We are living in the middle of a renaissance of payment options. Major businesses have long enjoyed a wide variety of methods for managing their finances, and everyday consumers have the option to pay with a credit card at virtually any retailer in the world. However, there is one population that has largely been left out of the payments revolution: small and medium-businesses (SMBs). Lacking the resources of large enterprises, SMBs are still struggling to find reliable methods for accounts payable and receivable.
The one major bright spot in this dearth of payment methods: fintechs. Financial technology companies such as Plastiq have been increasingly changing the game for SMBs, offering enterprise-grade technology for B2B payments and other critical financial services.
“The ability to have not just embedded finance but payment automation — a category that’s coming into the SMB space — is really going to help them not only survive but also thrive,” said Plastiq’s Chief Financial Officer, Amir Jafari, in a recent interview. “These things that maybe 10 years ago only big companies got to take advantage of [are becoming] a very basic kind of capability that all businesses have access to.”