We're expanding the customization you can make to payee information, giving you more control over how funds are delivered, helping mitigate issues that can cause payment delays, and providing you better visibility of how your payments are made.
You'll now be able to specify the account holder name that Plooto will use when delivering your payments to a payee's bank. In almost all cases, you'll simply want this to be the name you already use to refer to this contact on Plooto or in your accounting software.
Fewer Holdups, Smoother Payments
Mismatches on the names are one of the most common reason the payee's bank will delay a payment. Specifically, a mismatch between the contact name in Plooto and the account holder name at the bank can result in the error Incorrect Account Holder Name for your payment.
To address this issue, you can now specify the account holder name when you enter the payment details, so that you can enter the exact name provided by your vendor, even if that name doesn't match exactly with the one you use in your accounting software or the name you use for your contact on Plooto.
Easy to Setup
When you add payment information for your contacts on Plooto, you'll now be able to add the account holder name exactly as your vendor specified in their electronic payment instructions. You'll be prompted whenever you add a new payment method for your contact, as seen below.
Seamless Transition for Existing Contacts and Payments
For payments and payment methods for contacts you've already created on Plooto, you won't need to make any changes. Payments will be delivered exactly as they have been in the past, using the contact name on Plooto.
For any new methods of payment that you add for your existing and new contacts, you can adjust the account holder name. If your payee didn't specify this information, set this to the name you already use to refer to this contact on Plooto or in your accounting software.
Previously received the error “Incorrect Account Holder Name” on a contact’s payment method? If you've received this error on a payment, you can delete the old payment method and add a new payment method, this time specifying a corrected account holder name. When you re-send your payment using the new payment method, the corrected account holder name will be used.