Its useful for paying large transactions like rent, car loan payments or tuition, which typically require payment via check or bank transfer, and therefore dont let you earn credit card rewards or defer payments like you could with a credit card. Business owners know how to run their businesses efficiently, said John Steward, President of U.S. Bank Retail Payment Solutions. American Express has expanded the types of payments they allow for use with the Plastiq bill payment service. Plastiq Platform Available to US Visa Commercial Cardholders An example of this is paying one credit card with another credit card. resources > blog > Learn About Supported Payment Types by Card Brand on Plastiq, One of the most popular questions we receive is, Which credit card can I use for a specific Plastiq payment?. Hopefully those are good choices. Same here, however recent experience of them not fulfilling Promotions (that surely is a negative experience, they shouldnt be promoting offers if they cant fulfill). By using Plastiq and referring others to the service, you can earn valuable bonuses like: First, theres the sign-up bonus. editorial integrity, However, Plastiq can work well to meet minimum credit card spending requirements and as a result, you earn a significant sign up bonus. Those that have Platinum Honors status receive a 75% bonus on credit card earnings. Does it still require landlord verification? Its been over a month since this happened. But unfortunately, there are a number of large expenses such as rent or mortgage payments, and some utility bills that dont allow you to pay with a credit card, which can keep you from racking up additional reward points. Does Plastiq code it as a purchase or cash advance? If you enroll dont forget to use the Code: 1515156 to the get 100 fee free on your payments, it works every time. Terms Apply to the offers listed on this page. Plastiq charges 2.5% of each transaction. As of Feb. 10, 2023, Plastiq was no longer accepting American Express. Embeddable B2B payment options for everyone. That way, the recipient knows the payment is coming from you or your company. Offers for Bank of America cards mentioned in this post have been updated as of 06/05/2023. This limitation on types of cards for types of transactions is a downside. One instance in which it can be of great value to send payments with Plastiq is when you can profit from the transaction. Plastiq declined the payment, as they claim you cannot pay a company you are a part of. Youll also need to describe the goods or services they provide. SAN FRANCISCO, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Today, Plastiq, the intelligent payment solutions provider for businesses, announced its card acceptance product, Plastiq Accept is now live and available to the public. The table below outlines the different payment delivery methods, as well as the timeline and price associated with each service. This answer was first published on 10/27/20 and it was last updated on 01/20/23. Idk when this totally goes offline, but it still worked at that time. I have been using Plastiq for a while now. We may be compensated when you click on product links, such as credit cards, from one or more of our advertising partners. You can also review our credit card rating methodology. Me and P2 have been churning the Amex biz platinum for the past 2 years, putting all rent on the card via Plastiq. As a business owner, she has first-hand experience with the topics she covers for Bankrate. Perhaps the biggest limitation is that you can't use personal Capital One credit cards to make payments through Plastiq. Plastiq is most advantageous when used to pay large bills that you may not usually be able to put on a credit card, such as: While the sky is almost the limit with what you can use Plastiq for, you cant use it to purchase investments, debt products, or pay other individuals. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. I snuck in a payment last night around 10pm pacific time. Some of of the most requested payment types that Plastiq members ask us to support involve American Express cards. Which Credit Cards Can Be Used With Plastiq? Is this exclusion for Amex cards perhaps targeted? Your recipient doesnt need to have a Plastiq account or pay anything to receive payment. My last payment with the Ink Preferred card using Plastiq did not earn 3X and others have reported the same. Hot Tip: As an added bonus, business owners may be able to write off Plastiq fees on their tax returns as a company expense. Plastiq Accept | Accept Credit Card Payments for Business Plastiq review: Earn more points on your biggest purchases - The Points OK, so seems their list is a bit vague. This is a huge help for me. Otherwise, they will expire. The most obvious way to avoid Plastiqs fees is to use its bank-to-bank transfer option. Recently they double-billed me for a $3,600+ payment. Will that charge code as a regular purchase or a travel purchase (qualifying for 3x points)? If you happen to have any FFDs left over, that amount can apply to the next payment you make through Plastiq. Putting your rent / mortgage payment onto a credit card can shift considerable spending onto a credit card, easily meeting your welcome offer requirements. Any and all options, reviews, comments and analyses are the responsibility of the author(s) and not any Advertiser or credit card issuer. You can also add a bank account to your wallet to fund payments with cash. Then, you can fill out all of the address details of where you would like the payment to be sent, like the leasing office for the building you rent with, for instance. So when would using Plastiq make sense? However, a change just recently landed you'll want to be aware of. If not, youll need to add it. While some lenders accept credit card payments for monthly auto loans, not every loan company does. Can you meet the minimum spending requirement on your new credit card without Plastiq? You are correct in that you must earn rewards than exceed the 2.5% fee in value or it is not a good deal. Unless you were able to make the payments fee free from referral credits, it would not make sense to do this. First, there are, of course, the potential fees. No communication, no refund, no resolution. Not sure if the new cash-like restrictions will make those payments cash advances, so Im waiting for more DPs before doing it again. Just note that Plastiq does not take Amex cards for certain bills, such as student loan payments, mortgages, car payments, contractor payments, or business invoices, among others. This has left suppliers unable to pay their own bills due to these late or missed payments. When a referral makes a payment or payments totaling $500 or more within 30 days of signing up,the referrer will earn 100 FFDs. That means youll fork over $28.50 for every $1,000 in bills you pay. However, many services offer free bank transfers; what makes Plastiq stand out is that it lets you charge large payments to credit and debit cards. WalletHub Answers is a free service that helps consumers access financial information. [email protected], Jessica Cheney, CommStrat for PlastiqT. "As an advisor to Plastiq for many years, Kerry is well versed in the goals of our company as well as the financial technology and payments industries. With Plastiq, it is easier for businesses to access working capital in ways that make the most sense for them, tap early-payment discounts and earn credit card rewards. Yes, if it shows that you wrote off your rent. For example, plastiq will only charge me 2.5% based on $2000 not $2500. Change effective as of February 10, 2023. I don't consider this MS. Hi Shalisha. Are those fees worth it? Hot Tip: Plastiq will occasionally run promotions for lower fees, such as dropping their charge to 1.5% on Visa or Mastercard payments above a certain amount. There are also some restrictions on the type of services you can pay using Plastiq. I read some of the disclosures for the credit card and it specifically mentioned that making a payment to using a third party service including bill payment transactions not made directly with the merchant or service provider are considered cash-like transactions. In these situations, is it worth it? Thanks. It's long, so we will focus on some popular types of bills you might want to pay via credit card where the merchant itself doesn't accept credit cards. Using Plastiq can also be productive if you have fee free dollars available from referrals. The Plastiq Fee is 2.9%. By sending payments via Plastiq, you earn points, miles, and cash back for transactions that would otherwise not reward you in any way. So here is a list of some of the most common purchase items, along with each card you can use. Keep in mind that if you do use our links, you wont be able to earn cash back/miles/points from shopping portals. [YMMV] American Express Blue Business Cash $750 [YMMV] American Express Blue Business Plus 75,000 Amazon Prime: Ring Indoor Cam (2nd Gen) For $29.99. Heres a step-by-step look at the process: Visit Plastiq.com and click the sign up button. Best Credit Cards for Rental Car Insurance, Business Credit Cards for Advertising Purchases, Business Credit Cards for Shipping Purchases, Top Reasons to Get a Business Credit Card, How to Apply For a Small Business Credit Card, Maximize Rewards From Your Business Purchases, Comparing Top 3 Chase Business Credit Cards, Tourist Visa Requirements for U.S. Citizens, How to Cancel an American Airlines Flight, TSA PreCheck Everything You Need to Know, Chicago OHare International Airport [ORD], Best Websites for Booking Affordable Hotels, Best Hilton Luxury Hotels to Book With Points, Guide to Hotel Status Matches and Challenges, Best Marriott Luxury Hotels to Book With Points, Best Ways to Redeem Marriott Points for Hotels, Best IHG Luxury Hotels to Book With Points, Marriott Bonvoy Hotel Loyalty Program Review, pay your rent or mortgage using a credit card, if you hit the minimum spending requirement, Southwest Rapid Rewards Premier Credit Card, value Citi ThankYou points at 1.6 cents per point, https://help.plastiq.com/hc/en-us/articles/360000917433-Send-Payments-via-ACH, https://www.visa.com/supplierlocator-app/app/#/home/supplier-locator, Marriott Bonvoy Boundless Credit Card Full Review [2023], Marriott Bonvoy Bold Credit Card Full Review [2023], Marriott Rewards Premier Credit Card Full Review [2023], British Airways Visa Signature Card Full Review [2023], The Business Platinum Card from American Express, Payment sent via FedEx Priority Overnight, 2.85% Plastiq fee + 0.5% base fee + $24.95 FedEx Priority Overnight fee + $10 handling fee*, 2.85% Plastiq fee + 0.5% base fee + $5 bank fee + $10 handling fee*, Electronic transfer to the bank in real-time, 2.85% Plastiq fee + $40 (bank and handling fee), Electronic transfer to recipient country and bank, 2.85% Plastiq fee + $60 (bank and handling fee), Mosaic status for the remainder of the calendar year and the following year, Earn 2 elite night credits for every $5,000 spent on the card and a, Utilities (electricity, cable, internet, telecom). There is a detailed chart available here to see which bills can be paid with which credit card types. Many of our customers are unable to accept credit cards on their own, so being able to integrate Plastiq Accept into our payment management options has made a huge difference by opening up an entirely new payment channel that can be set up in no time at all.. As the name implies, Fee-Free Dollars also referred to as FFDs are dollars that can be sent through Plastiq without you incurring any fees. Information on WalletHub Answers is provided as is and should not be considered financial, legal or investment advice. Assuming that Plastiq blocks car loan payments, are there other services that would allow making a car loan payment with an Amex? Commercial cards are the most accessible financing tool for many businesses, providing a revolving line of credit they can immediately use to fund or expand business operations. Many of them are large enough to allowyou to book a one-way or round-trip award flight! I have just canceled all my accounts with them. This is the promise of Plastiq, an innovative payments platform that lets you pay almost any bill with plastic regardless of available payment methods. They will also not allow any type of payment initiated for the sake of sending money. A legitimate good or service must be provided, and Plastiq may request proof of such good or service. Transaction fees will apply for any credit or debit card payments for all plan selections. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. After several years of using Plastiq I have come to realize that I can buy Miles from Alaska Airlines and American Airlines directly for the same cost as Plastiqs fees, or even much less. Hi, I am new here and am trying to use my credit card to pay all my monthly bills so we can get the miles. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. So encourage your friends, family members, business associates, and others to use the service. Yes, that is likely why. Thanks in advance! Don't miss out on new features, announcements, and industry trends by subscribing to our newsletter. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. seems like a shady practice. Plastiq does charge a 2.5% service fee so make sure to take this into consideration when crunching the numbers. The second time, when I had years of low rates locked in, they rejected me immediately and decisively. Hire the best financial advisor for your needs. I look at Plastiq as a great way to buy points, nothing more. Supported Payments by Card Brand - Plastiq Happy to explain further. You can, however, confirm the deliverability of a payment recipient directly through Plastiq. Plastiq works with all major credit card providers, including American Express, Discover, Mastercard, Visa, and JCB, and its payments platform has signed up more than one million clients, processing billions in payments for a wide range of expenses, from business supplier payments, to contractors, to taxes and rent. Home equity is the portion of your home youve paid off. Personal Visa has restrictions. The Plastiq support team is available Monday to Friday to assist you, either via live chat on our website or at [email protected]. Im disappointed to learn of this change. However, Plastiq does charge a fee for each transaction. If you have an EIN, you can probably avoid all of this by signing up w that and not your SSN like I did. For example, these dollars will need to be used relatively quickly typically within 90 days of earning them. Simply provide information about the recipient, including their name and address (or direct deposit details), as well as the payment amount. The PDF has Landscaping listed under business services with a red X. If you are able to convince friends and family to use this service via your unique referral code, you may be able to process a portion of your monthly bill payments through Plastiq for free. Idk if this is new or not, but it looks like Student Loans are completely removed from all types of debit and credit cards according to the link in the post. In addition, there are various charges and fees so be sure youre aware of these before moving forward with any type of payment or funds transfer. In some rare instances, Plastiq has even removed service fees altogether in the past for utility payments. For instance, Plastiq will not support transfers of money to yourself or to an entity in which you have control (such as a company that you own). This reduces the overall strength of Plastiq as a form of bill pay. Student loans Not American Express, not Visa credit (only debit), not Capital One business cards, Utilities All cards (except American Express for telecom / internet), Credit and debit card payments: 2.85% fee, Wire transfer payment: $40 in the U.S., $60 international.

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