Plastiq is a unique service suitable for both small and large business owners. Plastiq’s services open a variety of opportunities for its users, and the charges are not as expensive as other platforms. The Plastiq service will give you the opportunity to use your credit or debit cards for certain payments. Plastiq fees are quite affordable and convenient. You can also get some bonuses for using their service. The bonuses associated with using the Plastiq service may come in various forms, and they are easy to use. This overview includes a look at the fees associated with Plastiq, as well as a better understanding of what Plastiq tax-deductible is and how Amex will work out for you.
There are varieties of offers that come with using the Plastiq services. Even if your card is not issued by the vendor, you can still pay your bills with Plastiq, although this does not come without a cost as you will be required to pay a token for the transaction. Let’s delve in.
What is Plastiq?
Not so many individuals and business owners are aware of the Plastiq services, however, this is not uncommon. Plastiq is a financial service that enables users( business owners or individuals) the opportunity to pay their bills like utilities, rents, mortgage, tuition, and other expenses.
When Plastiq started operating back in 2012, its mission was to serve big companies but it had to change that due to the small business owners (entrepreneurs) and this decision has been a tremendous help to individuals who has bills to sort out.
With a Plastiq account, you can easily add your credit or debit card to the Plastiq account. When you decide to make a transaction, you can do that through the account, and Plastiq can help you with this by charging the full amount of the bill. They will use your credit card to make the payment to the vendor or recipient and charge you a token for the transaction.
Regardless of the method of payment the receiver accepts, they will transfer the money. One of the best aspects of using Plastiq services is that the receiver does not have to own a Plastiq account.
Understanding Plastiq
With Plastiq, you can earn points from each transaction made from your Plastiq account. The bigger the purchases/transaction, the bigger the points. You also make some purchases with the points. These points are bonuses, and bonuses come in original form on the platform.
The misconception about Plastiq is that it is majorly for big business owners, but this is not true. with Plastiq, a big business owner can send or receive money automatically without getting stressed about making a payment every month. Small businesses can also use the Plastiq service for their daily transactions. And as an individual, you can pay tuition, income taxes, supplies, rents, mortgage, materials, and also for home utilities.
What are Plastiq fees?
This unique service does not come without a fee, and unlike other similar financial services, Plastiq fees are affordable. In this overview, we will break down some of the fees that are associated with the Plastiq service.
Debit cards
Using a debit card with Plastiq is not free, but you can easily avoid the fee. For each transaction you make with your debit card, you will pay 1% of the processing fee. The 1% processing fee is often added when the cheque is written by Plastiq to the recipient. And yes, you can avoid this 1% processing fee by drafting the cheque yourself.
Indeed, the do-it-yourself method will save you from the processing fee, but you should also look out for other expenses. You can use Plastiq for many transactions. The fee associated with using a debit card with Plastiq is 1%.
Credit cards
Using a credit card with Plastiq comes with lots of mouthwatering offers and perks. For each transaction with a credit card, they will charge you with 2.85% processing fee. When you use a credit card with Plastiq, you can still pay some of your bills even when you do not have the cash at hand.
The processing fee associated with credit card use may appear expensive, especially when the transaction is high in the figure. But the good news is that you can cut costs by using their bonus points or reward cards. Some bonuses offered on the Plastiq account can be of help to your transactions, to cut costs.
Some Plastiq promos can help reduce the 2.85% processing fee. Before concluding with the possibility, you should know that Plastiq usually offers some promotions that can reduce the processing fees on your credit card.
Such promotions include referral programs and other bonus programs that will earn your Fee-Free Dollars (FFDs). For the referral program, with each number of new friends you bring, you will get a token of 100 FFDs. And to stay up to date with the other perks that can help in cutting costs, sign up for their email alerts/newsletters.
Cheques
For every cheque written by Plastiq on your behalf, they will charge you a 1% processing fee. For an expedited U.S. cheque that is sent through FedEx, they will charge you with the official 2.85% processing fee and 0.5% base fee, $24.95 FedEx Priority Overnight fee, and a $10 handling fee. When you pay with an AmEx card, you may get some deduction on cost.
Bank transfers
If you are making an electronic transfer to a bank via Plastiq, first this will take 0-2 working days. And they will charge you a 2.85% processing fee and 0.5% base fee, and a $10 handling fee.
For U.S Local Transfers:
Wire transfers within the United States take one day and are subject to a 2.85% processing fee and a $40 bank and handling fee for each recipient.
For International Transfers:
Plastiq is not limited to U.S citizens alone, they are available in other countries as well. For international transfers, the transaction will take 2-4 working days. And they will charge you with 2.85% processing fee and $60 for both bank and handling fees.
Plastiq Fees Tax Deductible?
One of the best parts of using the Plastiq services is that you can pay your taxes. In an instance where you owe taxes to the IRS, you can make the payment through Plastiq services. Plastiq fees and tax are deductible and with the right course of the plan, you can get to cut some costs from your tax payment.
Although cutting costs can occur when you look out for offers. The rewards card like AmEx rewards checking debit cards. If you can’t pay your taxes on time, you can request an expansion pending till the time you can get a unique offer. However, this will come with penalties for late payment.
With Plastiq services, you can get a tax reduction and this is possible with the help of the reward points that are available on the platform. Most of the time, people find it difficult to pay their taxes through credit cards. Some even see it as a bad idea, but with the help of a Plastiq, fees and taxes are deductible and you can also get a tax deduction.
Plastiq Fees AmEx
Plastiq accepts all kinds of methods and payments, and yes, it also accepts AmEx. For every transaction made with the AmEx credit card, they will charge you a 2.85% processing fee. The AmEx credit card comes with some goodies that will give you some bonuses on every transaction you make with the card.
While Plastiq accepts all kinds of payment methods, you should know that Plastiq does not accept AmEx cards for business invoices, student loan payments, mortgages, and other payments, but it accepts payments that are not business-related, tuition fees, taxes, rents, membership payments, and others.
When making payments with Plastiq using an AmEx card, you should know that even with the fact that AmEx offers some amazing perks, the fees of 2.85% charged on every transaction can still make you lose money. Notwithstanding, you will still get to earn some and cut off some of the costs.
How Does Plastiq Work?
Plastiq is an online financial service platform that offers a suitable and unique method to make payments with your debit & credit cards and also helps you earn a bonus while making the payments. You can make transactions with your American Express, Visa, Discover, Diners’ Club, or MasterCard. The platform accepts many payment methods. In answering the question, how does plastiq work, consider the following:
To Have an Account With Plastiq, Follow These Steps:
- Create a Plastiq Account: To create a free account, you need to log in to the official plastiq website and create a profile.
- Add Your Credit or Debit Card Details: You can choose to add one of your cards or all and set one as the default card.
- Add some of your beneficiaries or recipients to the account.
To Make Payments on the Plastiq Account, Follow These Steps:
- Add the details of the recipient: The details of the recipient are to be the account number and name.
- Add the amount: Input the amount you are willing to send. And also note that, for every transaction, a processing fee of 2.85% will be charged.
- Add the recipient’s payment method
- Add more information on what the payment entails:
Whether for tuition, rent, tax, mortgage, or others, Plastiq does help make transactions work better and easier than traditional banking. Depending on the type of payment you are making, transactions are quite fast and it takes 0-4 business days. As a business owner, you can set up a schedule for your payments if you do not want to experience late payments.
Plastiq platform is secure to use. If you face any challenges relating to the transactions you make on their website, you can contact the official plastiq website.
I believe you can now answer the question, “How does plastiq work?”
How to avoid Plastiq fees?
This fee can be offset by joining up using a referral link and bringing people to the platform. You’ll get extra Fee-Free Dollars if you sign up through a referral link or refer someone who makes $2,500 in payments within the first 30 days of signing up.
Does Plastiq accept PayPal?
PayPal still accepts Plastiq payments from a PayPal Key debit card with wallets linked to another debit card, bank account, or existing PayPal balance as of today. Please make any scheduled payment adjustments. Of course, Plastiq provides a variety of different payment options in addition to PayPal Key.
Does Plastiq work with Visa?
Plastiq lets you use your current Visa Small Business card to pay for almost all of your business costs, even when cards aren’t accepted.
How much for every transaction made with the AmEx credit card?
A 2.85% processing Plastiq AmEx fees
Conclusion
Plastiq is a financial platform suitable for all transactions, whether locally or internationally. You can make transactions without incurring a loss. The unique aspect of using the Plastiq service is the security and offers that come with it. With this overview, we hope you have got the answers to the fees associated with Plastiq, what Plastiq tax-deductible is as well as how Amex will work out for you.
Plastiq Fees FAQs
How much for every transaction made with the AmEx credit card?
A 2.85% processing Plastiq AmEx fees
How does plastiq work?
Plastiq does work as an online financial service platform that offers transactions with your American Express, Visa, Discover, Diners’ Club, or MasterCard. The platform work or accepts many payment methods.
