Update 10/10/23: Plastiq has sent out an e-mail stating that American Express will be coming back in the coming weeks.
Update 9/4/23: On August 1st it was announced that Priority Technology Holdings, Inc. completed its acquisition of Plastiq, Inc.
Original Post 5/24/23:
The Plastiq bill payment service filed for bankruptcy under Chapter 11 reorganization bankruptcy. The bankruptcy is reportedly related to the recent collapse of SVB bank.
Simultaneously it’s been announced that another company called Priority Technology Holdings, Inc. is the stalking horse bidder to acquire Plastiq.
Press Release | Court Documents | Bloomberg (paywall)
VFTW reports that if all goes well the business will continue as before and there won’t be any interruption in bill payment services. Regardless, the risk in using the Plastiq service seems minimal since we should be covered by our credit card protections. It might be a good idea to only use traditional credit cards where you are comfortable with such protections and keep away from using debit or prepaid cards. It would also be prudent to have a backup plan in case any payment doesn’t come through in a timely manner.