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What Is Plastiq and How Does It Do Its Work?

 

 

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What Is Plastiq and How Does It Work?

 

For a cost, Plastiq lets you use debit or credit cards to pay bills which don't normally accept credit cards for payment.

 

By Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer for the credit card team of NerdWallet. She has been a passionate writer covering the subject of credit cards for more than six years. Her prior experience includes nine years as the creator of content for various websites and publications. In her writing, she hopes to assist readers in extracting value from credit cards to help them achieve financial goals such as increasing their budget, establishing credit, traveling to their dream destinations and repaying debt. She focuses on these subjects along with others in the Millennial Money column featured in The Associated Press. Her work has also been published on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's diploma of sociology, earned from The University of California, Los Angeles.

 

 

 

 

 

 

Updated February 10, 2023 10:13AM PST

 

 

 

Written by Kenley Young Assigning Editor Credit cards, credit scores Kenley Young directs daily credit card coverage for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has decades of experience in both digital and print media, with stints as chief of the copy desk, a wire editor and an editor for metros for the McClatchy Newspaper chain.

 

 

 

 

 

 

 

 

 

 

 

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It is a service that lets individuals and businesses use credit or debit cards to pay for vendors who do not normally accept these payment methods.

 

As a way to provide this convenience, Plastiq charges you a processing fee that can be expensive as of December 2022 . Of course, if you're using a credit card and aren't able to pay your charges each month and you're charged interest, it will be depending on the current rate your credit card bills.

 

However, if you require breathing room as you wait for a paycheck or windfall to arrive, Plastiq could be cheaper than a higher-interest alternative like a or -- assuming you can pay off the debt quickly and in particular in the case of an rewards credit card that will pay for the processing fees.

 

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Plastiq: The basics

 

Plastiq allows one-time or regular payments for bills such as mortgage and utilities, day care, homeowners association fees and other expenses. You add a debit or credit card into your Plastiq account, and then charge it in to the value of your bill and Plastiq will pay the business on your behalf via the method the vendor will accept: or a traditional paper check. (Checks are, for example, are read to the seller as being from you, not from Plastiq.) The recipient does not need an account with Plastiq account to accept payments.

 

" Plastiq is a service that lets individuals and businesses use debit or credit cards to pay merchants that don't otherwise accept those payment methods. "

 

 

Plastiq generally has the 2.9% fee for debit and credit cards. Conditions apply. This service works with

 

Visa.

 

Mastercard.

 

Discover.

 

.

 

 

However, certain credit cards come with restrictions on the kinds of bills you can pay using Plastiq. For instance, Visa cannot be used to make mortgage payments using Plastiq's bill-pay service.

 

In addition, Chase recently unveiled a and it's not known what consequences that may have for transactions made with a Chase card using Plastiq.

 

Nerdy Tip

 

Since February. 10, 2023, Plastiq will no longer take American Express.

 

 

 

How it works

 

Start by creating a free account with Plastiq and then adding your debit or credit card information. You can add multiple cards and pick one as your default.

 

Additionally, you'll need to add recipients, including vendor name and country. This information will be saved in your account for future reference.

 

" Checks generally take eight days to arrive according to the website of Plastiq So, make sure you have some padding on the calendar to avoid making payments late. "

 

 

To make a payment choose the recipient, the amount owed and the preferred payment method (ACH wire transfer, wire transfer, or check) and the due date for the funds to arrive. It is also possible that you need specific information about the invoice you're paying such as, for instance an loan number for the mortgage, a unit number for rent due on an apartment, etc. You can include additional information in the "memo" part.

 

You can either make a single payment or schedule them to run automatically. For recipients that accept only cheques via snail mail, you may have to submit the payment earlier than the normal. The average time for checks is eight days to arrive, according to Plastiq's website, so build in some padding on the calendar to avoid having to pay in the late hours.

 

Plastiq provides an explanation of the fees, in dollars as well as a percentage, on the screen for reviewing payments before you can complete the transaction. Once you tell Plastiq to process the payment, you'll receive numerous email confirmations from the company throughout the way, including confirmation of the first transaction, a notice that a check has been physically delivered to the merchant to pay for the transaction, and a confirmation when the beneficiary cashes it. (If for some reason your payment isn't completed, Plastiq will notify you.)

 

Nerdy Tip

 

Certain credit cards might not work with third-party bill payment services. Before you use one, be sure to review the terms and conditions and inquire with the issuer about what (or whether) the transaction will be processed. It might be treated as a cash advance instead of the purchase. Plastiq says that it notifies clients and blocks payments prior to when they are considered cash advances.

 

 

 

The costs

 

For debit cards

 

The benefit of charging a debit card via Plastiq isn't a great idea. The charges will be a 2.9 percent processing cost that you'd be able to save by sending your personal check directly to the vendor. (Plastiq used to charge only 1% for debit cards, but it increased the cost to match that on credit card transactions in the month of March.)

 

However, if you're not interested to order personal checks, buy stamps, travel to the post office and so on., then Plastiq does cut those corners for you. Still, take care to only use the service if it won't risk exceeding your credit limit.

 

For credit cards

 

Credit cards offer a more interesting use case because they, in essence, Plastiq allows you to pay off bills prior to having the actual cash available. In addition, floating the cash using a credit card in such a way could be a more affordable alternative to other options such as cash advances.

 

" Floating yourself the cash using a credit card this way can be a cheaper alternative to other options such as cash advances. However, it's not free of risk or cost. "

 

 

However, it's not without cost or risk. To begin, the 2.9 percent processing cost might seem like a lot, but when you're using Plastiq to pay a rent check of $2,000, it adds $58 to the amount. Utilizing a Rewards card which earns for instance, a lower cost, but you'll difficult to avoid it completely unless you are collecting an incentive to sign up through the spending.

 

In addition, if you cannot afford to pay off that $2,058 charge in your credit card's billing period, you'll be hit with the card's ongoing interest rate. And rewards cards typically have the highest annual percentage rates the bunch, with some in excess of 20%.

 

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Nerdy Tip

 

Your credit card's can buy you a few days to avoid accumulating interest. The grace period is the window of time between the conclusion the billing period until the date your due date for payment arrives. Grace periods aren't applicable to credit card cash advances, but they could apply to a payment service such as Plastiq. Remember, however, that if you have the balance on your credit card, your issuer will cancel your grace period.

 

 

 

The most important thing is the bottom line

 

In short, Plastiq is a service which is best employed strategically. It will help you hold on to cash reserves if you require them in the short term as well as being relatively inexpensive relative to some other options for quick cash.

 

However, using it to pay bills that you cannot afford in the first place will be costly and unsustainable after the revolving credit card's interest begins to accrue.

 

 

 

About the author: Melissa Lambarena is a credit card writer for NerdWallet. Her work has been highlighted by The Associated Press, New York Times, Washington Post and USA Today.

 

 

 

 

 

 

 

 

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