sedubby

“Payments provider Plastiq Inc. filed for bankruptcy on Wednesday, capping a tumultuous year in which its plan to go public via a merger with a blank-check company fell through and its primary bank, Silicon Valley Bank, failed.

The San Francisco-based company listed both assets and liabilities in the range of more than $50 million to as much as $100 million in a Chapter 11 petition filed in the District of Delaware.”

https://news.bloomberglaw.com/bankruptcy-law/payment-company-plastiq-goes-bankrupt-in-wake-of-svbs-collapse

msp3

So if you have a payment in process with them, you're screwed? Good riddance to bad rubbish

josephstern

If the payment doesn’t complete, you can surely refuse the charge with your credit card company.

radonc1

It's Chapter 13, not 11 so the company is not being liquidated.
Operations should continue under the leadership of a trustee.I would suspect that if you made a payment that the company will make it,
They may not accept new payment business,but the business already in the pipeline should be completed.

babystepper

Well we have a total of 4 payments in progress through Plastics through 2 vendors. Will report on their completion of lack thereof.

danpeake

It's Chapter 11 which is reorganization (https://finance.yahoo.com/news/prior...153000214.html). You're probably thinking of Chapter 7 which is liquidation.

Chapter 13 is personal bankruptcy.

radonc1

Thanks for the clarification, my bad.
However, the intent was there if not the numbering .
The company is still trying to exist and should be able to pay its operational obligations such as paying invoices. It is the banks with their lines of credit and loans that are going to be clipped and of course, any shareholders (and likely bondholders) will get the inevitable haircut

hhdl

I've had two payments go through since the filing, so the operations appear unaffected.

I only just saw this referenced in a WSJ article today and their article from the time of the filing has this nugget:

In what universe does a business like this need 100-plus FTEs?

sdsearch

The only problem I had with Plastiq on a recent payment attempt was that their two-factor authentication was broken for a while.

Over the phone for a while they kept giving me the same 6-digit verification code ever time I re-asked for it, and every time I entered it, the website said "verification code invalid".

I notified them of my login problems, it said online that they would reply within 24 hours, but they wrote back pretty quickly saying that they had "reset" something about my account (in addition to other suggestions).

Well, no wonder that initial 6-digit code was invalid. Because when I tried again after they emailed me, it gave me a 7-digit verification code, and that worked immediately.

I wrote back to them to explain to them that the number of digits in the original code it was giving me seems to have been the problem.

rylan

Well I for one wouldn't miss them at all. Nothing but trouble trying to use them, they've raised fees, and no longer accepts Amex which was the final straw for me.

ThomGault

To be fair, I think it was AmEx that dropped Plastiq, not the other way around. But your general point is still valid.

hhdl

This month's mortgage payment (FNBO Amtrak card) seems to have gone through without a problem.

Schnit

Anyone successfully used them in the last few weeks? Tax bill coming up and would love to use them to get the points toward my SUB

rdover1

Yes. Just did a $8k and a $6k payment and both were processed as they always have been, confirmed with recipient that the checks were received and deposited OK

eccentricfusion

My tax payment with them a few weeks ago went through. No issues at all.