Posted by Chuck on February 20, 2019
Manufactured Spending

Published on February 20th, 2019 | by Chuck

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Plastiq: New Business Signups Get $10,000 in Free Credit Card Processing after Spending $10,000

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.

The Offer

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.

Our Verdict

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”.)

Please do not share referral links in the comments here, you can leave them in this dedicated page. Check out our full review of Plastiq here.

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 marketing@plastiq.com. at service@plastiq.com or via chat. You can tell them you signed up with referral code 264014.



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arkistan
arkistan

Just used the referral link to create a new account. The referrals page only shows the promotion for “You’ll get 500 FFDs after paying $500 worth of bills with Plastiq.” Nowhere does it mention the 10K FFD offer. How do I know of the offer is attached to this account?

Yet Another Redditor
Yet Another Redditor

Do we need a new Plastiq account for our business to use this offer?

Klowns
Klowns

But you’ll have to pay the fee on the first 10k. So would it be accurate to look at it another way as 1.25% on $20,000 of spend… I guess that wins out on most cards.

Ian
Ian

Got a response back from Plastiq and they said the offer expired last year.

Ian
Ian

Chuck any comment on whether this referral bonus is still active and valid?

Amol
Amol

This deal was perfect timing for me since I just got the Spark Business and had a very large payment for our business to make. Got the 550 FFD to start, made a couple payments adding up to $10K, emailed them about the referral and just got the 10K FFD added to use. Overall paid $236.25 for $20K in payments or 1.18% … for about 121.4K C1 miles since I plan to spend exactly $50K on this card

William Charles

Surprised you didn’t have a Plastiq account with a lot of referrals before this!

Jatan
Jatan

New targeted round being sent by email with 5/31 exp:

“Refer any business with your unique referral code and when they make payments totaling at least $10,000 US Dollars on or before May 31, 2019, both of you earn 10,000 fee-free dollars (a $250 value).

*This offer is only available to the Plastiq account associated with (email) and is not transferable. Your referral must be a new business customer and have signed up with your unique referral code before making their first payment. There is no limit to how many new business customers you can refer. However, each referral is only eligible for one bonus. Existing Plastiq customers do not qualify as a “new business customer” for this promotion. Retroactive credit will not be given for new business customers who do not submit your unique referral code on their first payment. Your referral must process at least $10,000 USD worth of business payments with a processing date on or before May 31, 2019 in order to count toward referral payment volume.

Standard referral payout will occur automatically after $500 is processed. The 10,000 fee-free dollars will be credited to each account within 2 business days of promotion volume processed. Cannot be combined with other Plastiq promotions or offers. Plastiq reserves the right to update any promotion at any time.”

Rabbmd
Rabbmd

Did anyone ever hear if a new business account works as a referral if someone previously had a personal account?

MarcoPolo
MarcoPolo

I am targeted but have no business to refer to 🙁

Intl churner
Intl churner

+1

Alex
Alex

Same here, haha

Larry
Larry

Does the new Plastiq account have to be a real business, or just a “business” using business credit cards to pay bills that may not really be business expenses (like college)?

Overall this seems like $10k in paid fee payments net $20k fee free payments ($10k each for the referrer and referee).

Abey

Was thinking the same thing if I can refer my Fiance and then have 20K fee free.

Abey

I’m so tempted to leave my 10K referral code here. But I have too much respect for Chuck and William so I will be a good boy 😊

bostonwalker
bostonwalker

well, you don’t have a choice either. If you leave your code here, your post will be deleted anyway. So, be a good boy 🙂

Fay
Fay

Does anyone know whether there is an expiration date on the earned FFDs?

Matt
Matt

Yes, 90 days. But using FFDs or getting more FFDs refreshes the expiration date back to 90 days.

wrangler1980
wrangler1980

Not sure if this is helpful to anyone, but I had a personal account and emailed Plastiq to ask if I could open a business account with the referral. They converted my personal account to a business account and marketing told me that it was good to go as long as I used business cards to reach the $10k. Only $1300 away so I will update in a week or two when I hit the 10k. I received an email from plastiq this morning with the above referral code so that is probably a good sign.

wrangler1980
wrangler1980

Reached 10k with business cards and emailed marketing. They responded within a couple days and awarded 10k FFD.

Rob
Rob

I received the 10K email with my referral code. However, when I tried to refer a family member (who owns rental properties), it stated the person already had an account with my referral code. I checked with the person and he did not remember having used plastiq before.

Also he said the screen with my referral code only mentioned $50 FFD, not 10K as the Plastiq email stated.

Victor M
Victor M

I signed up using the referral code in this post. As others have mentioned, the website was displaying only a FFD offer of $500 after $500 spent. I contacted the email to double check that the full 10k promotion was attached to the account, and they confirmed. Just in case anyone else was unsure based on what the website was displaying.

Rabbmd
Rabbmd

So here goes my analysis of this offer utilizing two player mode. Feel free to punch holes. I am very tempted:

I refer from my account to my wifes new business account (she has a personal so I am emailing to confirm her eligibility).

Spend $10,000 by May 31st pay fees of 2.5% or $250. It looks from comments this should be only with business cards? To pay our larger payments like a car payment or mortgage this needs to be a MasterCard business card, of which I cannot find many, so say on a citi Aadvantage business mastercard? That gets 10,000 aa miles for $250 or $0.025 a point. Thats not something anyone would normally do I think, but its not horrible.

Then you get $10,000 spending in the refer from account and it looks like this is in addition to the normal referral offer of $1000 fee-free dollars for a normal referral and $500 spend. The referred to account gets $500 fee-free dollars plus $10,000 fee-free dollars in business account.

So pay $250 fees, then you get to spend 10,000 (on business mastercard so less valuable to me) + 10,000 + 1,000 + 500 + 10,000 = 31,500 in spending on Plastiq

250/31,500 = 0.00794 or 0.794%..

MS or paying bills I normally can not use a credit card on for 0.794% seems pretty good, even if the first $10,000 spend has to effectively be on a business mastercard.

Any better business mastercards to get a better value on Plastiq spending I am not thinking about my wife could apply for?

Matt
Matt

Many people saying they’ve reached out to verify if they can refer someone who had an existing account – report back your findings already!

William Charles

Why would you be able to refer somebody with an account already?

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