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Plastiq is running an interesting promotion for new business customers: sign up through the link under “The Deal” below and send $50K in payments by the end of November 2019 and earn 50K fee-free dollars for future payments. After paying the 2.5% credit card processing fee on the first $50K in payments, that’ll work out to a net cost of 1.25% after a total of $100K in payments (assuming you use the 50K fee-free dollars on the next $50K in payments).
- Plastiq promo for new business customers: sign up via our referral link here and spend $50K in payments by the end of November 2019 and get $50K in fee-free dollars
- Plastiq will also add 5K fee-free dollars for each new business account that signs up via the link above
- Must be a new business customer
Plastiq is a service that enables you to use a credit card to pay bills that ordinarily require a check. Read more about the service in our Complete Guide to Plastiq credit card payments (2019).
This promotion is just for new business customers and requires quite a lot of spend as you’ll need to send $50K in payments by the end of November 2019 to trigger the 50K in fee-free dollars. For those unfamiliar, fee-free dollars mean that you can send payments without the credit card processing fee. In other words, you’ll pay the credit card processing fee on your first $50K in payments and then you can enjoy the next $50K in payments without a credit card processing fee (just note that you do need to manually apply fee-free dollars to your payments when you schedule them).
Plastiq is additionally adding 5K fee-free dollars for each new business account that signs up via our link, so I believe you’ll be able to apply those from the beginning and perhaps only pay the credit card processing fee on $45K in payments (depending on how you manage and apply your fee-free dollars). You could therefore be looking at a net processing fee as low as 1.125% on the first $100K in payments. For businesses that make a lot of payments, that could be a great deal since many credit cards offer rewards that are worth more than the net fees in that case.
Keep in mind that as of last week, Plastiq has suspended the processing of payments via Capital One credit cards. That’s too bad since there are some attractive welcome offers on Capital One’s business cards that require a lot of spend to trigger and Plastiq would ordinarily be a good way to meet those requirements. Hopefully it’s a temporary suspension, but as of now you will not be able to use Capital One cards to make Plastiq payments. There are some additional restrictions in terms of the types of payments that can be made depending on the type of card you are using. See our Complete Guide to Plastiq credit card payments (2019) for more detail.
Overall, this is a deal that will likely only appeal to those readers with a business that regularly sends a lot of payments, but it could certainly be of value to those to whom it is targeted.