Eliot Buchanan (Chief Executive Officer) and Daniel Choi (Chief Product Officer) started Plastiq because they had one question; why can't tuition be paid on a credit card? Fast forward five years later and Platiq was processing millions in payments for hundreds of thousands of customers.
How does Plastiq work? A user creates an account, specifies the payee, and submits the payment using the card of choice. Plastiq enables you to use your debit or credit cards without the recipient having to get involved.
You might be thinking, how secure is the transaction? I know it's the first thing that popped into my head. Plastic indicates that they use:
- 256-bit Extended Validation (EV) Secure Socket Layer (SSL) encryption technology to secure information as it travels across plastiq's network.
- Only allows access to data through fully authenticated of authorized users.
PCI DSS Compliant
- Certified Payment Card Industry Data Security Standard (PCI DSS), and they claim that their security precautions exceed those standards.
Security scans by Trustwave
- Automated vulnerability scans by Trustwave. Trustwave is a recognized provider of cloud based compliance and information security solutions and is the industry standard for system vulnerability protection across North America.
You may have also noticed some similarities to the likes of PayPal, and a few others. Buchanan has stated that his company is not targeting the peer-to-peer payment area with their mobile app. “We’re not for paying your friends back,” he says. “You can pay any business or service where cards aren’t accepted but we don’t do true p2p,” Buchanan explains.
The company is based in San Francisco, with an office in Toronto.
You can download the app here.
Have you tried Plastiq? Let us know what you think.