Plastiq: New Business Signups Get $5,000 in Free Credit Card Processing after Spending $15,000

The Offer

Signup for Plastiq (our referral link)

Plastiq has a special offer for new business users:

• Businesses who signup using this signup link and spend $15,000 on Plastiq will then get $5,000 in free processing toward future payments (called ‘FFDs’).

The Fine Print

• Bonus FFDs will post automatically within 1 business day
• Must use a business card to make the payments
• $15,000 threshold must be met by December 31st

Plastiq for Business

Plastiq has been pushing hard for businesses to adopt them in paying vendors and providers, something becoming increasingly realistic with the added wire and ACH options, and even international wire. The unique value proposition for businesses is multiple:

• Cash-flow. One of the biggest issue most retail small businesses face is keeping steady cash flow. Credit cards can give an extra month or two of float.
• Tax write-off. When paying a business bill with Plastiq which incurs a 2.5% fee, you can write off that fee. In effect, the actual cost to your pocket may be something like 1.5%, depending on your tax rates.
• Points. Like with personal bills, you’ll get credit card point. This is the biggest motivation for most of our readers. Technically, in the case of business payments, the credit card rewards may belong to the business, though in reality it’s sort of a gray area and I doubt many people report it that way. I wrote more thoughts on this in a dedicated post.

In the end, business owners will have to do the math to see if it makes sense for them. For example, a business owner who doesn’t have cash-flow issues won’t find it as enticing as one who does.

Our Verdict

Standard offer for new members who signup with a referral is to get $500 in free processing after $500 in spend, so this offer is significantly better but it does require $15,000 in spend and a business.

$5,000 in FFDs is worth $125 since the standard processing cost is 2.5%. Not bad for signing up with a bill payment service. Of course, not everyone will be eligible due to the business requirement and not everyone will have $15,000 in bills to pay.

From what I’m told by Plastiq, the main qualification here is to use a business card for the bill payments; that will qualify you for the $5,000 FFD bonus. This signup offer is meant for businesses, so you might have to also input during signup that you’re a business. (On the signup page, they’ll ask “who will you be making payments for?” and if you’re a business signup the answer would be “my company” or “both”.)

Please do not share referral links in the comments, you can leave them in this dedicated page. Check out our full review of Plastiq here.

If you have any issues with the bonus or want to confirm that it’s attached to your account after signing up, you can reach out to Plastiq directly at marketing@plastiq.com.