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Plastiq has expanded its’ payment options! As of June 13th, Plastiq has added the ability to send wire transfers and ACH Direct Deposits to other accounts. I chatted with the company online to get a little more information on the new Plastiq wire service. Currently, three options are available:
- Domestic Wire – same-day, 2.5% + $30 fee (up to a $20,000 transaction amount)
- International Wire – next-day, (not quite available)
- ACH Direct Deposit – within 4-5 days, standard 2.5% fee (next-day for an additional $15 fee)
When asked about the International Wire option, my chat representative explained, “international wires are not quite available yet but we hope that will be soon.”
Once you’re verified (keep reading for instructions), you’ll be able to send Domestic Wires and Direct Deposit transactions through the online interface. It’s fairly easy to set up, and only require 1 or 2 extra steps compared to your average payment on Plastiq. You’ll need the recipient’s routing number, account number, and contact information.
How do I get started?
To do any of this, you’ll need to go through some verification with Plastiq. Don’t worry, it’ll be easy! When I logged into Plastiq, I saw this banner across the top of the screen:
Click “Get Access Now” then choose how to verify.
I chose to verify with a text, and the process took all of 30 seconds.
What does this mean for us?
Admittedly, I don’t think I’ll need to send a Plastiq wire often, but I’m interested to see how the direct deposits work. If it’s an easy way to hit the requirements on new bank account bonuses, sign me up!
When chatting with the Plastiq rep, they asked if I send business payments at all. I don’t, but it looks like Plastiq is really promoting themselves as a business payments company. The new Plastiq wire service could be great for businesses, especially with the expansion to international wires.
Check out Plastiq’s blog announcement on the new service, and let us know if you’re going to use it!
If you haven’t signed up for Plastiq yet, consider using my link here. I’ll get 1,000 fee-free dollars, and you’ll get $500 fee-free dollars. Stack those fee-free dollars with their MasterPass promotion, going on now!