Smart payments platform Plastiq has launched a new Plastiq Accept Virtual Terminal, designed to help legacy businesses like manufacturers and wholesalers accept credit cards and debit cards with no merchant fees.
The virtual terminal, according to the company, lets customers choose among a range of payment platforms — credit card, debit card, ACH deposit or wire transfer.
Merchants don’t pay any processing fees, and Plastiq said it shifts the costs of merchant fees to a company’s customers instead of the vendor or supplier. Customers accept the cost because of the convenience they obtain through paying electronically, according to Plastiq’s marketing materials.
The Plastiq Accept suite also offers companies a software development kit (SDK) that makes it easy to embed just one line of code into an ordering portal, allowing customers to use Plastiq to pay.
“Plastiq is an innovative product that allows traditional B2B wholesale businesses to change with the times,” Ankit Gupta, chief financial officer of fragrance wholesaler Nandansons, said in a statement provided by Plastiq. “With the Checkout SDK, we were able to embed our Plastiq payment link right in our checkout flow to start accepting cards. We get paid sooner and customers love it.”
Plastiq states on its website that as of December 2021, it had more than 150,000 small- to medium-sized business (SMB) customers and 2 million users. The company was founded in San Francisco in 2012, and according to Crunchbase, it has raised almost $142 million from investors.
Earlier this month, Plastiq unveiled Plastiq Pay, a SMB-focused solution designed to boost businesses’ cash flow and eliminate the manual management of vendor payments.
Plastiq Pay comes in three different subscription plans, and is paired with a mobile app, allowing SMBs to manage their business finances on the go.
“Plastiq’s payment automation features are built for CFOs that want to upskill their teams, get people out of mundane and manual work, focus on more meaningful finance function optimization, and reduce cost with a more elegant, modern payables platform,” Plastiq Chief Financial Officer Amir Jafari said at the time.