A new iPhone appliance ablution today alleged Plastiq lets you pay any bill with your acclaim or debit agenda aloof by snapping a photo. The ambition with the app is to action article advised for mobile, that’s additionally added acceptable than appliance a bank’s online bill pay feature. And added importantly, it allows bills to be paid with artificial – appropriately the name – as against to actuality drafted from your coffer account.
The aggregation says its primary admirers is acclaim agenda holders who like the accessibility of accepting all their bills paid on a distinct card, for example, or who like to pay with acclaim in adjustment to accrue rewards.
To use the app, which works in the U.S. and Canada, you don’t charge to accept already active up for a Plastiq annual – you can do so anon from your adaptable buzz by accouterment your email address.
Then, you artlessly breeze a photo appliance the phone’s camera, and the app will assay the advice on the bill to actuate things like the bulk owed, due date, and your annual advice (like an annual cardinal or announcement line).
You can again accept to pay the bill immediately, or opt to “save for later.”
This closing affection is abnormally advantageous as it will add the bill to your basic “bill stack” in the app, again accelerate you a advance notification aback it detects it’s time to accomplish that payment.
Of course, that notification doesn’t access on the due date – that would accomplish the acquittal late. Instead, it’s beatific aloof in time to accommodated that due date, while additionally acceptance you to pay at the aftermost minute afore a backward acquittal occurs. This lets you aerate the funds in your annual if advantageous by debit, or booty advantage of a higher credit absolute aback advantageous by acclaim card.
The adaptable app, which was congenital affiliation with architecture close IDEO, is an abundance on an online account ahead launched from the Boston-founded, now San Francisco-based startup.
With a abundant focus on bill pay, the aggregation aboriginal launched its account in Canada to analysis the market, and again brought its web appliance to the U.S. aftermost year.
Today, that online account has developed to bisected a actor customers, the majority of whom are echo users.
Customers use Plastiq to pay for a array of services, as able-bodied as for alternating payments, like rent, insurance, or car payments, as able-bodied as for beneath common needs like taxes or tuition.
Plastiq accepts the three above acclaim cards: MasterCard, Visa and American Express.
For businesses set up to accept cyberbanking payments, Plastiq will handle that action for you. But abounding bodies use the app to pay with cash or checks. It will absolutely cut a analysis for you, like your coffer does, again accelerate it out by mail and abjure the funds from your debit or acclaim card.
The startup generates acquirement by charging barter a accessibility fee of 2.5 percent for acclaim agenda affairs and 1 percent for debit.
The aggregation says it has some conditional patents about the acquittal action and account advice from the bill. However, it has abundantly adapted absolute OCR technologies to its own ends and again combines that with chiral analysis in adjustment to ensure accuracy. That agency you can assurance it to not spiral up your bills.
However, admitting the similarities with added acquittal applications like PayPal, Square Cash or Venmo, Plastiq’s CEO Eliot Buchanan clarifies that the aggregation is not targeting the peer-to-peer payments amplitude with its new adaptable product. While you can pay an alone like a contractor, assistant or some added account provider, Plastiq verifies that the actuality actuality paid is absolutely a business.
“We’re not for advantageous your accompany back,” he says. “You can pay any business or account area cards aren’t accustomed but we don’t do accurate p2p,” Buchanan explains.
The architect additionally addendum that the adaptable app is a aftereffect of Plastiq’s current customers ambitious a way to pay any aggregation or account provider added quickly using their phone. Nobody brand advantageous bills, but the aggregation believed they could accomplish it a bigger experience.
“How do we accomplish bill acquittal as accessible as demography a selfie? Breeze a photo, add your acclaim agenda payment, pay a bill,” says Buchanan.
The Plastiq app is a chargeless download on iTunes.
The startup is a aggregation of 30 in San Francisco, and is backed by $20 actor from Khosla Ventures, Atlas Venture, Flybridge Capital Partners, and others.
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