Entreflow Consulting Group's use of Plooto
Plooto has certainly helped us from a workflow perspective, it's pulling your payables from your Quickbooks or Xero account into Plooto so you can see all the payables that you need to deal with and when they're due. And there's a whole bunch of approval processes you can put in place for internal controls perspective so make things a lot more bulletproof than just manually writing checks and doing e-transfers.
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.
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.
I saved hours of work and thousands of dollars using plooto
Overall I'm very happy with Plooto, will continue to use it and encourage other business to use it.
It's way cheaper than credit card fees and saves time over cashing cheques.
Some payment changes can take a little longer than I feel they should. I tried to cancel a payment that was to be debited later that day. It still went through because it was too short notice.
Pricing model needs to go back to what it was
Easy to use, great concept, would recommend it if pricing made sense.
- Used to be very competitively priced, with the subscription model it is very hard to justify this expense to clients, especially since the use base is mostly small forward thinking companies who have very little vendor payments to make in the first place.
- Very limited customizability when a lot of customization could be offered at the basic level.
- It's never a good business practice to force people to use your product for lack of alternatives. Due to the horrible pricing model change, if there was an alternative, I would be using it.
Plooto is a simple AP and AR tool that also makes it easy to pay across borders.
I mostly used it for AR purposes across the U.S. and Canadian border.
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.
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.
While not perfect, Plooto has been great for us to help clients manage their A/P at scale at fees that are lower than the banks charge.
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.
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.
My Review of Plooto
I am excited that it provides a secure way to establish multi approval payments. As a contract bookkeeper with many clients, I consider this to be an important issue.
I like that the software allows for the bookkeeper to set up all the vendor payments so all the client has to do is approve. I also like how user friendly it is for vendors who are getting paid for the first time. When I contact a vendor and tell them they have to create a login/membership for yet another software I can get some push back. But the vendors find it very easy to use and that makes my job easier and more efficient.
I like how it allows for ach payments without having to ask vendors to email me their sensitive financial information. They receive a link and can enter it themselves.
I don't like how long it takes when a customer wants to pay my clients with a credit card. I think it took more than 2 months to process into the bank so I've stopped using that function all together.
Wow... awesome payment service
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.
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.
Easy to use and train new staff, reasonably priced.
Unable to search by vendor to set up payments
Unable to sort by vendor, then by invoice number or due date
Unable to set preferences such as view 100 per page
USD import of paid bills does not populate currency rate, imports at 1.00
You can tell it's new
What I like most about this software is the pay as you go model. No upfront usage fees. You are getting charged for what you use. There isn't extra charge for syncing with your accounting software either, unlike Bill.com. You can sync your invoices, bills, and contacts to the system manually or all at once. You can select what to pay or who to request payment from. Pricing is very affordable.
The least favorite of this service is the lack of documented FAQs or how to use the system. I signed up and was brought to their main page. No tour, no help document to show me what to do. I had to figure it out. What does it look like to request money from a client? I had to send a test payment to myself to see what it looks like. Same as with sending out payments for bills. What does that look like for the vendors I want to pay? I had to send a test payment to myself as well so I can see what it looks like. It would be nice if they had sample screen shots so I can reference or show my clients what it would look like for training purposes.
Overall it has been a really great experience.
It has a really nice look and feel and ease of use. Ramp up time was very little when I had to take over as admin.
It isn't really about the software - but I do wish the window was smaller for when out account is credited to when it is then debited to our vendors.
Great system for AP/AR
Automates Payments - Saves us Time and Money
We have automated payments with Plooto and save money and time since we do not have to chase customers.
By setting recurring payments, I can manage a group of nearly 500 students with minimal administrative burden throughout the school year. If a student cancels or increases their payments, I can easily go in with a days' notice to change payments. Very user-friendly!
I wish the contact list could be sorted by last name (rather than just first name) or filtered in different ways to help us when reviewing a semester. It's not a big deal, but would make it more efficient.
It appears to have it all until you use it.
Not Good. Really ambitious to make it work I like the concept but they make it very hard to be a client.
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.
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.
Simple, dependable and powerful
A client had to bring A/P in house and I was tasked to find a solution that minimized their efforts in payment processing while securing QBO. Plooto is what we selected and it has been a great decision. From set up to ongoing use, the support is excellent.
From set up to ongoing use, the support is excellent. Seamless integration to QBO.
I am encouraging other clients to move over to Plooto.
There is nothing yet I "wished" Plooto did better. For A/P processing, it exceeds expectations.
Plooto has enabled us Account to offer a whole new service to our clients- yes AP management.
Customers love it every day. We have processed over C$ 3m via Plooto as of today
It take a little extra time for payments to reach payee.
Great for Consultants
Wire and EFT transfers can be expensive and Plooto is a great cost-effective option to get money to contractors and employees
-Easy to use and navigate
-Automatically syncs to our accounting software
-Low-cost option for paying contractors and employee expenses
-Easy onboarding for payees
-Length of time for cash to deposit into payees accounts
-I cannot pay a contractor in Mexico
Awesome AP/AR app that saves time and money.
Cash in my bank faster. Cheaper bill payments.
Plooto saves me and my clients so much time is chasing invoice payments and mailing cheques for bill payments. The integrations with accounting softwares make it easy to manage vendor payments and mark them as paid. The pre-authorised debits make it easy to collect recurring invoice payments.
I'd like to see the time gap from invoice payment to cash in my bank and bill payment to cash in my vendor's bank shortened.
Loved the product until last week when we lost 30K because of PLooto system bug!
1-Easy to use
2- Dashboards are great
3- Cost is on point
4- Set up was easy
Overall has such potential to be a leader in this space, however, read cons!
2- Customer services/Success
3- Accountability when errors are made-
Last week you guys seemed to have a system bug the resulted in your system double paying involves totalling 30K. This is a huge red flag for us on the controls and security of your platform. When we contacted you guys we were given no explanation and no solution. Just told to ask vendors for credit notes and this is just not a solution.. I need solutions and explanations fast or we will be removing our selves from your platform, won't roll out other companies and will certainly be adding the review on your product. This means we are currently out 30K and not to mention all the additional time this has take for my staff to investigate. The more troubling part is that we found this and this was not detected by Plooto. This is too bad as i feel your platform had lots of potential but when in comes to payments, security is the number one concern. Customer services would also be a good addition!
Simplest way to manage receivables
The setup is simple, the user interface is simple and it solves many issues that come up when automating your back office to handle AR in a fast manner. Streamlining the PAD agreement is extremely nice.
The speed of ACH deposits must get faster but with a credit card, the funding is the next day. They could also improve the Xero connection a bit more but all and all its great.
Makes payments SO EASY
I started using this in early 2016 on the recommendation of a customer who is a bookkeeper. It's made payroll to my ICs and suppliers a piece of cake. Hours of writing cheques and later on reconciling payments and Interac e-transfer fees is done in a matter of minutes. This integrates well with Xero, and when I've had questions they respond quickly.
integration with cloud accounting software
It takes a few days for recipients to receive funds.
Resposta do Plooto
Thanks Boyd, we're constantly working to release additional features to make your payments simpler and easier.
You get what you pay for- If you're a serious business, don't bother
Ok- at least support responded if anyone was actually available.
Absolute disaster if you need funds transferred in any reliable or consistent time frame. The bigger the amount, the longer the wait took for a wire transfer to push through. I imagine it's because funds were being hoarded to capitalize in gains or wherever it was being held (6 figures sums took multiple weeks at points).
Terrible breaking between Quickbooks and Xero for existing customers. Failed multiple time on cash transfers, racked up charges.
If you're using it for personal use, I guess it's better than other means- I would just Venmo in that case honestly. If it's for serious business- DO NOT use. Especially if you do any kind of wiring of large funds in the six figure and up range. You will regret it, payments will be late, and you will rack up charges on returned payments and kill cash liquidity on the long waiting periods. Product not yet ready for mainstream business use in my opinion.
Plooto Software Review
Rest Assured that you will be Reimbursed
Submitting my reimbursements with Plooto feels safe and secure. There is no need for the user to download an app or create an account, which is really important to someone who already has way too many accounts to keep track of!
We use this for reimbursements. There's no need to download another app as we submit our receipts through email to a specific email address. I am always reimbursed in a timely manner without any issues.
I have no complaints when it comes to this program. The only feature suggestion would be to make it so that people who have submitted a receipt can see the submission's status.
Saves me on time and costs. Convenient to use & good support.
Set up was quick and easy. I needed to wait for half a day to confirm my bank account but I understand that it's for security purposes. It was well worth the time. Everything is quick and easy and I love how they have a flat fee - they've recently reduced it down to $1. Where it helps more is how much time it saves me after I switched over from using cheques. We're a cloud based accounting firm and they have a great way to set up multiple accounts that I can manage and get payments approved by my clients. Their customer service is also really good, I actually had a new feature implemented after I brought it up to them. As far as I know, right now they're just in Canada but I can't wait for them to get into the U.S.
Payments and receivables can't get easier
Easy to follow interface
Syncs with QuickBooks Online and Xero to pull in your payables and receivables
Can set up a pre-authorized debit
Low fees per transaction
No monthly cost to use the platform
Nothing. It meets mine and my client's needs