With the advent of credit cards, plastic money is swiftly replacing cash as people feel more secure carrying plastic in place of actual money. More importantly, credit cards have enabled people to travel in any part of the world without worrying about changing currency. In addition to this, credit companies have started offering different attractive deals and reward points on the utilizing of the card, which have also helped plastic money boost market share. Nevertheless, still there are some payments which people have to make in cash including taxes. However, a startup called Plastiq has sorted out this problem to an extent, as it has enabled people to pay their income tax through credit card.
So now people can earn reward points when they pay their income tax with the credit card, as Plastiq has finally turned this dream into reality and the startup has made it known on Tuesday, March 26th that it has included the Canada Revenue Agency to its index of partners. With this announcement now people in Canada, who have to make large payments in terms of income tax will be able to do so, if they have a MasterCard, Visa card or American Express card. These cards will now be acceptable to all merchants, who previously use to accept debit or cash only.
Plastiq was founded by two graduates of Canadian Harvard University, Daniel J. Choi and Eliot Buchanan.
Buchanan, who is the chief executive officer of Plastiq said on this occasion that, “Many Canadians are very savvy with their credit card use, balancing a number of preferred cards to ensure their rewards are maximized. With Plastiq, a credit card is now a viable option to pay personal income tax, providing consumers with new choices and flexibility to strategically manage payments while capitalizing on the rewards offered by their credit card provider.”
Chief operating officer, Daniel Choi added that, “The Plastiq proprietary platform ensures transaction security, privacy, and an exceptional customer experience.”
Explaining the working of the startup the founder said:
“Plastiq is an online system that allows people to use their credit cards to pay for things when they couldn’t before. This typically occurs in situations when merchants are not equipped or prefer not to pay the fees credit card companies charge. This is common with government entities, universities, rental property owners and private clubs.
At the centre of the service is our proprietary payment platform—designed to allow secure access from any internet-enabled device at any time. This allows you to make and manage payments when you want and where you choose.”
Source: TechVibes
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