Many business owners we talk to ask us how to maximize their value on Plastiq, relative to the cost of using our service. We asked business owners across numerous industries and here are three ways they leverage Plastiq for the most value:
1. Earn Rewards While Reducing Your Taxes: When weighing the real cost of Plastiq’s service fee, we found that many business owners look, instead, at the net fee: that is, how much they are truly paying after two key benefits:
- deducting the Plastiq fee from their taxable income; and
- the benefits earned back from the card they use, whether it be points or cashback.
With Plastiq’s standard fee of 2.5%, we found that nearly all business owners using Plastiq are paying a net fee of just 0 to 0.5%, depending on their use case. In fact, top customers using premium cards that earn 2% or more in points are often earning money by using Plastiq, as they pay less than this – after writing off the service fee.
2. Better Control Your Cashflow: Many business owners we spoke with rely on selling goods/services over a period of time, and thus may not receive the revenue from their sales before they have to pay their own bills (rent, payroll, paying suppliers/vendors, etc.). Plastiq is an efficient and very low, possibly zero, cost way to manage cashflow for your business, especially over a short window (eg: 45 days) within your credit card’s cycle. Regardless of what card you use or what industry your business is in, there is no cheaper way to extend payment due dates on your biggest expenses as a business owner.
3. Manage All of Your Bills in One Place: Every customer uses Plastiq in part for the convenience of managing all of their bills in one single platform. You control when bills get paid. Options to pay as soon as possible, at a future date, and via our recurring schedule option provide flexibility, while tracking and reporting features keep reconciliation records in one place. Simply put, business owners find Plastiq more convenient than paying via their bank, writing checks, or sending wires to vendors.
Our business owners find multiple ways to leverage their credit, rewards, and expenses with Plastiq. Those we spoke with emphasized their ability to reduce, if not eliminate, the service fee and highlighted the power of using their card to extend payment terms on their largest expenses, all while paying conveniently in a single, secure portal.
Here at Plastiq, we urge you to contact us if you have any questions regarding how to best use Plastiq for your business needs. We have no doubt that no matter what card you use, for whatever expense, that we can show you how Plastiq is right for you.
Visit plastiq.com/business for more information and to get started.