Good morning everyone. Yesterday, I received an email from Plastiq regarding a new feature added to Plastiq’s Accelerated Payments Suite. Here is the email:
As our valued partner, we want you to be the first to know about Plastiq’s New Product Feature, Expedited Check Delivery, that will be released on Tuesday, October 30th, 2018!
As the newest addition to the Accelerated Payments Suite, expedited check payment on the Plastiq platform offers a convenient and flexible way for customers to maximize their credit. Customers simply schedule the payment and choose expedited delivery in order to guarantee delivery within two business days. Plastiq accepts the customer’s payment by credit card and sends a check to their vendor.
Business owners often seek to maximize their lines of credit, including the most easily accessible one of all – credit cards. Why not leverage the line of credit you already have in your wallet? Not only are you able to benefit from the cash float available by leveraging credit card payoff periods, but you can also earn rewards to invest back into you business. It’s a win-win!
Plastiq’s Accelerated Payments Suite now includes:
- Expedited check delivery
- Standard & expedited
- ACH bank transfers
- US domestic wires.
Stay tuned for more product releases, promotions, and exciting announcements!
Here are the various payment delivery methods and their corresponding fees. For the newest delivery method, Expedited US Checks, the cost of the payment is: 2.5% Plastiq fee + 0.5% Base fee + $40 FedEx Priority Overnight fee + $10 Handling fee (Handling fee waived on payments with a principal over $3,000).
Let’s look at the fee percentage at various payment sizes using the new Expedited US Checks delivery method. Here are 4 examples:
- $1,000 payment would cost you $1,000 x 3% = $30 Plastiq fee + $40 FedEx fee + $10 handling fee = $80 in fees, which is $80 / $1,000 = 8.0% fee
- $3,000 payment would cost you $3,000 x 3% = $90 Plastiq fee + $40 FedEx fee = $130 in fees, which is $130 / $3,000 = 4.3% fee
- $5,000 payment would cost you $5,000 x 3% = $150 Plastiq fee + $40 FedEx fee = $190 in fees, which is $190 / $5,000 = 3.8% fee
- $10,000 payment would cost you $10,000 x 3% = $300 Plastiq fee + $40 FedEx fee= $340 in fees, which is $340 / $5,000 = 3.4% fee
As you can see, the fee percentage goes down as the size of your payment goes up. I have my Plastiq payments set to a monthly recurring schedule, so I haven’t used the new Expedited Checks delivery method yet. If you are new to Plastiq, here is my referral link. If you have any questions about Plastiq or their new delivery method, please leave a comment below. Have a great day everyone!