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Pay Your Bills Using Plastiq...Here's Why

· credit card

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Let's get right into it. Those who carry credit cards love the rewards and benefits of using them, from earning points to cash back rewards, credit cards are becoming more of a norm.

While I'm in awe that people still write checks to pay their bills, I highly doubt it's because they love carrying checks, taking the time to write out all the information, and sending it off in snail mail hoping it arrives before the due date. Que the opposition......merchants who won't accept credit card payments! With the exorbitance amount of credit card holders who put every purchase on their credit card in this day in age, it's surprising that there are merchants who still do not accept credit cards as payment.

For those who love credit cards for their expenses but only have the option of writing a check or sending automatic bank transfers through the bank, a service called Plastiq may be the answer to your problem.

WHAT IS PLASTIQ

Meet the popular bill payment service that will ensure on-time payment delivery to whomever you need to send money to using your credit card as payment. You can set up your account for free, add your recipients' information and the credit card you would like payment to be charged to and VOILA! Payment is made!

Plastiq accepts all major credit cards and will send your payments to almost any merchant either by sending them a check on your behalf, a wire transfer or ACH direct deposit. It's as simple as that!

While creating the account is free, the service, however, is minimal at only 2.5% of your bill payment. I see that eye-roll, but let me explain further why using this service makes sense!

WHY USE PLASTIQ

As mentioned at the beginning of this post, most people use their credit cards to earn points and/or cash back rewards. Typically, these reward cards will offer introductory bonus points/cash back when first receiving the card which often times require a minimum spend during the first initial months of opening the card (ie spend $4,000 in the first 3 months to receive xx,xxx amount of points).

A lot of these introductory bonus offers can be very lucrative to those looking to rack up the bonuses for future use, so meeting the minimum spend is imperative. Once the introductory period has ended and the minimum spend hasn't been met, you lose out on the bonuses. One of the causes for not meeting minimum spend would be not having enough expenses to put on your credit card. Most of our major bills include rent/mortgage, car payments, student tuition, insurance and taxes, so when you factor in your monthly expenses to meet your minimum spend, you come to a roadblock and realize you need to create more spending in other areas if your lender or vendor does not accept credit card payments!

So this is where Plastiq's service will come into play! Even with a 2.5% fee, some of the credit card bonuses are valued at more than what you would incur with the fees. This is where you would need to do some calculations to see if using Plastiq is worth the fees. But wait.....

HOW TO SAVE ON FEES

There are also ways to eliminate the fees through referrals and promotions. Keep an eye out for special promotions offered by Plastiq so you can take advantage of saving on the fees! Plastiq is currently waiving the service fee for payments up to $250 using a Mastercard in Masterpass. This promotion will end on September 30th, 2018 so sign up now!

You can also refer your friends, family and businesses to sign up with Plastiq. For every referral credited to your account, you will receive 1,000 FFD (fee-free dollars) once your referral makes at least a $500 payment through Plastiq. Make sure your referrals sign up using your special referral link or enter your referral code during the signup process so you get credit for it!

FFD are credits you can use to make payments without incurring any fees. 1,000 FFD would mean you can pay up to $1,000 in payments through Plastiq without paying the 2.5% fee!

BUSINESS CASH FLOW

Small business owners know that paying your bills on time is important for building business relationships with creditworthiness but keeping your business afloat in order to thrive can become a roadblock if you're restricted with cash flow.

If you continuously have more money going out than coming in, then creating a budget using Plastiq's service would be ideal. By paying your bills using your business credit cards through Plasqtiq, not only are you paying your bills on time, but you will be earning points doing so while allowing your business the ability to grow while paying back on your credit cards with the proper strategies.

BOTTOMLINE

If you're not using Plastiq to pay your bills that requires non-credit card payments, now is the time to start. Utilize your credit cards' earning abilities and make your payments through Plastiq, you'll see how much faster you can accumulate points and rewards.

Have you used Plastiq or a similar service? Tell you what you think in the comments below!

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