Want to lower the Plastiq Fee your customer pays for sending you payments with Plastiq? You have the option of subsidizing it for your customers so they pay zero fees or a partial fee when sending you payments with Plastiq.
- Visit the Settings section of your Plastiq account. Then, click Set Customer Fee Subsidy to view your Global Fee Subsidy Settings.
Click Edit (highlighted here in green) to adjust the subsidy setting.
- Move the slider under Subsidy Setting to change the fee rate. Then, click Save to finalize the change. Refer to the Subsidy Calculator (below the setting slider) to see a pricing breakdown that includes your selected fee subsidy.
Note- the percentage you select for this subsidy represents the portion of the fee amount that you will pay. For example, if you move the slider to 1.45% and a customer sends you a payment of $100, Plastiq would split the fee in half and charge you $1.45 for that payment. Your customer would pay $1.45 as well.
Moving the slider completely to the right (2.85%) means you would pay the Plastiq Fee for each customer's payment. Moving the slider past 1% means customers can pay you with a US-based debit card to pay 0% for the Plastiq Fee.
How can I help my customers find the subsidy on their bank statements?
When implementing a subsidy, it is important to know how they will appear for both you and the cardholder. Typically, Plastiq transactions show up as two line items on the cardholder statement- the principal amount paid to the business (e.g. $100) and the fee amount paid to Plastiq (e.g. $2.85).
If you subsidize the entire fee, Plastiq transactions will still show up as two line items on the cardholder statement- the principal amount paid to the business minus the fee (e.g. $97.15) and the fee amount paid to Plastiq (e.g. $2.85).
Note from this example that the two line items will equal the full amount the customer owes the business ($100) but $97.15 is sent. It is important to keep this mind and notify your customers about this distinction to avoid confusion later when they see these items on their card statements.