Excellent gateway for sending payables payments but on the receivables side my challenge is with repeating invoices from Xero. Google Voice resold to our customers for example is usage based so the dollar amount is variable every month. We can't just update the repeating invoice in Xero and have Plooto charge the customer the variable amount each month. We have to also update the recurring payment scheduled in Plooto separately. Gocardless despite its higher fees is what we had to settle on avoid this error prone extra updating step.
Reynaldo E. Arellano, CPA
I met the Plooto team members at XeroCon San Diego. They answered every question (over multiple booth visits over the two days) with flying colors. Interface is ok. It appears they've made improvements the last couple years. Initial onboarding is tough due to KYC and AML banking requirements. Yes, about five business day delay in movement of funds, avoided if you pre-load funds into your "Plooto Instant" account - or plan ahead. Yeah, some improvements needed. Support is getting better. Leadership issues according to GlassDoor - but it appears big changes have been made in the last 6 months. For the price, I'm very happy. Much more affordable than Bill.com And you end up in the exact same spot - just more money in the user's bank account (due to much lower fees).
They take way too long to turn around a payment, no where near the time of 3-5 business days. They give an estimate when the payment is authorized that later changes by 3 days longer, causing customers to incur late fees. When using to bill my customers, the prices for my clients is confusing for them, Customer support is a joke!
Are you kidding me? A client sent me a payment via Plooto. These people require the recipient of a payment to disclose their bank routing and account number, which is fine, BUT they also require your login ID and password. No way am I handing the keys to my bank account to an operation in a foreign country on their (presumed) website. Oh, and after all of that nonsense, they seem to need 7+ days to clear the transaction. Agreeing to this is a basic intelligence failure. I agree with a previous reviewer that I would leave less than one star, if possible.
TL;DR: Plooto does not actually deliver on the glossy-brochure promises. Too many back-end delays and problems to justify the few times it works as advertised. 1. For recurring Pre-Authorized Debits, this is a decent solution. Good value and hands-off ONCE you have them all setup. Clients need to be briefed ahead of time on what Plooto is trying to do when setting up the pre-authorized debit (and that it will take time). The multi-step, multi-day process ends up costing me a lot of time following up with clients who are bewildered by Plooto's process. 2. DO NOT use this as a payment gateway service. The time delays to draw funds from clients leads to a large NSF risk. Clients are unable to predict when Plooto draws funds - the '3-4 business days' is not supported by reality. Then its another '3-4 business days' to show up in your account. In practice from the point in time clients click pay, it will take around 2 weeks to receive your own money. Support is unable to adequately explain any delays beyond the first clearing period. 3. Plooto's interface and integration with Xero is a 0/1000 rating. Sure it looks pretty with nice calming colours, but don't be fooled. The 2.7% paypal fee starts to seem well worth it when you have to: - figure out which invoice payments are outstanding; - when you may actually start to see your own cash, and; - oh god - the clearing account in Xero requires manual reconciliation overrides. 4. MOST importantly - I would say 50% of the clients, or suppliers, that are subjected to Plooto's notifications give up. The interface is not intuitive and suppliers get upset that your efforts to save transaction fees delays their payments by several weeks. Clients get frustrated that the process to pay you is unnecessarily clunky. In the end they require a different system to get funds moved in or out of our account.
If I could leave less than one star, I would. At the recommendation of my Xero Account Manager, I reached out to Plooto to get a merchant account. One person scheduled a conference call with me. At the last minute, I got an e-mail that he wasn't available, and someone else would be handling the call. No big deal. After the call, I signed up for an account and submitted all my verifications. The website would rror out when trying to link to Chase, so I couldn't do it instantly, I had to fill in my bank routing & account number and scan/upload a voided check. After a few days, the PIN for the bank account still hadn't come through. The website does not allow any way of verifying what was submitted, or re-doing it. (I still don't understand why no one even looked at the voided check I submitted to try to correct any error.) No one contacted me about a failed test transaction. After a week, I sent an e-mail to Plooto support asking for a status update. No response. A week later, I forwarded that e-mail to the guy I had the conference call with. A full week later he sent me an e-mail there was a problem with the PIN verification, and I needed to go to the website to fix it. I informed him I had tried, and that the website doesn't allow that, nor were any of my messages returned, so I went with someone else. They denied I had ever tried to contact them.