Update 10/10/23: Plastiq has sent out an e-mail stating that American Express will be coming back in the coming weeks. (update: back now)
Update 9/4/23: On August 1st it was announced that Priority Technology Holdings, Inc. completed its acquisition of Plastiq, Inc.
Original Post 5/24/23:
The Plastiq bill payment service filed for bankruptcy under Chapter 11 reorganization bankruptcy. The bankruptcy is reportedly related to the recent collapse of SVB bank.
Simultaneously it’s been announced that another company called Priority Technology Holdings, Inc. is the stalking horse bidder to acquire Plastiq.
Press Release | Court Documents | Bloomberg (paywall)
VFTW reports that if all goes well the business will continue as before and there won’t be any interruption in bill payment services. Regardless, the risk in using the Plastiq service seems minimal since we should be covered by our credit card protections. It might be a good idea to only use traditional credit cards where you are comfortable with such protections and keep away from using debit or prepaid cards. It would also be prudent to have a backup plan in case any payment doesn’t come through in a timely manner.
View Comments (144)
Anyone had any issues processing payments thru Plastiq recently? I pay rent with Plastiq. Last week I paid my landlord (landlord confirmed receipt), however, Plastiq never charged my credit card. Has anyone heard of this happening before?
@will @chucksithe Plastiq now include a delivery fee for each payments, ranging from $0.99 to $1.49 to $39
https://support.plastiq.com/s/article/the-plastiq-fee
Posted, thanks
Huh, they did not think 2.9% is enough?
I seriously don't understand how they are not able to turn profit where they are already. They have zero competition and should be in position to negotiate favorable fees with payment networks,
I've been using them quite a bit lately despite steep 2.9% fee to churn $200 Staples MCs. Cost per UR came to a bit below 0.6c which is a bit higher than I want to see it but reasonable. Now it's going to be over 0.7c. Not sure they have my business anymore.
Seems like most of us will pay $0.99 or $1.49. Higher ones for wires. Also assuming this is only for new payments not previously set up scheduled payments
They wont respond to emails. Their phones are disconnected. I want my fucking money back
I've tried calling them and e-mail. Nothing. Wells Fargo bought them out. They owe me 3500 dollars
What are you talking about? What's the story?
I don't think Wells Fargo bought them out. They were acquired by Priority Technology Holdings, which is an independent publicly traded company.
I've used Plastiq after their bankruptcy filing and as late as late September and all payments were delivered. Currently have some outstanding payments as well, scheduled to be delivered in a few days.
Have your payments been delivered?
Can confirm now, my latest set of payments posted on 10/19.
Don't know yet. It's impossible to tell until checks are deposited by the recipient. I expect that should be tomorrow or Monday.
And plastiq stated not to make any payments at this time. They should be paying me 18 percent on the money they basically stole from me.
Where did they state not to make payments? Still curious to hear the whole story.
Look them up and make a phone call. It's wells Fargo
Have you called that independent company? It's wells Fargo. Do your research
Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”), a leading platform for unified commerce that delivers integrated payments and banking at scale, announced today that it has entered into a definitive agreement (“the Purchase Agreement”) as the stalking horse bidder to acquire substantially all of the assets of Plastiq, Inc and certain of its affiliates in its Chapter 11 Restructuring (the “Transaction”).
What does this have to do with Wells Fargo?
Maybe they mean this:
"Priority Technology Holdings, Inc. is a registered ISO/MSP of each of Wells Fargo Bank N.A., Concord, CA; Synovus Bank, Columbus, GA; Axiom Bank, N.A., Maitland, FL; and PB&T Bank, Pueblo, CO."
"Independent sales organization” is a term used by Visa for approved providers, whereas “member service provider” is used by Mastercard. Both of these describe third-party payment processors that oversee merchant accounts for companies."
Obviously not many details yet, but I'm not holding my breath on them accepting Amex for mortgage.
Thanks Chuck! The AMEX removal from Plastiq was devastating for my sign-up bonus opportunities with AMEX, so I am looking forward to this option returning!
Agreed it was always great for overpaying property taxes every fall - esp when using the 0%apr for 12 months on biz cards - we get a 3% discount for paying for taxes in full by 11.15 (or we can split pay in and get 2% on 2/3rd or spliting it into 3rds for no discount.
We are kinda of tapped on on Amex card we want (except for some of the Hilton cards for SUBs -but also in pop-up jail - but interestingly we still get upgrade offers with spend every year.
Great news! Anyone know of more specific timing for Amex returning?
Scared me with that old headline
Of course...Amex is ready now. Enlarging their "families" so less cards you can get a bonus on!
Noice!