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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 Function?

 

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

 

Written by Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer on the credit cards group at NerdWallet. She has been a passionate writer covering credit card related topics for more than six years. Her previous work experiences include nine years as an author for various publications and websites. In her writing, she hopes to help readers extract benefits from credit cards in order for financial goals such as expanding their budgets, building credit, traveling to dream destinations and repaying debt. She explores these topics as well as others in The Millennial Money column featured in The Associated Press. Her work has also been published in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's degree in sociology from University of California, Los Angeles. University of California, Los Angeles.

 

 

 

 

 

 

Updated Feb 10, 2023 at 10:13 AM PST.

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

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is a service that lets individuals and businesses use debit or credit cards to pay vendors that aren't able to accept other payment methods.

 

As a way to provide this convenience, Plastiq charges you a processing fee that can be expensive -- in December 2022 . And of course, if you're using a credit/debit card and can't pay those monthly bills and you're charged interest, it will be at whatever ongoing rate your credit card bills.

 

But if you need some space to breathe while waiting for your paycheck or windfall to come in, Plastiq could be cheaper than a loan with a high interest rate such as a loan or depending on whether you are able to pay off the debt quickly and in particular when you have a rewards credit card that will cover the processing cost.

 

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Plastiq The fundamentals of Plastiq

 

Plastiq facilitates one-time or recurring payments to pay for bills like , mortgage and utilities, day care homeowners association fees and other charges. It is possible to add a debit card or credit card into your Plastiq account and debit it with amounts equal to your bill and then Plastiq will pay the business on your behalf through a method that the vendor accepts: , or an old-fashioned paper check. (Checks, for instance, read to the vendor as coming from you, and not coming from Plastiq.) The customer does not need a Plastiq account to accept payment.

 

" Plastiq is a service that lets businesses and people use credit or debit cards to pay for vendors who aren't able to accept other payment methods. "

 

 

Plastiq typically charges the 2.9% fee for credit and debit cards. The terms and conditions apply. It is compatible with

 

Visa.

 

Mastercard.

 

Discover.

 

.

 

 

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

 

Additionally, Chase recently unveiled a and it's not clear what implications could have on transactions made with a Chase card via Plastiq.

 

Nerdy Tip

 

As of February. 10 2023 Plastiq does not accept American Express.

 

 

 

How does it work

 

Start by creating a free account using Plastiq and registering your credit or debit card details. You can add multiple cards and choose one to be your default.

 

Additionally, you'll need to add recipients to your account, including the name of the vendor as well as the country. This information will be saved on your account for future reference.

 

" Checks generally take around eight days to be delivered according to the website of Plastiq Therefore, you should include some time on your calendar to avoid having to pay late. "

 

 

For a transfer choose who you want to pay, how much due and the preferred payment method (ACH wire transfer, wire transfer, or check) and the date you want the funds to reach them. You may also need specific information about the amount you're paying like, for example an loan number for the mortgage and a unit code for rent due for an apartment, etc. You can add more details in the "memo" section.

 

You can make a one-time payment or schedule them to automatically repeat. If you are a recipient who accepts checks via snail mail, you may have to submit the payment earlier than the normal. Checks generally take 8 days to arrive, according to Plastiq's website So, make sure to include some extra time on your calendar to avoid making payments in the late hours.

 

Plastiq gives a breakdown of fees, in the form of dollars as well as a percentage in the payment review screen before you complete your transaction. Once you tell Plastiq to make the money, you'll receive several email confirmations from the company throughout the process, including confirmation of the first transaction, a notice that a check will be physically delivered to the seller to pay for the transaction, and a message once the recipient cashes it. (If for some reason your payment isn't processed, Plastiq will notify you.)

 

Nerdy Tip

 

Some credit cards may not be compatible with bill payment services from third-party providers. Before using one, go over the terms and conditions or ask the issuer how (or whether) the transaction will be processed. It could be considered cash advances instead of a purchase. Plastiq claims that it informs customers of this and blocks transactions before they are considered cash advances.

 

 

 

The cost

 

For debit cards

 

The benefit of charging a debit card via Plastiq isn't that great. You'll get hit with the 2.9% processing fee that you'd be able to avoid by simply writing your personal check directly to the vendor. (Plastiq initially charged just 1% on debit cards, but it increased the cost to the same level as credit card transactions in the month of March.)

 

However, if you're not interested to purchase personal checks, buy stamps, go to the post office and so on. If so, Plastiq does cut those corners for you. Still, take care to use the service only when it doesn't put you in danger of exceeding your credit limit.

 

For credit cards

 

Credit cards offer a more intriguing use case since they actually Plastiq allows you to pay bills before you have the actual cash available. In addition, floating the cash with a credit card such a way could be a more affordable alternative to other options such as cash advances.

 

" The option of floating your cash using credit cards this way could be a less costly alternative than other options like cash advances. However, it's not free of risk or cost. "

 

 

But it's certainly not without risk or cost. First of all it's a 2.9 per cent processing fee might not seem like much, but if you're using Plastiq to make a check for $2,000 in rent that adds $58 to your total. A rewards card that earns say, can reduce that cost, but you'll be very difficult to get rid of it except if you're claiming an incentive to sign up through the spending.

 

Secondly, if you can't afford to pay off that $2,058 charge within your credit card's billing cycle, you'll get hit with the card's ongoing interest rate -- and rewards cards typically have the highest annual percentage rates of most, often in excess of 20%.

 

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Nerdy Tip

 

Your credit card's can buy you some time to avoid accumulating interest. Grace periods are the time period between the end each billing cycle until the date the payment due. Grace periods don't apply to cash advances on credit cards, but they could apply to a payment service such as Plastiq. Remember, however, that if you're carrying an outstanding balance, your card issuer will eliminate your grace period.

 

 

 

The most important thing is the bottom line

 

In the end, Plastiq is a service best used strategically. It can assist you in holding on to your cash reserves in case you require them in the near future, and it's fairly inexpensive relative to some other options for cash in a hurry.

 

However, paying for expenses that you aren't able to pay initially will be expensive and insufficent when the revolving interest on credit cards starts to kick in.

 

 

 

The author's bio: Melissa Lambarena is a credit cards writer at NerdWallet. The work she writes has been highlighted by The Associated Press, New York Times, Washington Post and USA Today.

 

 

 

 

 

 

 

 

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