Plooto

Pros

Sending payments in practically any quantity to suppliers with Plooto is one of its finest features. Approval control, user-friendliness, and affordability are all things we like. It integrates with QBO and makes it simple to reconcile and set up payments automatically. Recurring payments and deposits may be set up quickly and effortlessly.

Cons

The inclusion of cheque numbers in a report would be quite helpful in keeping track of payments. As an alternative, it would be good if the user could pick from a list of pre-existing merchants.

Pros

It's easy to use and the recurring billing is the best part. The option to collect payments through bank transfers or credit cards is a nice bonus.

Cons

The amount of time it takes to clear payments. I wish Plooto was a clearing house and cut down on the processing time. 5 business days processing time can be very detrimental to cash flow.

Alternatives Considered

Reasons for Choosing Plooto

Reasons for Switching to Plooto

Pros

Automation in accounting and cost effective

Cons

Not a mobile app and integration facility

Pros

Easy to setup is the ONLY thing I liked.

Cons

Slow money transfers, cannot transfer money from one currency to another, cost per transaction is more than major e-commerce bank accounts.

Alternatives Considered

Reasons for Switching to Plooto

Pros

Stream the payment process, the approval is automatic, and send the Email to inform the process is excellent.

Cons

The payment cannot be categorized into the different kinds

Pros

The interfaces are clean and the functionality with the software is very solid.

Cons

The contact integration between Xero and Plooto is currently ineffective, with each party attributing the issue to the other. When contacts are synchronized from Xero to Plooto, they are automatically generated as customers in Plooto, and there is no option to switch them to suppliers. The only recourse is to delete the customer contact and manually recreate it as a supplier. This persistent problem, reported to Plooto, introduces additional delays, requires extra confirmation of hand-offs, and disrupts the workflow with added confusion.

Pros

Ease of use with setting up payments for clients with the pre-authorized system. Great filters to search through past payment history.

Cons

Cannot do credit card refunds without going through customer service. Tedious, but not a big deal.

Pros

It is simple and easy to use and handle and use

Cons

There is no back up of payments and find receipts

Pros

Easy to integrate to QBO and Xero.
Up to date outstanding bills.

Cons

It can sometime be clunky to change payment methods or tracking down when bill payments did not go through properly.

Pros

Simple, integration with QBO, Customer Support

Cons

possibility of e-transfer being accepted by Plooto user/admin

Pros

Synchronization with QBO which is worried free for reconciliation.

Cons

I love the Plooto service and don't have any suggestion for now.

Pros

I LOVE the lower processing fees!!! I'm saving over a $100 a month by using Plooto. Once it is set up, the reoccurring payments is awesome. Their customer service was good too. Overall Plooto is an awesome addition to my business and one that I wish I had implemented YEARS ago! Great value for the monthly fee and so far...it has been very dependable in collecting my accounts receivable.

Cons

It was a lot harder to set up than I thought it would be =( My clients had to jump thru a lot of hoops to get the reoccurring payments set up and some were not happy about it =( I had PAD agreements for all of my clients, but Plooto does not accept those. So I have several clients that I cannot process their payments in Plooto even tho I have a PAD agreement with them and they have already given me their payment information ...but they haven't repeated the same process in Plooto ...so my PAD agreements are worthless now=(

Pros

Ease of use and payments are received quickly. Not difficult to set up account.

Cons

Wish it could operate a bit more like E-transfer.

Pros

Plooto is very easy and intuitive to use. The integration with Xero and reoccurring PAD setups are great time saving features. In my experience the customer support is top class. My concerns are addressed the same day. The value provided by Plooto is unmatched in my experience.

Cons

Notifications! I do understand and appreciate the dedication Plooto has to security but being an accounting firm which means dealing with many companies the notifications can fill up the inbox pretty quickly. Unfortunately, there isn't a way to remove these for security reasons. My suggestion to Plooto is perhaps enforce user notifications for 2 accounts and allow deactivate the notifications for other users. This would save tremendous amount of time for accounting/finance firms that deal with multiples client accounts.

Pros

Its easy to use and by passes the limitations via the big 5 banks.

Cons

It would be great if we could implement this software via e-commerce with plugins. Finally, the credit card feature with an actual refund option.

Pros

Supporting associations with multiple signatories this has been a world of difference in my process flow and the quality and timeliness of payment processing. Each of signatories is set up and whosh off go payments. Was for several years using postal services or meeting in person. A couple of postal strikes later during which i felt i was losing the plot. Labelling/addressing envelopes (small operation so no stamps or administrative assistants), going to post office. And same on the other end for the receivers. Also had a situation of a missing cheque and bank account fraud as well. Am sure it was a payment to service provider that disappeared. Suddenly draws to the bank account are coming from all over Canada for large amounts.
And then I bumped into Plooto at a QBO Conference...LIFE CHANGING.
Not to speak of today's world where I'm limiting as much errand running as possible.

Cons

Used to be support was on phone live. really hate the chat funciton, somehow my descriptions never get captured by the feed, they receive blanks on support end. So it is really a pain. don't know why and know it must be a set up thing but have not been able to solve.

Pros

It's simple, and that point needs to be kept in mind. The interface is intuitive and it syncs with popular accounting programs like QuickBooks Online. The best part of the program (in my opinion) is the AR function that allows you to set up a recurring ACH payment from clients for a flat fee. Depending on the size of your invoice this could save you some money in credit card or bank processing fees. Also, you can do ACH payment from a U.S. bank and deposit the funds in a Canadian bank account. It is a pretty cool feature that puts them above Bill.com. It also doesn't carry the monthly fee of Bill.com.

Cons

It takes way too long to send money across borders. My experience is with the Canadian/U.S. border. It took nearly two weeks from the time that the client authorized the payment until it was deposited in my account. Also, if you are using Plooto for a foreign currency exchange service much better rates can be found elsewhere. If you are using Plooto instead of Bill.com and need all of the permissions or invoice scanning functionality, don't expect it. However, if you want a simple AP and AR tool with an added bonus of being able to make and receive payments across borders, and you aren't time crunched to make or receive a payment, then Plooto is a great inexpensive option.

Pros

Plooto is an affordable, easy to use software to manager your payables and receivables. It delivers the checks and balances needed for approval requirements and division of duties/responsibilities and provides built in reminders and notifications on outstanding and completed payments.

Cons

It does not connect well with accounting software such as Quickbooks in that awaiting approvals are indicated as paid when in transit.

Pros

Absolutely love the way Plooto integrates with QuickBooks online. It pulls in the bills to be paid, and you review and send them out... and it allows for multiple signers to approve the payments.

Cons

The issue I like least is that they don't offer a cheque... there are a few.. less than 1% of our bills, that we need a cheque for. I so dislike manual cheques, chasing signers... I need Plooto to send out a cheque on our behalf occassionally.

Pros

Easily handles multiple currencies, sync with Xero easily, handles emailing contacts

Cons

Nothing really that I can think of. Really great software

Pros

Love how easy it was to set up to receive a payment. It only took a couple of minutes, and I appreciate the confirmation deposit that is made to make sure the funds are going to the right account!

Cons

I'm not sure of the downside to Plooto. There's a small hassle of getting it set up with your bank account, so it's a little more work than an electronic funds transfer, but it's a small price to pay to make sure everything is going to the right place.

Pros

I really like that I can set up approval tiers, I also appreciate that once it is set up it is relatively easy for my clients to use.

Cons

The reporting features are pretty much non existent and reconciling can be a nightmare if using Plooto Instant especially with my high volume clients. I also don't think that you should charge a subscription fee, especially if the client is doing high volumes as some of my clients do. There is also no partner program or incentives for accounting professionals who recommend and implement it to our clients.

Pros

We are virtual bookkeepers and Plooto allows us to manage our clients AP remotely. We schedule bill payments and our clients ta release payments by emails sent by Plooto after we scheduled the payments. It’s fantastic!

Cons

Amount of days to get the money processed and deposited to your suppliers bank account can be long (4-5 days).
Cannot make payment to credit card accounts.

Pros

This software makes it easy to pay multiple parties at one time. The integration with QBO makes this easy and only takes a few clicks to process payments.

Cons

Banking reconciliation needs to be improved to support QBO. The fees often hit wrong chart of accounts and requires manual adjustments on occasions.

Pros

I like that it is easy to use, integrates with our accounting system, and allows us to manage A/P for clients at scale without using cheques.

Cons

The 4-day turnaround time to settle payments is the biggest pain-point.

The new fixed-fee monthly pricing model is inconsistent with how users are actually transacting on the platform, the previous model was much easier to explain to clients.

Customer service is a bit slow and we've been charged incorrectly multiple times, which takes them several weeks to resolve for each one.

Pros

I want to express my appreciation for the user-friendly interface of the platform. Both as a lessee and as a landlord, we find the system easy to navigate, and it greatly simplified the process of managing rental payments. The straightforward design and clear instructions made it simple for me to set up and use the platform effectively.

Cons

However, I would like to bring to your attention a small concern regarding the speed of remitting payments to the account holder. While Plooto has proven to be efficient in terms of the overall process, I have noticed that there is room for improvement in this particular aspect. On a few occasions, there has been a slight delay in receiving payments in our account. While this delay has not caused any significant inconvenience, I believe that enhancing the speed of payment remittance would further enhance the overall user experience.Hope you can also provide a shareable tutorial as well that can easily be accessed by contacts on how they can set up their personal profiles/accounts, similar to what you provide to enterprises like ours.

Pros

The approval process embedded in Plooto allows us to bridge physical distances between approvers with digital access. Reduces the need to travel to acquire approvals and improves security by reducing potential loss exposures.

Cons

The functional environment takes some getting used to. Can still get to the end of a transaction and not have a readily apparent way to initiate another sequence.
Has taken some time to understand how all of the information going into the system is presented to the vendors, to ensure there is clarity in the transaction.

Pros

it is very cheap for its worth i think and it is very easy to the eyes

Cons

they can improve their reports i think, and also i do not like the limit on batch approval that gives approver only 10 lines to approve at a time

Alternatives Considered

Pros

Plooto was easy to set up and begin using. The platform is very simple and saves time!

Cons

I can't say there is anything I don't like about Plooto.

Pros

I like the fact that it is easy to set up

Cons

Can be difficult to use for advanced tasks

Pros

Easy to make payments, and go back to view payments etc. Just started trying out the invoicing side and so far I love it. Customer Service 9the time I've needed it) was fantastic.

Cons

so far nothing, for what I use it it works great.

Pros

Plooto synchronizes with QBO pulling in all unpaid bills. Paying suppliers is done simply by ticking the unpaid items particularly if you have set up the supplier in Plooto with their banking information. If not available an e-transfer can be made or Plooto will solicit this detail from the supplier for you. Collecting outstanding receivables in QBO also works very nicely although some clients are suspicious of the solicitation. USD payments and rapid payments are also available if Plooto is prefunded, otherwise a fee is applied.

Cons

The payment interface with QBO was not well thought out. The first step initiates a payment and a designated approver will then have to approve the payment. Plooto immediately marks the bill as paid in QBO. The approver often delays in approving payment due to cash flows or disagreement. Running a balance sheet or payables listing in QBO is misleading since items have been removed as 'paid'. Putting the bills back into QBO as unpaid means deleting the initiated payment in Plooto and manually deleting the payment if QBO. This often leads to mistakes if there are large volumes and a busy schedule, sometimes resulting in double payments . In spite of the claims by Plooto the balance showing in QBO often become irreconcilable resulting in a write off. Plooto does not import credit amounts resulting in overpayments. The resolution to this by Plooto to this issue is extremely simple. Do not mark 'initiated' payments as 'paid' only 'approved' payments.

Pros

We're a Quickbooks shop, and we *love* the integration. Virtually all of our clients are using Plooto for payables, and some for receivables. In terms of pricing, the package is advantageous for most of our clients. Some of the tiny ones would spend less on regular bank fees -- but the convenience still makes Plooto a good option. The interface is clean and user-friendly. Our clients love the signing authority "tiers." We're working with nonprofits, so there's always a board of directors to consider -- and therefore multiple signers. It's not uncommon for orgs to specify who needs to approve organizations over certain limits, and Plooto gets us there with no fuss.

Cons

We still have issues with some vendors not being serviced by Plooto, e.g. credit card companies. The ability to send payments internationally through Plooto is great, but we sometimes experience issues with foreign banks. On the signing authority front, it's possible to do an "end run" around banking agreements by authorizing people on Plooto that aren't authorized on the bank account. We need to do our due diligence on that, to ensure payments are authorized only by signing authorities.

Pros

Plooto has reduced our payment processing time down from 4-5 hours twice a month to paying our key vendors on a weekly basis in 45 minutes. We went from cutting over 50 cheques to completely electronic payment methods, with the option to still send cheques to vendors that prefer it. It is very easy to use and syncs perfectly with QuickBooks Online. They give excellent transparency on timelines of your payment statuses so you can keep vendors informed of when they can expect payment. Customer service is right at your finger tips and gives almost immediate help through their chat feature.

Cons

Some vendors can be skeptical to enter banking details into a third party payment processor.

Alternatives Considered

Reasons for Switching to Plooto

Pros

It connects to QBO and allows easy reconciliations as well as automatic set up of payments which is very helpful. Allows set up of recurring payments and recurring deposits easily

Cons

A report that includes cheque numbers would be very helpful for tracking payments. It would also be helpful if, when vendor names are not exact matches, it allowed the user to select from existing vendors set up.

Pros

So you can currently do pre-authorized debit, pre-authorized credit receivables in U.S. dollars and Canadian dollars which is super kick-ass. It's also made some of our clients lives a lot easier if they've got clients in different countries, and it gives their clients flexibility to pay in debit or credit. Also, as far as the amount of time it takes for that cash to clear your bank account; it's faster than Stripe, and on top of that the integration with Quickbooks makes it a lot easier to manage the fees, unlike Stripe.

Cons

We'd love to see more international payments to more countries just for some of our clients that have people they're paying in lots of different places around the world. As well, with the international payments, if a client has a lot of companies that they're paying in the U.S. for instance if you get really costly really quickly. So I'd like to see some bulk discounts for high volume payments to the U.S.

Pros

I like the integration with QBO and that it makes it easy for me to process payments with the appropriate checks and balances of approvals. The software also helps in confirming whether the bank information being provided is valid or not. So easy to use!!!

Cons

The only Con that I could think of is that it becomes a bit expensive for those that have very little transactions monthly where the fixed monthly fee does not get fully utilized.

Alternatives Considered

Reasons for Switching to Plooto

Pros

If you're looking for automatic draws, it works well. Syncs with both QBO and Xero.

Cons

If your client doesn't have all of the funds in their account, you won't be notified. Plooto will draw what it can and you'll have to log in to look to see who failed to pay in full. Pricing is okay. You're essentially charged $2.50 for ACH. If you're using QBO, you may as well just use their ACH payment processing as it's cheaper.

If you're using Plooto to pay a client (a refund, for example) it isn't automatic. You have to set them up again, and they'll have to guess a password to accept the funds you're transferring to them. It's bizarre that you can take money from them, but can't send it to them.

Alternatives Considered

Reasons for Switching to Plooto

Pros

We set up all our high volume AP clients on Plooto for ease of payment, self reconciliation with QBO and ease of troubleshooting. We queue up the invoices and they get send to the account owner for approval. Then Plooto marks the bills as paid.

Cons

I wish there was an approval process ahead of time, not only at time of payment. You will also need to do a manual entry to apply any CRA payments as Plooto will not know how to apply it for you - I wish there was a tool that could map the CRA payment to the right balance sheet account when you pay. If a payment is rejected or not accepted, Plooto does not notify you - it takes some monitoring and troubleshooting to find payments that were not accepted. There should be an email advising the user. The training is minimal, but should include tips on how to pull and export the bank data for analysis, I only learned of it from support which is a waste of Plooto's resources.

Pros

Plooto makes it very easy to pay suppliers and vendors. If you can get your bills from Xero or your accounting software, its just a couple of clicks away to create payments. The additional approval workflow features are great for scaling up and delegating Accounts Payable and setting limits on payment types. Plooto Instant is also a very handy solution for last minute payment needs, we always keep funds there for our staff.

Cons

A better/more open API so we could programmatically create new payment contacts or set Email Transfer passwords, but honestly that's nit-picking. The functionality provided is more than enough for 99% of businesses.

Pros

The integration with Quickbooks Online is simple and makes my A/R seamless. I love that my clients set up an ACH agreement one time and moving forward I request and process my A/R with a click of a button. I can also select which account I want the deposit to go to. Data is easy to download for reconciliation purposes as well.

Cons

I would like to see a default bank account option so I don't have to select a bank account for each transaction. I would also love for the deposit times to improve.

Pros

Integration was smooth and easy to use. It has saved time, organized files with a clear audit trail, eliminated a number of potential mistakes which can happen through manual entries.

Cons

Approval tier set up is very poor. Having a global tier and specific bank tier are great, but there should be clearer instructions that setting up a tier on a specific bank will supersede and eliminate a global tier. When the amounts on the tiers are completely different one should not impact the other. Eg - Bank tier - 0-1,000 requires X approvers and Global Tier 1,000.01 - unlimited requires Z approvers. The global tier should not be ignored since the amounts are completely different.

Pros

Plooto integrates with QBO and make syncing receivables and payables easy. It reconciles the payments which saves a lot of time. The customers and suppliers receive an email that tells them about upcoming payments and a link that takes them to this information plus shows them the past transactions.

Cons

I've been using Plooto with one client for about a year now and would like to move other clients to this system. Unfortunately, Plooto doesn't work with QBO's projects and sub-customer system. Each time I’ve tested collecting these receivables, Plooto says the customer doesn't exist and wants to create a new client even though the client does exist, it's picking up the project or sub-customer name at the end of the client’s name. If Plooto’s system can recognize the customers name before the ":" to allow collection of accounts with multiple project or sub-accounts I would be able to move more clients over to this system.

Pros

Integrates well with QB online. Easy to use. Convenient. Efficient. Time saver.

Cons

there is no payroll integration which slows down the payment and reconciliation process considerably. Please add this feature to QB online

Pros

Ease of use, easy setup and integrated well with the Xero software

Cons

Fees per transaction increased this year

Pros

We've transformed our accounting firm from traditional "after the fact" billing and collection, to a monthly recurring fee model using Plooto.
It has automated one of the most painful parts of running an accounting firm.
Our clients love to do their own Receivables, Payables and CRA payments using Plooto.

Cons

Reports functionality is lacking
It takes time for clients to get a hang of it initially when setting up PAD.

Alternatives Considered

Reasons for Switching to Plooto

Pros

It's affordability and versatility. The ability to have people on ACH subscriptions is a large plus

Cons

No option to accept credit cards. The rigidness of the PAD form and not allowing us access to the PAD form in the event that we want to move to a different platform. Not easy to add new vendors without adding an inconvenience to them.

Alternatives Considered

Reasons for Switching to Plooto

Pros

I like that it can process both bank or credit card payments for receivables. It can provide automation too but unfortunately it didn't work for me. I like the price. And I like that it linked into xero. It appears to have it all until you use it.

Cons

1) Its not easy to use, no introduction. 2) the automation component never worked for me I know I had to get PAD on but I wanted it on for some clients off for others and this was not an easy thing to set. It also doesn't allow me to store the credit card something like Quickbooks online I had in mind but this is a complete oversight to the program. I guess if automation actually worked then this could solve this issue. 3) Ya I was very confused but when my clients couldn't figure it out either, some ended up with duplicate payments pulled from their accounts etc. No help to fix very embarrassing. 4) their live chat is not live. You ask a question and wait. Fine to get started but even in the middle of conversation to deal with issues they just disappear. The conversation is not live. Sometimes they don't even read my questions which makes me think not a real person is helping me. 5) Money holding ridiculous! If a client due date on invoice was 30 days and they paid me next day I had to wait until what my invoice said for due date on payment. Plus when money drops into my account there is no PLOOTO ID on the deposit. Very confusing for trying to reconcile. 6) Plooto reconciled in Xero in its own little account but doesn't reconcile with the bank account. Weird and confusing.

Pros

It is very useful to facilitate cross border payments, the pre-loading for funds to accelerate payments is appreciated. The ability to automate regular payments and populate a transaction is high.

Cons

The cross border receivables are extremely limited, the amount is too low to collect receivables across the border. I would like better communication as to what my options are and how to pre-qualify different vendors.

Pros

As a small association, with few vendors and accounts payable/receivable, the software works very well for us. While I'm sure it can also be used for larger organizations and may have lots of advanced functions, the core user interface, notifications, integrations and other features are perfect for our smaller organizations. No unnecessary complications.

Cons

I suppose if anything, if you need to reverse a payment already in process it can be a bit of a challenge but have only experienced that once.