We know you likely have some questions for us about our announcement that Plastiq fees are slightly increasing. Here are answers to some of the most common questions.
- Why are you raising prices when the economy is bad?
Interchange rate increases are up to the credit card companies, not Plastiq. In the past, Plastiq has absorbed the cost of all previous interchange increases and kept our fees flat. However, this latest increase made it necessary for a marginal increase from us.
- I live in the United States. Will this increase affect me?
It depends on where the person or business you’re paying is located. Beginning May 8, 2020, anyone making a payment to a Canadian party will be charged the new rate, regardless of where the payor is located.
- What about any other fees?
The fee increase is only for credit card payments. All other fees remain the same.
- 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 and not pass along any credit card interchange fee increases.