Plastiq founders Eliot Buchanan and Dan Choi. ©2015 Jon Chomitz Photography
Two Harvard alums built a payment app so people can pay for rent, tuition, and even taxes with a credit card
Payment app Plastiq enables users to pay for nearly anything – including bills – with a credit card, but charges a 2.5% fee.
Plastiq may be worth it if you’re trying to accumulate points or meet a minimum spend on a new credit card, but if you’re not careful, the fees could outweigh the rewards.
Plastiq has an A+ rating from the Better Business Bureau and it’s simple to use.
Move over Venmo and Apple Pay – there’s a new payment app in town and it’s called Plastiq.
“Plastiq is bill pay with benefits,” cofounder Eliot Buchanan told Business Insider. “Our service makes it possible for business owners and savvy consumers to use a credit card for virtually any expense that normally requires a check.”
That’s right, Plastiq allows you to pay for anything with a credit card, including mortgages, rent, tuition, auto loans, utilities, and even taxes. Buchanan and Dan Choi, both Harvard grads, founded Plastiq in 2012. In May 2018 the company raised $27 million in its largest funding round to date.
Plastiq has an A+ rating from the Better Business Bureau and the app is simple to use. Just add your credit card information, then enter details about the recipient (an individual or company) and the amount you’re paying. Plastiq charges the credit card on file and delivers the money to the merchant by your choice of check, wire transfer, or automated-clearinghouse transfer.
If it sounds too good to be true, it might be if you consider the 2.5% fee Plastiq charges for each credit-card transaction. However, the app occasionally runs promotions for lower rates (like a recent 1.5% promotion for Mastercard payments of at least $500), and there are other benefits that may make the fee worth it.
JUN 22, 2018, 05.12 PM
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