Bank charges and wire transfer fees seem harmless per transaction until you realize they’re bleeding you money over the months and years. Money that could have otherwise been put to operational use.
While Plooto claims to cut your transactional fees by 90%, hold your horses. This is true if you’re relying heavily on wire transfers or that you’re subscribed to an expensive accounting or an ERP system with hidden costs.
Nevertheless, Plooto is undeniably a cost-effective solution, as you’ll discover below. Its pricing is designed in a way that minimizes your non-operating expense. In this guide, we will break down Plooto pricing into its parts so you can gauge better how much this app will cost beyond the fixed monthly fee.
Accounts payables (AP) isn’t a simple as paying up. Businesses without a systematic approach to AP will easily find themselves doing investigative work once they start receiving invoices from suppliers. Imagine getting 20 invoices for 20 different projects all at once. Your instinct is to get down to cross-checking purchase orders and interviewing busy people from the other departments right away. There lies the rub.
Time and money are wasted. Time because your staff could be doing a more important task. Money, well, how many times did we come across companies faced with overpayments, unauthorized payments, or missed payments? According to Business2Community.com, an inefficient payment process is one of the top six common AP issues faced by small and medium businesses. Similarly, improving cash flow–a good AP process can address this–is one of the common issues faced by US small businesses.
The same is true for accounts receivables (AR). In a survey of finance professionals, Paystream Advisors reported that increasing AR staff productivity is one of the top three challenges in AR.
The good news is, technology can address these problems. With automation, which is one of the accounting trends to watch out for, the approval process is streamlined and made transparent. Collection is fast-tracked, thanks to timely alerts. Overall, a good accounts payable or accounts receivable software will significantly improve the way you do business.
Plooto is a cloud-hosted accounts receivable and accounts payable software that automates your bill payments, approval process, and invoices. Designed for small business owners, the software is also ideal for accountants and bookkeepers.
It is so simple to use that you only need three steps to send and collect payments: add a contact, send/request payment, and let Plooto manage the process.
Detailed Plooto Review
Detailed Plooto Review
You can simplify the AP process by importing data from your accounting software, setting up a one-click approval, and linking your bank account to Plooto’s electronic payment system. After a payment is made, the software automatically reconciles invoicing while you’re given a complete audit trail of the whole process.
You can make the following payments with the software:
On the other hand, the AR process is streamlined with quick invoice import from your accounting software, recurring payments, pre-authorized debits, and one-off payments. Two-way sync with your accounting software means invoice reconciliation is automated. You can also get paid via credit card or debit.
The software integrates with QuickBooks, Xero, and other accounting solutions. While Plooto has no native iOS or Android app, it can be easily accessed via a mobile browser.
Plooto pricing combines fixed and transactional models. There are no setup fees, and the vendor offers a one-month free trial with ten free domestic transactions. Below, you’ll see how Plooto is bundled in general. Your actual cost will depend on your number of transactions.
You are charged with a $25 per month flat fee typical of SaaS pricing. This is regardless of the number of users and customers. However, the license is limited to a single business. If you plan to use Plooto for several of your companies, you will be charged as per the number of your businesses.
What’s included in one license fee?
Plooto also charges fees per transaction. The fees–we’d imagine the vendor’s main revenue stream–are divided into three types with the rates as follow:
The good news is, you get 10 free domestic electronic payments during the first month, which is your free trial period. Likewise, each month, you earn free transaction credits, although how much is undisclosed by the vendor.
Arguably, the transactional fees are low compared to payment gateways and wire transfers. The vendor even claims that you can save up to 90% on fees, compared with competitors that charge setup and per-user fees. This isn’t always the case, of course, because there are other low-cost accounts payable software and accounts receivable software.
But we recommend you do a comparative study with Plooto versus your current payment process and see if Plooto is the wiser choice.
1. Check payments mailed abroad may be charged with international payment fees. However, a mailed check payment fee is waived for Canadian companies sending checks to the US.
2. Plooto debits from you the following standard bank penalties caused by you:
3. If your Plooto subscription is inactive and you use Plooto Instant, a next-business-day payment service, you’ll be charged $5 per domestic payment.
4. You may be charged by your bank when making international payments. These are fees outside of Plooto’s control.
More important than knowing how Plooto will cost you money is how it can help you earn more. Let’s get the obvious out of the way: the less time to collect payments, the better it is for your bottom line. On the other hand, the faster you can make payments, the less risk of incurring penalties or losing a client’s trust.
Consider these features that make subscribing to Plooto worth your moolah.
Approve payments fast
As soon as you open a Plooto account, you can set up an approval process that works for you. Whether you have just you or multiple persons to give payments the go, approval is as simple as clicking a button via the cloud. This setup benefits organizations with approving parties scattered in different places the most. It’s a pity when a late payment, which dampens your reputation to creditors and suppliers, is caused by the trivial excuse of a signing party is on vacation or indisposed at home. Plooto eliminates this problem.
Transfer money by email
You can add another layer of convenience to pay by turning your email into a money transfer channel or sort of. Plooto lets you send a form via email, in which the receiving party only has to fill up with bank details. Once completed, your payment is sent directly to the other party’s bank account. The vendor assures security over this channel, while you need not reveal your sensitive bank details.
Automatic invoice reconciliation
Payments are marked “Paid” automatically in your accounting system once the transfer is complete. Of course, this requires integrating Plooto into your accounting software. This saves you a lot of time from cross-checking invoices with payments.
Give payment options
Make it easy for your clients to pay you. Clients can pay via credit card by simply logging into Plooto. They need not share sensitive credit card details over the phone or email. Or, you can help them set up pre-authorized debit via Plooto’s automatic withdrawal feature.
Track payments better
Plooto alerts you when clients have viewed your email. You can also set it up to remind clients of nearly due or overdue payments. With updates on payment status, you get paid faster.
The Plooto pricing details above should give you a clear understanding of the costs to be expected when subscribing to the app. Overall, you’re likely to end up with fewer charges with Plooto than relying on payment gateways or wire transfers.
As a standalone AR/AP software, too, Plooto gives you the choice of limiting your tech costs to payables and receivables for the meantime. Maybe you’re not ready for a full accounting system, but it doesn’t mean you can’t improve the efficiency of your AR/AP now. Because more critically, the app helps you streamline and consolidate the process of payment and collection and track your overdue as well as your clients’. That can mean one thing for you–more cash in the bank.
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