Plooto Reviews

Entreflow Consulting Group's use of Plooto

Comments: 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.

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.

Our EFT provider of choice

Comments: Our objective was to automate payables, and Plooto has been great for that purpose.

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.

Caution, investigate and have a back up

Comments: Very poor. Lost a contractor because the funds took too long to appear in their account.

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.

Time Saver

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.

Integral Software for Accounting

Comments: My experience has been very good! Been very happy with product in the past few years that I have been using it for my clients.

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.

It's Okay

Comments: I am striving to keep my payment processing costs as low as possible. As such, I've stuck with Plooto and have tried to have as many clients as possible do ACH processing. However, more and more clients are requesting to use credit cards, and many are okay with paying a surcharge for processing fees. Plooto does not accept credit card payments, and I would prefer to have a one stop shop for payment processing. I was happier when it was a flat $1 fee per ACH, I'm now paying much more per transaction due to the flat $25 per month fee and the small amount of clients I have who are still willing to do ACH payments.

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.

It's easy and quick to use, but it's missing a key integration that would make it perfect.

Comments: Overall a good experience, but it's missing a key integration that would make it perfect. I can't wait for them to bring back credit card payments and I hope they expand the integration capabilities.

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.

Fantastic option for an accounting firm!

Comments: Very positive and highly recommended

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.

User friendly but wished that Accounts receivable had more options

Comments: The problem that arises is that we as a small organization end up paying for two software because some of our vendors pay by credit card so we are spending more money on Plooto.

Pros:

Multiple options for accounts payable which makes it easy set approval tier and to transfer funds

Cons:

I highly recommend that Plooto starts accepting payments via credit card or email AR. While this is an option for AP it should be implemented for AR too. Secondly as a 4 member organization we wished there was a non-profit pricing range.

Payment Processing

Comments: It is good simple easy to learn and process payemnts

Pros:

It is simple and easy to use and handle and use

Cons:

There is no back up of payments and find receipts

Plooto cuts down our carbon footprint

Comments: Plooto has provided a good venue for transactions to be completed in a timely and effective way. There is excellent ability to track transactions through the whole process. This allows any issues to be clearly resolved.

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.

Fast & easy to use!

Comments: I love this product. The chat help is fast and efficient. I no longer need to drive all over town getting multiple signatures on cheques. I can issue payments within seconds.

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.

Easy to accept payments

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.

Best range of options from existing software providers

Comments: Currently we are having issues with cheques not showing as being deposited for the last few months however the support team is trying to resolve this issue. Other than this, Plooto offers a lot of functionality that does improve the ease of processing AP.

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.

SP North America Feedback

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.

How Plooto Saved Me

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.

Plooto is a simple AP and AR tool that also makes it easy to pay across borders.

Comments: I mostly used it for AR purposes across the U.S. and Canadian border.

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.

Plooto is great for the needs of small businesses

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.

Wow... awesome payment service

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.

Pricing model needs to go back to what it was

Pros:

Easy to use, great concept, would recommend it if pricing made sense.

Cons:

- 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 Review

Comments: I didn't enjoy the customer service. Communication between emails felt like a robot talking to me. The chat function is a robot. Phone# is just a voice message, not useful. There are glitches within the program even with the settings. A lot of room for improvement.

Pros:

integration with other apps, pay bills..

Cons:

receiving payment, processing time is too long Settings has many problems

Simplifying electronic funds

Comments: useful to use but the cost became an issue for low eft companies. Worst feature change was from transaction cost to minimum monthly fee.

Pros:

Once the vendors are set up, making payments scheduled for the future in a a variety of currencies is easy.

Cons:

The pdf of the transaction lacks some details - including unique number and date for payment as oppose to date of set up of payment. Worst feature change was from transaction cost to minimum monthly fee.

Time Saver

Comments: It's been great. Chat line has been helpful and overall the learning curve has been gentle.

Pros:

Plooto has been a great pain point solver. For some clients it about receiving money from their customers and Plooto has a solution. For others it was that the appropriate people were never in the same room to be able to review and sign cheques, Plooto has a solution for that as well.

Cons:

I really appreciate the bank rules and the security around transferring money, it can be a pain sometimes to have to wait 5 days for money to move from one bank to the other, however, I am secure in the process and like being informed along the way.

Great Fintech solution for AP/AR

Comments: Team has been responsive and platform is a simple to use and saves time . Allows us to focus on what we need to do to run our business.

Pros:

AP was seamless in implementing CDN/US. Loved the integration to Quickbooks online and iit worked perfectly.

Cons:

Multi-currency on US receivables. Product worked perfectly in Canada but US setup for AR has been challenging. It worked on some accounts but various requirements on ACH, wires , currency reconciliation all make it tough. Although most other solutions have same issues.

Transformative to your cloud accounting workflow

Pros:

- integration with Xero and QBO means no need to enter data into accounting and payment systems separately. This saves time and increases accuracy. - ease of use; the interface is simple and well designed to navigate through. - reasonably priced compared to others given the feature set.

Cons:

- getting clients to accept PADs has been painful. I wish we could have a demo account where we could see the client view, and run through the entire workflow internally to refine the training and communication we provide to clients upfront to make their experience better. We had a couple of clients who just didn't want to use it because they had to provide bank details or have access to their bank card right there and then (most clients were fine though).