[Expired] Plastiq: New Business Signups Get Instant $5,000 in Free Processing with No Requirements ($125 Value)

Deal has expired, view more Plastiq deals by clicking here

The Offer

Direct Link to offer (contains our referral)

  • Receive $5,000 of fee-free payment processing when you create a Plastiq account as a business by August 31, 2019 and meet all qualification terms.

To qualify, you must submit your email address at the link above, register for a new Plastiq account with the same email address, complete the Plastiq account registration form, indicate the account is to be used for ‘business’ or ‘personal & business’ (by August 31, 2019 at 11:59pm EDT), schedule a time to speak to a Plastiq sales representative (may take place after August 31), and then speak to the Plastiq sales representative by phone.

 

The Fine Print

  • Plastiq sales representative will make the sole determination whether the user is a legitimate and registered business entity, speak with the user about Plastiq services, then award the 5,000 Fee-Free Dollars (“FFDs”) to user’s account. The representative’s determination on the eligibility of your registered business is at his or her sole discretion and is final.
  • FFDs awarded through this promo is subject to our existing FFD expiration policy.
  • If you do not meet the qualifications of this promotion or attend presentation, no FFDs will be awarded as a part of this promotion. This does not exclude you from being awarded FFDs as a part of any other ongoing promotion or referral program in effect at the time of the account opening.
  • You may not participate in this promotion if you have an existing Plastiq account, either as a personal or business user.
  • Offer valid one per business only.
  • Plastiq reserves the right to withhold or revoke FFDs in user’s accounts if the user has a second Plastiq account, up to and including account termination.
  • Plastiq reserves the right to cancel or modify this promotion at any time and/or for any violation of Plastiq’s Terms and Conditions.

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

Similar promo last month for $4,000 FFD, now they’ve upped the ante a bit to $5,000 FFD ($125 value vs. $100 value). These offers are more generous than the standard signup offers in that they offer the free processing immediately upon approval, without any requirements. The $5,000 FFD is a $125 value given that the normal fee is 2.5%.

It’s quite an easy way for a business owner to meet a credit card spend threshold with this promotion; time it with a new card signup bonus for optimization. BUT it does require a legitimate business, and you must be a brand new Plastiq user and pass the verification phone call.

Aside from the instant $5,000 in free processing you’ll get from signing up with this special promotional offer, you’ll also earn the standard signup bonus which is $500 in free processing after you do $500 in paid processing (a $12.50 value). We also earn a bonus if you use our link to signup, thanks to those who do so.

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22 Comments
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Frugal Nellie (aka Lela)
Frugal Nellie (aka Lela) (@guest_804911)
August 30, 2019 14:23

HEADS UP TO ALL. The rep today told me that your transaction has to be placed by Aug 31 in order to qualify for this promo. SO you may be able to have your phone call interview after Aug 31, but your fee free dollars won’t be applied until then, and if your transaction has to already have been placed, I’m not sure it will work out after the fact…. So do this deal ASAP if you want it.
https://www.doctorofcredit.com/author/will/
https://www.doctorofcredit.com/author/chucksithe/

Frugal Nellie (aka Lela)
Frugal Nellie (aka Lela) (@guest_804626)
August 29, 2019 17:18

Anyone have info on closing current account or using alternate e-mail & phone?

Frugal Nellie (aka Lela)
Frugal Nellie (aka Lela) (@guest_804627)
August 29, 2019 17:23

I got online and through their chat was able to close my current personal account.

Frugal Nellie (aka Lela)
Frugal Nellie (aka Lela) (@guest_804907)
August 30, 2019 14:13

I opened my biz account same day. E-mail arranged for a phone call chat the next morning at 10:30. I used an alternate e-mail and same phone number and personal name for my biz account. The rep straight away said “do you know you had an account with us before? I said yes, that I’d closed that account in order to open this biz account. He didn’t seem to have a problem with that. discussed what transactions I was looking to make- taxes, mortgage, automating mortgage payments. He then wanted to know which business expenses I would be making. I said I have a childcare, so those expenses are both biz and personal. He totally got that. I explained my LLC but he never asked for my tax ID or UBI numbers, or any documents. Fee free dollars came in straight away, and he authorized a one time 5K payment of my property taxes in excess of their invoiced amount. Said that wouldn’t normally be allowed. Exceptions like this get processed on business days, not over the weekend. 14min phone call, but I talk a lot 🙂

QCP
QCP (@guest_803390)
August 27, 2019 08:06

As a legitimate and actual business owner who’s time is valuable, I’d avoid them. I tried to pay a vendor, submitting their invoice along with my payment submission. Plastiq followed up 3 days later in an email requiring me to submit an invoice (again?). I complied. They proceeded to cancel the payment with no explanation why.

Jan W
Jan W (@guest_802060)
August 23, 2019 00:14

When I looked at my personal account, it only has name, email and phone listed–don’t see where they have address or other identifying info. Thinking DH could open an account for my LLC (he’s 1% owner) with a different phone and email unless same address slips us up (office is in home). Very curious as to how long you have to use the FFD. Any DP out there?

Chuck
Chuck (@guest_802679)
August 25, 2019 13:21

I think each person can have their own Plastiq account. Not sure if the 1% ownership is enough, but I guess if he has the power of making payments for the business, that would be fine? I guess you can ask them.

The FFDs expire after 90 days. https://www.doctorofcredit.com/plastiq-fee-free-dollars-to-start-expiring-90-days-after-being-earned/

Dan - Legal Bank Robber
Dan - Legal Bank Robber (@guest_801741)
August 22, 2019 14:05

Signed up and have call scheduled for tmrw. Will update how it goes.

VP
VP (@guest_802648)
August 25, 2019 11:15

I signed up using the link in the post. How do you schedule the call after creating the account??

VP
VP (@guest_802979)
August 26, 2019 12:47

Ah yeah. I received an e-mail from one of the reps at 9AM EST this morning asking to set up a call. I thought I had missed a step while signing up at some point. Thanks!

Dan - Legal Bank Robber
Dan - Legal Bank Robber (@guest_802663)
August 25, 2019 12:28

Signed up for Business & Personal purposes. Call was scheduled the next day. Took a total of ten minutes and just asked about what kind of payments I would be making and an explainer. No verification done and 5k FFD’s we’re adding instantly after call and I made a tuition payment shortly there after.  Chuck  William Charles

Chuck
Chuck (@guest_802678)
August 25, 2019 13:19

Interesting, thanks

Frugal Nellie (aka Lela)
Frugal Nellie (aka Lela) (@guest_804625)
August 29, 2019 17:17

Which do you think might work: close one’s current account, or using alternate information?

HorseyTrey
HorseyTrey (@guest_801323)
August 21, 2019 17:51

Plastiq needs to go out of business. horrible company

kylie
kylie (@guest_801322)
August 21, 2019 17:45

i tried to pay the rent to my landlord but they denied. I am getting sick of their service at this moment.

Barry
Barry (@guest_801295)
August 21, 2019 16:52

Has anyone closed their current account and signed up with a different email for this promo?

Tim
Tim (@guest_801298)
August 21, 2019 16:59

Is “closing” an account even a thing?

Presumably they already have your name and billing address in their database already, creating a duplicate account and then using all the same cards/name/address doesn’t seem like it would fly for very long.

They’ve shown in the past that they’re willing to clawback promotional offer violations by charging one of your cards, so seems risky.

Wade
Wade (@guest_801307)
August 21, 2019 17:17

Wow I didn’t know they can charge your cards to “clawback”. I assume that would be disputable?

Tim
Tim (@guest_801310)
August 21, 2019 17:22

I only heard this secondhand from a DP here a while back, but I remember someone discussing one of the promotions they had a while back where you had to schedule 3 recurring payments to get free or reduced processing fee.

After the first two payments went through, they eventually cancelled the third payment. Plastiq then charged one of their cards a fee equal to the value of the discounted processing they received on the first 2 payments, as they didn’t follow through with the deal.

I suppose you could try to dispute, not sure if you would win or not, but for me this service is way too valuable to risk permanently burning the bridge with them.