Your guide to international business payments on Plooto from Canada

If you're a Canadian business expanding into international markets, or already conducting business with partners overseas, you may have come across the name Plooto. This innovative financial technology company offers a range of services to help businesses manage their payments and cash flow more efficiently.

In this guide, we'll explore how Plooto can make international transactions easier for your Canadian business. We'll also introduce Wise, a trusted money services business (MSB) providing mid-market exchange rates and several essential financial tools for global businesses.

Key Features Of Plooto

Here are some of the best features Plooto has to offer, quoted directly from their website¹:

• Adding multiple users and easily approve your business payments, even if you’re working from different locations.
• You could pay and get paid how you want, in physical checks, international payments, or credit card receivables.
• Payments are protected with world-class encryption and high-security infrastructure.
• Transfer methods include debit card, credit card, ACH, EFT, or instant transfer.
• You can import your contacts and invoice to make payments easily.
• Process your accounts payable and accounts receivable quickly and securely with automation.
• Customizable & Scalable Workflows
• Two-way sync with QuickBooks, Xero, and NetSuite automatically reconciles your bills to payments made through Plooto.

How Much Does It Cost To Use Plooto

Plooto offers two pricing plans for businesses: Grow and Pro².

Grow starts at $32 CAD per month, while Pro has a custom pricing plan determined by contacting the company.

On top of these costs, there are other fees. Here’s how the plans stack up against each other:

How To Make An International Payment With Plooto

Using abbreviated information from the Plooto Help Center, here’s how to make an international payment with Plooto, starting with creating an international contact.

1. Go to the “Contacts” tab
2. Select “Add Contacts”
3. Select “Add Single Contact”
4. Select “Add a Supplier”
5. Skip the Plooto Network search
6. Select “Click here to add this contact instead”
7. Provide the contact’s name, display name (optional), email address, vendor/client name (optional)
8. Navigate to the section “Add a Method of Paying this Contact”
9. Select “Enter Banking Details” from the dropdown menu
10. Select the country of your contact’s bank account
11. Depending on the country selected, provide the required bank account information
12. Enter your contact’s address and phone number
13. Review and double-check the information
14. Select “Save”
15. Navigate to the “Foreign Exchange Calculator” on your Plooto Dashboard
16. Enter the account you wish to pay from
17. Enter the destination currency
18. Enter the value in either the destination currency or the currency of your bank (Plooto automatically converts the amount based on the latest exchange rates)
19. Click “Pay this amount to a Payee”
20. You will be taken to the payment creation page, where the destination currency and amount will already be filled in
21. Check the details
22. Initiate the payment as you normally would
23. Review the payment(s)
24. Select “Send Payments”
25. You will be shown the final exchange rate, which may differ from the predicted exchange rate

Meet Wise— Your Global Business Alternative

It may seem like a lot of steps for little transparency on your international business payments with Plooto. However, Wise could help manage your business needs with ease and simplicity. When you choose Wise, you avoid the hidden fees and markups that often come with banks or payment providers. But there’s more!

Wise offers transparent, low-cost fees* for international transfers. Our transfer fees start at just 0.33%, making it more affordable for your business to send and receive payments from anywhere in the world.

Wise uses the mid-market exchange rate for all international transactions. This means you get a fair and transparent rate without any hidden markups or fees, like you may find with Plooto.

With Wise, you can make business payments to over 160 countries. Our secure platform ensures that your transactions are protected, and our easy-to-use interface makes it simple for you to manage your international payments.

We understand that every business is unique and has different financial needs. That's why we offer a pay-as-you-use model with no monthly fees or minimum balances required. This gives you the flexibility to use our services as you require without any additional costs.

Wise also offers a convenient invoicing feature for businesses. You can easily create and send professional invoices to your international clients, with options to customize the currency and payment methods. This makes it easier for you to get paid quickly and efficiently.

We integrate seamlessly with popular accounting software like QuickBooks and Xero, making it easier for you to manage your finances and track your international payments. This helps streamline your business processes and saves time and resources.

Get your Wise Business Account in a few clicks

Conclusion

While Plooto provides a convenient platform for managing payments, Wise goes further with mid-market exchange rates and essential financial tools. Wise also offers seamless invoicing, and integration with various accounting software for smooth international transactions. Over 10 million customers trust Wise for their international payments.

For more information on how Wise can help your business succeed globally, visit our website or contact our team via phone or email. We're here to help you find the best financial solutions for your business.