Plastiq bill payment processor will increase card payment fees from 2.85% to 2.9% from December 1, 2022 citing increased costs from card networks. Existing recurring payments will not be impacted.
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Lemme guess… “supply chain issues.”
I have yet to understand why anyone uses this service.
Still come out 0.1 percent ahead paying my mortgage with my biz CC….so will keep doing to allow me to manage cash flow
What credit card that let you be ahead paying your mortgage with ? I’m new to this and still would love to learn more.
Thank you
Thanks for the memories, Plastiq. We forgot you still existed, but are currently reflecting on the nostalgias of years past with you.
Still a solid choice for hitting MSR
Most certainly not worth a fee just short of 3% when you can do it for free.
BoA no longer codes as travel for my mortgage either, so…
Damn, just noticed this. Bet they’re going bankrupt soon.
Actually going public soon.
Circling back from r/churning, found several DP’s confirming change occurred sometime AFTER Nov. 5th, can also confirm Plastiq coded as travel for a non-mortgage payee on Nov. 5th 😉 One poster saying it still coded correctly on Nov. 17th, can confirm not working for my mortgage payments on Nov. 19 despite removing and then adding back as new payee with different category (in Plastiq’s interface). Now codes as BUSINESS SERVICES NOT ELSEWHERE CLASSIFIED, this was on Biz CCR set to travel. Hoping this is a fluke.
might still work in the BofA Biz “Business Consulting” category, or BofA personal Online Shopping (but I haven’t confirmed these)
My rent still coded as RE, dated 11/11
What’s the MCC now? (On the BofA website, Activity, click on the transaction; “Merchant description” is the MCC).
And which mortgage lender?
Code 7399 showing for all my Plastiq transactions.
What is it coded then? Early this month it was still coded as “Real Estate Agents and Managers — Rentals” for my BoA personal and business cards.
Oh wow I just noticed this as well. The Merchant Description is showing as BUSINESS SERVICES NOT ELSEWHERE CLASSIFIED and Expense Category as Business Services.
Looks like if I change my 3% category to Business Consulting Services, that would cover it.
just a data point. on 12/7 charges, they did in fact pay the 3% with the category set as “business consulting services”
Same for myself. Coding as BUSINESS SERVICES NOT ELSEWHERE CLASSIFIED. This was for a 11/28 transaction. Changing to business consulting services category, previously was coding as travel.
Tested a small charge, still counts as online for personal cards. The list of exclusions contains most “____ services not elsewhere classified” but curiously not business services so this lives on for now…
I bet they’ll go bankrupt in 2024. Wanna bet??
I bet you’ll be banned again before 2024, Jordan Professional MSer.
slow clap
I always wanna know who the h actually use their products, for non-MS purposes. I mean, 2.9% fee? come on
It’s not a good deal by any means and I don’t use it regularly, but if I have a large spend requirement to meet to get a bonus, I will sometimes utilize them for rent.
If you accept payment via PQ and put the 2.9% on the person making the transaction. Contrast that with SQ, stripe, wix etc which all hit the seller for 2.9%.. in that scenario it could be useful for selling services or products online…
There is use cases for rental property expenses where
1. the minimum charge for using a credit card direct with xyz is more then the 2.9%.
2. the time bought to float a payment by it being on the credit card is more important then the .9% fee (making an assumption some kind of 2% cb card is used).
3. and others…
I don’t know if you know the answer or not but I thought you might be able to help. So my HOA charge 3.4% additional if I’m paying them using credit card through a link they send on Quickbooks. I pay them using Visa Gift Card from Staples which I buy them using Chase Ink Business Cash. I wonder if there is any way that I could save more using Plastiq.
Thank you
Your already in the most beneficial situation for what your talking about. (5% -3.4%)
Paying bills isn’t MS (unless there’s some shady shit going on).
For practical purposes, taking spending that would normally be ACH/debit and repurposing it into CC spending is MS.
I’ve found daycares and stuff that may not normally take credit cards will accept payments through Plastiq. Life insurance and other non-CC accepting companies
I still use them. I have lots of 1% promo recurring charges. But they are coming to an end this year
I’ve been using it to meet transactions for a rewards checking account – pay 75 cents a month to get 3% without amazon shenanigans.
It was worth it, since I was supporting a Minority Depository Institute and getting an additional like $7 a month, but I guess isn’t anymore. *sigh*
An answer though: Plastiq’s fee is a business expense. So with a business the cost is 2.9% x (1-Marginal tax rate). If your untaxed credit card rewards are worth more – like using a 2% card at 32% marginal rate – than it’s profitable and you get at least 30 days free financing from the banks.
I would pay the 3% to liquidate gift cards. No luck lately. It’s a lot but still profitable. I miss the days of couch MS’ing when it was 1% and you could send the check directly to the credit card company you used to by the card.
Actually going public through a SPAC merger soon: https://www.plastiq.com/news-press/https-www-bloomberg-com-news-articles-2022-08-04-plastiq-to-merge-with-colonnade-spac-in-480-million-dealxj4y7vzkg/