Update 2/20/19: Plastiq has now sent out this offer more broadly for people to refer friends who are business users and the referrer and referree each get $10k FFD after the referree spends $10,000. (Previously, only select people like bloggers and the like were able to send out this offer.) Even now, the offer is targeted for select users to be able to refer friends, and is not available to everyone. Anyone can signup with the special $10k signup offer, but only targeted people can refer others.
We won’t make a referral thread for this one since it’s impossible to know who really got targeted and who did not. You can leave your ordinary Plastiq referral in this designated thread, just don’t add any mention of this offer or any other commentary to your link.
For those who want to signup for this offer: reach out to friends and family to find out if they have the referral offer and signup with their link. Or you can use our referral link below.
Signup for Plastiq (our referral link)
Plastiq has a special offer for new business users:
- Businesses who signup using this signup link and spend $10,000 on Plastiq will subsequently get $10,000 in free processing toward future payments (called ‘FFDs’).
The free-processing bonus will post to your Plastiq account after your $10,000 in payments has processed completely.
The Fine Print
- Bonus FFDs will post automatically within 1 business day
- Must use a business card to make the payments
- Offer valid through May 31, 2019.
- $10,000 threshold must be met by May 31, 2019
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.
The standard fee on Plastiq is 2.5% making this bonus a whopping $250 value; 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 $10,000 in bills to pay. There was a similar offer in November, though this one is significantly better with a higher bonus and lower spend requirement.
This deal works well with any large spend requirement you have. For example, the Capital One Spark business card offers a substantial $2,000/2,000 bonus when meeting $50,000 in spend. Since that card always earns 2%/2x back, your net cost is just ~.5% on the initial $10,000 in spend. And then you’ll get another free $10,000 Plastiq spend afterward, bringing you 40% of the way toward meeting the total $50,000 spend requirement. Same idea for any large spend needs you have.
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 $10,000 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”.)
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 email@example.com. at firstname.lastname@example.org or via chat. You can tell them you signed up with referral code 264014.