When I ask what Plooto is, I am not referring to Mickey Mouseâ€™s best friend or the dwarf planet. Plooto is an awesome Canadian payment processing application. Whether you are trying to collect receivables from your customers or pay your balances owing to vendors, Plooto can help ease the process. All it costs is $1 per transaction which is competitive with most banks. As well, if you are transferring money internationally the fee is $9.99 per transaction which is much cheaper than wire fees.
Now why would someone want to switch to a company other than a major bank or credit union to process your payments? The answer lies with Plootoâ€™s ability to synchronize with cloud accounting solutions such as Xero. Plooto can pull information relating to your payables and receivables. All you need to do then is make sure you have customer or vendor information set-up in Plooto to make or receive payments. Plooto will send out a confirmation email to the vendor to verify that they will be receiving the monies and then they will start receiving payments shortly thereafter.
I have found Plooto to be a useful tool for my clients that would rather have me make their payments to CRA on their behalf. If their payment amounts are consistent from month to month, I can even schedule them ahead of time. As well, the fees on these transactions are reasonable for Plooto partners.
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