay with cards where they are not accepted. Plastiq is also a flexible solution to easily get paid with cards without taking on the fees.
Tell us about your products and services. How do you help clients?
Plastiq has revolutionized how its more than 1.5 million customers optimize working capital by providing an all-in-one solution that enables them to pay or accept payment for anything with cash or a credit card, even where credit cards or digital payments are not accepted. Thanks to strategic partnerships with companies including US Bank, Visa, Mastercard, Silicon Valley Bank and more, any business – from eCommerce companies and healthcare facilities to construction companies and restaurants – can use Plastiq to pay or get paid. Plastiq allows payments to be funded in whichever manner the payer prefers and sent in whichever manner the receiving business prefers, whether via check, wire transfer or ACH transfer.
Our newest feature, released January 19, integrates Intuit Quickbooks online into our payments platform. The integration helps businesses save time and money with an even more seamless, automated way to reconcile payments, bills and invoices with their accounting system with no manual entry required. The new integration imports invoices directly from QuickBooks, quickly identifying and populating all essential information such as vendor, amount due, invoice due date, and more. Once the invoice has been paid through Plastiq, the platform exports the payment information back into QuickBooks, including differentiating the portion of the payment applied to the invoice from Plastiq’s transaction fee.
What makes you unique? What is your unique selling proposition (USP)?
Plastiq is the only payment platform that gives businesses the choice to pay using their preferred funding method, credit, debit, or ACH cash payments, to any vendor, regardless of their ability to accept cash payments.
Where do you see your business in the next 3-5 years?
Plastiq continues to develop features and evolves toward a more holistic technology that enables cashflow solutions and makes payment frictionless for small businesses. As small businesses recover from COVID, Plastiq will be the partner to power their growth, extend their cash on hand, and simplify payments.
Any advice you would give to entrepreneurs and business owners?
Start now, not later. Most people hesitate and over-analyze when they should just get started. Time and speed is incredibly important. You can’t start earlier than now, and the only way to increase your velocity is to start putting plans into action.
What is your favorite business quote and why?
I don’t have a favorite business quote top of mind, but my least favorite quote is “It’s a marathon, not a sprint.” Those who win marathons are sprinting the entire time!
What have been some of your achievements that you are most proud of? Why?
I’m most proud of building the Plastiq team- the relationships built and what we’ve achieved together. Their commitment to working tirelessly for small businesses inspires me.
Anything else additional you want to tell our readers?
Keep an eye out for Plastiq as we continue to grow and offer more tools and tips to help small businesses make smart decisions with their finances.