In this article, you'll discover whether Plastiq works in Canada, explore some potential drawbacks if it is available, and consider the possibilities it offers. Stay tuned to find out more.
Does Plastiq Work In Canada?
Plastiq is available in Canada, offering the same functionalities as in other regions. Canadian users can pay vendors by credit card, even if the vendors do not accept them directly. Payments can be sent via domestic or international wire transfers, same-day ACH transfers, or overnight checks.
Additionally, Plastiq provides features such as extended cash flow, easy reconciliation with accounting tools, and no subscription fees. The presence of an office in Vancouver, BC, suggests localized support and services, ensuring that Canadian users can leverage the platform's full range of capabilities.
Fees and Charges for Using Plastiq in Canada
Here are some general costs that users might encounter when using Plastiq in Canada:
- Transaction Fees: Plastiq assesses a 2.90% fee for each payment charged to your card.
- Currency Conversion Fees: Payments may incur additional fees based on the country the card was issued in or the method of delivery.
- Payment to CRA: Plastiq charges a fee of 2.49% for payments made to the CRA using a credit card.
Is Plastiq the Best Option in Canada?
Even though Plastiq is available in Canada, it might not be the best option for users due to certain limitations and restrictions.
- High Transaction Fees: Plastiq charges a 2.90% fee for each payment.
- Currency Conversion Costs: Additional fees may apply based on card origin or delivery method.
- CRA Payment Fees: A 2.49% fee is charged for payments to the CRA.
- Limited Payment Methods: Not all payment methods are supported for every transaction type.
- Delayed Processing: Some transactions may experience delays, affecting timely payments.
Alternatives to Plastiq in Canada
1) OneSafe
OneSafe is a leading alternative payment solution in Canada, offering a user-friendly interface, lower fees, and exceptional customer support. Key features include simple onboarding, multi-currency support, and seamless global payments. OneSafe's advanced security measures and efficient processes make it a superior choice for businesses.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking features, including ACH, Crypto, Wire deposits, and Virtual cards. The platform is lauded as the best bank they have used so far, with strong support for most businesses. This positive feedback highlights OneSafe's commitment to providing versatile and efficient financial solutions.
2) Wise
Wise is a versatile payment solution in Canada, offering a multi-currency account, low-fee international transfers, and a debit card for global spending. Users benefit from cost savings, transparency, and fast transactions, making Wise a practical choice for managing finances across different currencies.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users generally report issues with money transfers being returned without notification and challenges with document approval.
Check out more Wise reviews here.
3) Paypal
PayPal is a reliable alternative payment solution in Canada, offering secure transactions, global reach, and ease of use. Key features include linking multiple cards, 24/7 fraud monitoring, and Buyer Protection on eligible purchases. Businesses benefit from customisable digital payment options and Seller Protection from fraud and unauthorised transactions.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5 based on 2,118 reviews. Users generally report issues with high transaction fees and poor customer support.
Check out more PayPal reviews here.
Frequently Asked Questions about Plastiq in Canada
Can I use Plastiq to pay my rent in Canada?
Yes, Plastiq allows you to pay rent using your credit card in Canada.
What types of payments can I make with Plastiq in Canada?
You can make various payments, including rent, utilities, and business expenses.
Are there any fees for using Plastiq in Canada?
Yes, Plastiq charges a 2.90% transaction fee for each payment made.
Does Plastiq support payments to the Canada Revenue Agency (CRA)?
Yes, Plastiq supports CRA payments, but a 2.49% fee applies.
How long does it take for payments to process with Plastiq?
Payment processing times vary but can take up to several business days.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Canada is crucial for managing finances efficiently. While Plastiq offers various features, alternatives like OneSafe provide lower fees and better support. Explore OneSafe for a seamless financial experience. Sign up today to get started!
