Online payment service Plastiq has opened up its platform for US Visa commercial cardholders to enable vendor payments.
The move is expected to provide businesses with more flexibility and control on card usage over how they use their cards to manage their cash flow and finances.
US Bank is the latest financial institution to on-board Plastiq, enabling its SMB Visa Cardholders to pay vendors through the platform.
The lender recently introduced a new small business credit card, dubbed US Bank Business Leverage Visa Signature.
This offering speed-up rewards in specific categories for business customers including raw materials and supply chain purchases.
US Bank president of retail payment solutions John Steward said: “Business owners know how to run their businesses efficiently.
“We worked closely with owners to develop the US Bank Business Leverage card. One of the messages we heard loud and clear is they want maximum value on spend they’re already making.
“Now with Plastiq and Visa, our cardholders have expanded options to use their cards with more vendors and earn rewards on more purchases than they would with other forms of payment.”
Commercial cards serve as a key financing tool for SMEs, providing them credit to support business operations. Plastiq enables them to pay majority of their expenses by credit card as well as avail discounts and rewards.
Plastiq platform has signed up more than one million clients. It supports all major credit card providers including Visa, American Express, Mastercard and JCB.
Last year, the company raised $27m to support its expansion.