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Plooto Review

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Michael Graw
Michael Graw
May. 03, 20214 min read

Plooto summary

Plooto is a money transfer software for businesses that makes accounts payable and receivable easier. The platform offers an unlimited number of users, approvers, customers, and bank connections. Plooto supports international transfers across more than 30 countries, automated account workflows, and integration with Quickbooks and Xero. The downside to Plooto is that transaction fees can be high, especially for international payments.

Pros

  • International payments across 30+ countries
  • Unlimited users, approvers, and customers
  • Integration with Quickbooks and Xero

Cons

  • Expensive flat-fee pricing model
  • Long settlement times for international payments

Plooto Fees and Rates

Plooto charges a monthly subscription of $25 for your business. That includes unlimited access to the software and allows you to add any number of users, approvers, vendors, customers, and bank connections.

Importantly, you also pay for transactions (sending or receiving) with Plooto. The service charges $0.50 per domestic transaction in the US or $9.99 per international transaction. Check payments within the US cost $1.99 each, and Canadian Revenue Agency (CRA) payments cost $3 each. Your first 10 domestic transactions each month are free, but keep in mind that payments between the US and Canada are considered international.

This fee system can be prohibitively expensive, especially for small businesses that don’t make a large number of payments each month.

Plooto also offers currency conversion for international payments, although the service’s rates are often less favorable than market rates.

How Does It Work?

Plooto is a simple payments system designed for businesses. With this software, you can easily add vendors and choose to pay by emailed payment, bank transfer, or mailed check. When it’s time to pay, Plooto can import invoices from your accounting software and send the payments to internal approvers for review. Once approval is given, Plooto will automatically make the payment on your behalf and sync the transactions to Quickbooks or Xero.

For accounts receivables, the process is similarly easy. Plooto imports your invoices, requests payment from clients, and records the payment in your accounting software. If you want to set up recurring direct deposits from a long-term client, you can do that as well using Plooto.

  • Manually add your customer Plooto and select a payment method.
  • Create a custom approval workflow for payments to or from that customer.
  • Import outstanding bills from Quickbooks or Xero, or enter them manually.
  • Request to pay or charge bills to begin the internal approvals process.
  • Once approvals are finalized, payments or payment requests are made automatically.
  • You can track the status of transactions at any time through the Plooto dashboard.

How Long Does It Take?

One of the biggest issues that customers have with Plooto is that payments are slow. Domestic direct deposits take 3-5 business days to land in a vendor’s account. The process is extended by an additional two days for new vendors, since they must verify their bank account details through Plooto before payments can be made.

International payments take a minimum of 5-7 days, and Plooto notes that some payments can take longer. Plooto’s customers have pointed out that some international payments take 2 weeks or more to clear, depending on the amount and the country you are sending money to.

The good news is that Plooto offers faster payments through Plooto Instant. This is a payment account that your business can fund ahead of time to facilitate transactions. When you pay through Plooto Instant, domestic payments take 1-2 days and international payments take 3-4 days. Note, though, that transferring funds to your Plooto Instant account can take up to 5 days, so you need to plan ahead.

Plooto Top Highlights

  • International payments to more than 30 countries
  • Unlimited vendors, customers, users, and approvers
  • Customizable internal approval routing for every vendor and customer
  • Two-way integration with Quickbooks and Xero accounting software
  • Physical check printing and mailing within the US
  • Track status of all payments through your dashboard
  • Plooto Instant speeds up transaction times for domestic and international payments

Customer Support

Plooto provides customer support by phone, email, and live chat. The support team is only available during US Eastern business hours, however, which can be problematic in the event that payment issues arise.

Plooto’s website has a robust knowledge base that covers most common questions about payments and account setup. For example, there are detailed tutorials explaining how to set up the integrations with Quickbooks and Xero as well as how to manage internal payment and billing approvals. 

Privacy and Security

Plooto takes account and financial security extremely seriously. The company uses end-to-end encryption to protect your data when you are working with the browser-based software. All data services are provided by Microsoft Azure, which has some of the strongest security measures of any cloud computing provider. In addition, Plooto encourages all users to protect their account logins with two-factor authentication.

Bottom Line

Plooto is a simple, streamlined platform for businesses that need to send and receive money. The service makes it easy to track invoices and pay or request funds through integration with Quickbooks and Xero accounting software. Importantly, Plooto works beyond the US and Canada and enables you to transact with clients across more than 30 countries around the world. All payments can be fully tracked and Plooto offers internal approval routing so nothing gets missed.

Unfortunately, payment clearing times can be quite long when using Plooto. International payments in particular typically take a week or longer. These payments aren’t cheap, either—Plooto’s transaction fees and monthly subscription fee can quickly add up.

Michael Graw
Written byMichael Graw

Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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  • author
    David Nault
    Jul 23, 2021
    Works amazing and ease to use

    Works amazing and ease to use. We would never go back to our manual process.

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  • author
    Susan Gibbons
    Mar 12, 2021
    Plooto is soooooo easy to use

    Plooto is soooooo easy to use! The setup was seamless and it actually makes the process of paying vendors kind of fun.

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  • author
    Floyd Perras
    Mar 12, 2021
    We have been using Plooto for almost a…

    We have been using Plooto for almost a year now. We would typically process 20+ cheques a week. We have not done 20 cheques in this last year. The dual online approval works very well. Great software, easy to setup, and our vendors are very happy get their money put directly into their bank.

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  • author
    Robert Bussolaro
    Mar 12, 2021
    well worth the money

    an app that completEs the AP payment transaction is a must in any organization!! Well worth the cost!!

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  • author
    Elisabeth Burrow
    Mar 12, 2021
    Its works for what i need

    Its works for what i need

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  • author
    Nick Cossette
    Mar 12, 2021
    Love it!

    Love the integration between quickbooks & Plooto. Very convenient to manage payments approvals and wires.

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  • author
    Simon-Benjamin Larviere
    Mar 12, 2021
    Overall very good app with great support

    Overall very good app with great support

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  • author
    Anna Abbruzzese
    Mar 12, 2021
    Highly recommend

    Easy to use and support is always very quick and helpful. I recommend Plooto to all of my clients looking to automate payments.

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  • author
    Russ Paton
    Mar 12, 2021
    Super Convenient

    Makes AP, payroll and fee transactions so much easier.

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  • author
    Jason, Les Jardins Carya Inc.
    Mar 06, 2021
    Very good app

    Very good app, services offering, integrations and support. after 1 year of use we have paid hundreds of thousands to suppliers, saving lots on bank fees and untold hours of admin effort. Good support experience when we have questions.

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  • author
    DM
    Mar 05, 2021
    Love the product has been life changing

    Love the product has been life changing. Not exaggerating. Have 2 signatories requirement and signatories are across Canada. After suffering through printing/mailing and several postal strikes I found Plooto. Only thing I would change is have the ability for a live conversation for support. It is painful to have to use chat given I have to multitask. Often in times of trouble a quick live conversation is so much more effective and less stressful. Know there is lots of info online in terms of help but again when under STRESS its hard to read and absorb. Only ever have to contact during STRESS scenarios....

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  • author
    Tracy
    Mar 05, 2021
    Pretty happy!

    Not always clear why bank account information is 'incorrect'; Plooto cheques that clear don't always say 'Cleared' so it's not easy to know if they in fact reached their receipient. But overall, happy with how everything else works and automatically loads to QBO. Makes payment life much easier.

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  • author
    Phillip Chisholm-DeVeau
    Mar 05, 2021
    Amazing Product for better control

    I transitioned two of my clients to Plooto and have been very impressed with the process. It is simple and allows to keep vendors happy. The approval process is amazing and can be tiered to meet the needs of a larger organization with multiple signing authorities. I plan on encouraging more clients to consider Plooto in their accounting processes.

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  • author
    Riley Duster
    Mar 05, 2021
    Easy to use payment solution

    Easy to use payment solution. One of the best out there. Integration with Xero is top-notch. The biggest downside is the payment delay of 5 business days. Almost all payment solutions have this though.

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  • author
    Sean Birdsell
    Mar 05, 2021
    Makes running your business so much easier!

    Excellent platform makes small business finances just so, so much easier.

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  • author
    Fabien Gendron
    Mar 05, 2021
    Works well for as a stand-alone app

    Works well for as a stand-alone app, but it would be great to see more integration beyond those with accounting software: e.g. Zapier.

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  • author
    A Bigger Bottom Line
    Mar 05, 2021
    Best bill pay system for approving…

    Best bill pay system for approving payments, integrating with QuickBooks, and still getting classic features like mailed checks as well as ACH direct deposits and email money transfers. See details on the bills before you approve them by adding attachments to your bills in QuickBooks that are easily viewable in Plooto or manually uploading them. I just wish they had a mobile app that did all this as well but not too hard to log in to the browser version on a cellphone. After testing many many bill pay systems that integrate with QuickBooks Online, this one is our favorite and handles the bill pay needs for the majority of our clients.

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  • author
    Brian Coutts
    Mar 05, 2021
    This system works great

    This system works great. Very easy, well organized, and cheaper than cheques by mail. It feels secure. The only complaint is that it would be great for the transactions to happen a little quicker, especially the ones in foreign currency (USD)

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  • author
    Jason Hastie
    Mar 05, 2021
    Plooto has a pretty good interface

    Plooto has a pretty good interface. Would like to see an app. The delay in payment transfers is a bit frustrating sometimes. I do like how easy it is to do cross-border transfers. There needs to be a wholesale pricing option for accountants and bookkeepers.

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  • author
    maria souza
    Mar 05, 2021
    Love it

    Love it! Easy to use and reconcile.

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  • author
    Martin Kamenski
    Mar 05, 2021
    Seemless app--does everything it…

    Seemless app--does everything it promises. I've used it for my own business as well as several clients and it's a high-functioning, deeply-integrated time saver. When we schedule payments, we know they're going to get there. And the flexibility of ACH and check payments is great. It's like bank bill pay but without needing to retype the info that already lives in your accounting system... less wasted time, less user error. Keep it up!

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  • author
    Miriam Doef
    Oct 23, 2020
    Plooto makes payments so fast and easy!

    Plooto makes payments so fast and easy!

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  • author
    Andrew Spears
    Oct 23, 2020
    An outstanding useful and flexible…

    An outstanding useful and flexible service. The things that keeps them from getting five stars is: - their poor service - confusing naming of product (i.e. they continue to call part of their service Email Money Transfer which it is not and is confusing for individuals who confound it with the Interac service - Their refusal to describe the service or tools that they use for managing Identities when recipients of funds are asked to link bank accounts - The inability to pay a number of provincial and municipal services (e.g. city taxes)

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  • author
    Terri Winer
    Oct 23, 2020
    it is very easy to use

    it is very easy to use, super quick to make payments.

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  • author
    Joanne Wall
    Oct 23, 2020
    This program has made my life easier

    This program has made my life easier. By automating PAD collection from my fixed-rate package clients, the money comes in even when I haven't had time yet to send out their invoices!

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  • author
    Olena Stevenson
    Oct 13, 2020
    Great platform

    Very good platform. It saves a lot of time, communication around payments and it keeps our records for AP straight and available any time. We also are using Preauthorized Payments and that works well. Support team is always helpful and pleasant to deal with! Thank you Plooto Team so so much!

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  • author
    John Green
    Oct 13, 2020
    Great product

    Great product. Super easy to use with all the features I was looking for. It completely automated our AP/AR.

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  • author
    Reknit
    Oct 13, 2020
    Excellent!

    Excellent!!

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  • author
    Chris H
    Oct 01, 2020
    Strong in many areas, but be wary of foreign exchange transactions

    Overall, Plooto is a strong payments gateway that fails in one critical area: foreign currency payments. We are an affiliate platform that recognizes commissions in Canadian dollars. However, for our overseas partners, they want to receive funds in their domestic currencies. Sounds simple, right? Unfortunately, Plooto cannot 'lock in' the exchange rate at the time of the transaction. It is only when the funds clear your own bank that the exchange rate is set. That means that the price paid in your domestic currency will most certainly change from the time of initiation to the time of payment (several days can pass for this to happen). In other words, you don't 'buy' the foreign currency when the transaction is initiated - you enter an 'order to buy' that is ultimately fulfilled days later. Compounding the difficulty here is that the exchange rate fluctuates depending on how much foreign currency you are buying (the price decreases the larger the transaction amount). This simply adds another layer of record keeping (if you want to keep accurate records of your FOREX costs), as exchange rates differ by transaction. On the flip side, the integration with Quickbooks is quite good and seamless. You can link contacts and bills quickly, with near-instantaneous sync. Unfortunately, the currency issue rears its head when you try to pay a set amount in your domestic currency, as the FOREX purchase price ultimately alters the 'cost' of that transaction. It therefore doesn't match the bill amount, so you then manually go in and make FOREX adjustments. Ultimately, I had to switch to a competitor for any foreign exchange transactions, as they could fix the price at the time of the transaction without a problem.

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  • author
    Tim Miron
    Sep 30, 2020
    Super easy to use.

    Super easy to use. Love the recurring payments.

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  • author
    Virginia MacCuspic
    Sep 30, 2020
    I have been using Plooto for more than…

    I have been using Plooto for more than 3 years and I love it. It is easy to use and very reliable and the customer service is exceptional. I highly recommend it!

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  • author
    Dimitri Christo
    Sep 30, 2020
    Great tool to use if you want to avoid…

    Great tool to use if you want to avoid the Interact $3k daily limit in Canada.

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  • author
    Thomas John Craig
    Sep 28, 2020
    Plooto provides a fast and reliable…

    Plooto provides a fast and reliable service, allowing us to streamline our payments to multiple workers. Stress free

    ...

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