With inflation concerns and supply chain issues roiling businesses, business payment platform Plastiq seeks to bolster its customers’ payment capabilities.
Businesses are trying to stay ahead of inflation by buying inventory in bulk, and “to do that, you need more working capital,” said Stoyan Kenderov, Plastiq’s chief operating officer.
“A lot of businesses, in this inflationary cycle, can’t get a loan even if they were getting loans before, because the lenders are now increasing their underwriting requirements,” Kenderov said. He also anticipates additional Federal Reserve rate hikes designed to curb inflation will make bank loans a pricier option for business owners.
