Plastiq is an online bill payment service that promises to provide you with much more convenience, especially if you'd rather pay things through your credit card instead of cash. It provides a way for you to use your card for things you couldn't normally use them such as your rent, student loans, car loans — the lot! An added bonus is when you remember that this gives you more time to pay off these loans.
Plastiq is an online bill pay service that makes paying vendors who don't accept credit cards much easier. All you have to do is link your preferred credit card to your Plastiq account online and once you've filled a payment form (how to fill out a payment form will be discussed in detail below), they will take care of the rest.
How Does It Work?
Here's the first thing you have to do: create an account. Once you've done just that then all you have to do is list down the recipient name and their bill information followed by their address/direct deposit details (this depends on whether you want the team at Plastiq to mail a check to the home of the payee or if you want them to deposit it directly into a bank account).
Of course, enter the payment amount. Take note that the recipient does not need to have a Plastiq account for this transaction. Once you've completed all these steps, it will take only up to 8 days until the payee receives either a check, wire transfer, of ACH transfer depending on which you choose as your preferred mode of payment.
It takes 2-3 days for bank transfers and 3-8 days for checks to be sent out. If you chose to send out a check, you can have the check customized so that the receiver knows that it is from you.
You will get an email notification throughout all of the processes and you may track the updates through your account.
Cost and Price Plans
Plastiq charges your linked credit card for two things: first, the payment you made and then a 2.5% (or less) transaction fee. This may seem like a lot but keep in mind that most credit card companies offer a 2% cash back.
Once you choose to use Plastiq, it will cover the cost of the transaction fee. There are times when Plastiq offers promotions and lowers the transactions fees for specific credit card companies.
The reviews for Plastiq have been mixed. Like all companies, there are some users that give raving reviews and some that give scathing comments about their service.
Most complaints have generally been about the promotions that are posted on the website but do not work, some also think that the 2.5% transaction fee is a bit too steep for their liking and isn't worth it, and a fair few have even claimed that Plastiq charges their credit cards but fail to send out the payment to the designated receiver.
On the other hand, some customers have been nothing but pleased and have been using this service to pay for everything from their rent, mortgages, car loans, or even their children's day care centers. These are the ones who have no problems with Plastiq whatsoever and have vowed to continually use the service for their cashless transactions.
Competitors and Alternatives
Plastiq isn’t the only company serving their cashless transactions so let's take a quick look at the other companies providing the same service.
Plastiq vs Venmo: Venmo is a digital wallet that enables you to share payments and make payments with others so you can easily split bills or pay for your favorite online stores. You can also easily link your bank account and/or debit card to withdraw the money from your Venmo to your bank.
Plastiq vs Paysimple: Paysimple was designed mostly for small businesses and it provides you with easier and better ways to market your services, retain customers, and send and accept payments.
Plastiq vs Paytm: Paytm is also a digital wallet and payment system. They provide a QR code with your purchases and it automatically charges to your bank account so you don't have to carry your cash or withdraw as much.
Where to Buy
All you have to do is log onto or create a Plastiq account and let the "How Does It Work?" part of the article guide you through everything.
Plastiq cannot be dubbed as the most reliable service but it is still worth a shot. You may want to give it a try with something less daunting than a mortgage first though—maybe try online shopping first and then see if the service checks out.
The services of Plastiq isn't unique but it surely takes a load off for people who prefer using their credit cards for payments rather than physical cash. If you're one of those people, you can always try out Plastiq but be sure to weigh the pros and cons of the 2.5% transaction fee first and figure out if it's worth it and better than the charge-free modes of payment you could be doing instead. Make smart money choices.
4 ‘Plastiq’ Reviews
Horribly lacking customer service.
Bait and switch tactics. (You have to pay more to have payments processed in reasonable time)
Failed to process and refunded payments without any explanation.
If they need to verify their ability to process the payment, shouldn't that be done before they take my money, only to refund it later.
Seems like an accounting scam.
Is it me or is this email just rude and uncaring.
Plastiq Account Services Mon, Oct 5, 2020 at 4:52 PM
To: "[email protected]"
Thank you for your reply. I do apologize, but we will not be able to support this payment. You will need to pay this recipient outside of our service.
Hi, I already provided the invoice requested.
I'm not sure what you mean by " cannot support this payment category"
Business Services/Technology is clearly a supported category with Visa credit cards.
I signed up entered all the info they asked for. sent pic of drivers LIC, sent pic of me holding divers LIC like they asked. Then I get message unable to verify legal identity. Sent chat message asking what I need to do to fix problem. some guy named stravos said problem cant't be fixed I ca only use the paper check service. I want o use the electronic transfer. he says he cant't fix it. So I say I will cancel. now he says he can help and fix It sounds like BS.
I don't know if this is a coincidence or not but some one hacked my amazon card and tried to charge $1,752 from Nordstrom direct. never had a problem with this card until I entered it in there system.
I PAY 3 PROPERTY TAXES THEY TOOK THE MONEY OUT OF MY CREDIT CARD A MONTH LATER SEND AN E MAIL THAT THE CITY REFOUND MY MONEY TO MY CREDIT CARD ,AND IM KEEP WAITING FOR THE CREDIT,NO NUMBER TO CALL NO E MAIL ANSWERED ,IS A SCAM
First things first, they have no phone number, so you can’t call for help. They will email you at their convenience. My name is on my account but when they email me, it says “Hi unknown.” I used their service to pay my car note. I recently sold the car back to the dealership and no longer need to pay for it. I deleted all the future payments, but Plastiq will NOT let me delete my credit card information. I can’t call them because they have no phones. I have to wait until they decide they want to help me. I don’t want to cancel my credit card or have to do anything obnoxious to avoid getting raped by this garbage company. If they want to keep my credit card from being deleted from their site, I have to assume it’s so they can continue to take my money, only they won’t be sending a check anywhere. I used to think this was a great service, now I know they’re laughing at me while they steal my money. Use this service at your own risk. Just know that if you need any help, you’re better off asking your dog.