We know you likely have some questions about our recent announcement that Plastiq fees are slightly increasing. Here are answers to some of the most common questions.
- Why are you raising prices while we are in an economic downturn?
Interchange rate increases are up to the credit card companies, not Plastiq. Plastiq has absorbed the cost of all the previous interchange increases and kept our fees flat. This time, however, the increase was unavoidable.
- Is this increase for everyone?
It depends on where the person or business you’re paying is located. Beginning July 1, 2020, anyone making a payment to most U.S. or Canadian parties will be charged the new rate, regardless of where the payor is located. Fees on payments to some businesses may be lower.
- What about any other fees?
This fee increase is specifically for credit card payments. Domestic and international wire transfers now feature flat pricing regardless of the amount. Domestic wire fees are $40 plus the Plastiq fee. International wire fees are $60 + the Plastiq fee.
- How am I going to afford this increase?
By paying with your choice of credit cards, many businesses can recoup Plastiq’s fee with the benefits of that card—like cashback offers or points. Our fees can also be classified as a business expense and tax deducted. And many businesses receive early pay discounts from sellers that offset the cost.
- Will Plastiq be raising fees again?
While we don’t anticipate another fee raise any time in the immediate future, we can’t control what the credit card companies choose to do. We can say that as in the past, we will do everything we can to keep our fees low.