Below outlines our latest feature release for our Canadian customers. Don't worry, we will be releasing in the US soon!
Some of the biggest feedback we have received here at Plooto is that customers absolutely love our platform and they use it daily to make and receive payments. But, the missing piece of the puzzle is that right now, businesses use Plooto to make the majority of their payments but not ALL of them. Why? Because sometimes it's easier to pay by check, credit card, or maybe certain vendors don't accept electronic payments.
We are here to let you know that as of today every single business payment can now be made with Plooto - including those paid by check. How? Keep reading to find out!
What is the Plooto Network?
Plooto is all about making the payments process more efficient. We don't want our customers to have to rely on two or three different platforms to make their payments as this is very inefficient. Enter the Plooto Network; it's now possible to automate all business payments to anyone, anywhere, anytime on a single platform and save hours from manual processes.
Plus, all vendors and suppliers added to the network will first pass through Know Your Customer (KYC) requirements so you can send money with full confidence that your vendor or supplier is a trusted entity.
How Does the Plooto Network Work?
Have a vendor or supplier that only accepts checks? No problem, you can now make that payment on Plooto!
With Plooto, you will be able to make payments to any vendor, supplier, or biller in North America. Traditionally, different billers and vendors request various ways of receiving payment - by credit card, by e-transfer, or by check payments. Different requirements mean different solutions to make those payments, mainly through manual means such as costly bank transfers or painfully writing out checks.
For example, when making a payment to an internet service provider, you are provided with only an account number, and your only method of payment is manually paying via credit card or direct bill payments with your bank. On the other end, one of your other vendors might require check payments for their services, having you to manually manage and juggle your payments.
The new process with Plooto will look like this;
Search the Plooto Network, (120,000+ businesses are already on the Network)
Verify the name and address,
Plooto will determine the best way to make payment to this contact.
If your payee is not on the Plooto Network, you can easily add them. All you need is their mailing/billing address.
Everything else remains the same, there will still be the appropriate approval processes set up on your account, the audit trail will show all the executed steps of the payment and all payments will be reconciled with your accounting software if you have your Xero or QuickBooks integration set up.
So, what are you waiting for?! Sign up or log in to Plooto today and send your first payment using the Plooto Network.
Q - Will payment times remain the same? Or will payments take longer as Plooto needs to best decide how to send the payment?
A - Payment time will remain the same! If the payment is able to be made via electronic payments you can expect the payment to arrive in 3-5 business days to your payee's bank account. If the vendor does not accept electronic payments and requires a check, Plooto will send a check the next business day after your payment is initiated. From there it will also take 3-5 business days for the check to be delivered and deposited in your payee's account.
Q - So you are saying that Plooto customers can send checks to Canadian-based payees, not just US-based payees now?
A - Correct! We have seen great success in allowing Canadian and American businesses to send check payments to US-based payees since our launch back in May -- now Canadian customers can send checks in Canada as well! Just select Plooto Network as the payment type when you set up your contact and if your contact doesn't accept electronic payments, a check will be mailed to them.