PadSplit focuses on creating an affordable housing marketplace across the United States. They serve a two-sided market: the landlords with real estate and people in the workforce who are looking for affordable housing.
Looking to optimize traditional accounting processes
PadSplit started the business with a traditional method with a bookkeeper and writing checks. As their business began to grow —adding more properties, landlords, and partners — it became impossible to sustain the company with the traditional payment method of using paper checks.
The co-founder, Frank Furman and other leaders wanted to maintain control of finance without creating a bottleneck in the payment process.
Taking advantage of seamless integrations and custom approvals
After researching a number of different solutions, PadSplit decided to adopt Plooto because of the two-way sync with their existing, plus the simplicity, low cost, and approvals that could scale with PadSplit.
"It’s integrated with Xero, and it’s super easy,” Frank Furman, Co-Founder and CEO of PadSplit, said. “I can just initiate the payment from Xero, and then automatically see them in Plooto and just approve it there.”
Plus the approval feature allowed the founders and CFO to control the finance without everything going through upper-management.
“It was just very easy and painless for us to do to, and it sort of scaled with our business since then,” he said.
Adopting Plooto allowed PadSplit to grow their business while keeping their customers happy through fast and reliable payment. The business eliminated manual process pains like writing checks and have reduced time spent on managing payments. PadSplit continues to grow toward its goal of becoming the Airbnb of the workforce housing market.
