Plastiq Fees to Increase to 2.85% on July 1
Plastiq is a service that let’s you pay most bills with a credit card. They charge a fee of 2.5% to do so. But now that fee will go up, starting next month.
An email sent out to some customers says the following:
Recently, several major credit card companies announced an upcoming interchange price increase (the cost of processing a credit card), which directly impacts our costs at Plastiq. This third party increase means the fees your customers pay when using Plastiq will move to 2.85%, effective July 1, 2020 for most transactions.
Looks like this is a system wide increase, but we’ll probably find out more details soon. For now you can still schedule payments past the July 1 deadline with the current 2.5% fee. The email says that the fee increase could no longer be avoided. Also notes that new Plastiq features and products are on the way.
A 2.5% already made it difficult to justify any credit card spend on Plastiq, and now it gets worse if you have to pay 2.85%. Still, the best use of this service is when they run promotions that lower this fee, often to less than 2%.
If you need to sign up for Plastiq, you can use my referrals below: