Plastiq Suspends Payments to Vendors in US and Few Other Countries
Update (Mar 13, 2023) – You can now make Plastiq payments once again. Here’s the update that was sent out today by email:
We wanted to reach out and apologize for your recent attempt to submit a payment with us. We would like to invite you back to submit your payment now.
Going forward, in order to continue to avoid any future disruptions, we have adjusted our configuration to a new bank processor. We again apologize for this recent inconvenience and appreciate your patience with us as we continue to strive to provide the best possible experience for our customers.
Original article (Mar 12, 2023) – Financial regulators closed Silicon Valley Bank and taken control of its deposits. The collapse of SVB, a key player in the tech and venture capital community, has left some companies and especially tech startups unsure of what will happen to their money. SVB also happens to be the the processor for Plastiq payments. So we expected the service to be impacted.
Now Plastiq payments have been suspended. Plastiq says it’s only temporary. If you attempt to make a payment, you will see the following error:
We are experiencing a processing error at this time and are temporarily suspending payments to vendors in the US and a few other countries. We are working on this issue and hope to be able to process this payment again soon.
For now, we suggest sending your payment via an alternative means.