Payments solutions provider Plastiq has partnered with Silicon Valley Bank (SVB) to allow businesses to make foreign exchange (FX) payments using credit cards.
Businesses can now pay international suppliers using their credit cards, even where they are not accepted.
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The payments will be made in the supplier’s local currency rather than in US dollars.
SVB will continue to roll out new currency options with an aim to enable FX payments for clients in more than 90 international currencies.
SVB also enables its commercial card clients to benefit from preferential Plastiq pricing, while paying suppliers who do not accept credit cards.
Silicon Valley Bank senior FX advisor Shawn Repulles said: “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.”
Companies that use Plastiq can free up 30-45 days of cash flows by paying bills using their credit cards.
Plastiq processes both domestic and global payments within three business days at a flat fee.
The company enables credit card payments for as many as one million customers, by working with Mastercard, Visa, and American Express.
Plastiq CEO and co-founder Eliot Buchanan said: “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 further optimize their cash flow and maximize their working capital to ensure their companies can continue operating during this time of economic uncertainty.”
