Updated: Feb 2
We’d like to introduce you to cloud software that helps you spend less time managing your payments and collection. Its name is Plooto: a Canadian-based software designed to collect and make payments easier and faster for small to mid-size businesses.
Plooto has many similarities with your regular online banking.
Their security is on par with the major Canadian banks;
Their user interface is not only intuitive but also resembles the interface you use when you bank online.
Where Plooto differs from online banking is that you can request payments from your clients. Plooto also offers additional flexibility in how you can make or receive payments.
You can sync your invoices and bills directly with Plooto, so all of your records are automatically updated in your accounting software (Disclaimer: we have only used the Xero integration, so we cannot speak to how well the integration with either Quickbooks software works).
Another neat feature of Plooto is that it supports multiple approvers and separate approvers.
The multiple approvers feature is handy if you need or want more than one signor for every payment.
Separate approvers allow you to have a bookkeeper or support staff enter the vendor and payment information for you, and you simply get a notification when the payment is ready for your approval.
How to Use
You can use Plooto to collect one-time amounts, as well as future and recurring payments from your clients. Here are some details on how you can use Plooto to receive payments from your clients:
Plooto will take care of all the Pre-Authorized Debit and approval that is required for recurring payments;
You can receive payments by either using your client's email address, entering their banking information or sending them a request link to enter their banking information themselves;
Your clients will receive an easy-to-follow email from Plooto outlining the steps they must take to authorize the payment;
Once the client has given the green light, it can take between three to five business days for the payment to reach your business’ bank account
You can pay your vendors, CRA and even make international transfers through Plooto as well. The method of collecting your recipients’ banking information is similar to the one for receiving payments: the client’s email or bank account information is entered by you or the client.
Once you sign up for your free account, Plooto staff offers to walk you through getting started. Plooto’s website has a support centre for their users that contains helpful articles and Frequently Asked Questions. In addition, their staff are available by phone and email to answer questions you may have once you are all set up.
What is great about Plooto is that it operates under a pay-as-you-go model. There are no upfront fees, and you are only charged for what you use. To make and receive payments in Canada, the cost starts at only $1.00 per transaction and goes down as volume goes up. To accept payments with a credit card, the cost is 2.89% plus $0.30 per transaction (at the time of writing).
We think that Plooto is a great platform. We use it for our own clients who pay us on fixed monthly payments. For our clients that engage us as their virtual CFO, we use Plooto to help them manage their collections and payments. It helps make bookkeeping more efficient.
Contact us if you would like to learn more about how your business can start using Plooto.