Plooto's New Pay by Card Feature: A Game Changer for SMBs
Plooto, known as a leading payment automation solution for small to midsize businesses (SMBs), recently introduced its exciting Pay by Card feature. This new capability has been developed in partnership with Visa, aiming to provide businesses in Canada and the U.S. with innovative options for managing their finances. With Pay by Card, businesses can now link their credit cards directly to the Plooto platform, opening up opportunities to stretch their working capital further, settle payments with domestic vendors, and choose between different payment delivery methods, including EFT, ACH, or check.
Empowering Small and Midsize Businesses
Small businesses often encounter obstacles when accessing flexible financial solutions. A study has found that nearly half of small business owners—about 47.5%—express concerns regarding cash flow. Moreover, 47% of businesses in Canada report not having full funding to achieve their operational goals. This indicates a pressing need for improved and more flexible financing options. Interestingly, only approximately 52.4% of businesses accept credit cards, which limits their payment flexibility and often requires them to use operational cash for vendor payments.
Benefits of Plooto's Pay by Card
With Plooto’s PCI DSS compliant Pay by Card feature, businesses can take control of their cash flow while maximizing the benefits offered by their current credit card providers. Here are some standout advantages:
- Access to Short-Term Financing at Competitive Rates: Businesses can delay payment cycles by up to 60 days by using a commercial credit card that provides competitive APR, significantly easing financial pressure.
- Satisfy Vendors and Unlock Discounts: The freedom to choose an optimal payment method enables businesses to enjoy savings through early payment discounts without needing to use cash upfront.
- Earn Rewards or Cashback: By using a credit card for business-related purchases, companies can gather more rewards or cashback benefits that contribute positively to their bottom lines.
Voices from the Company
John McLane, CEO at Plooto, highlighted the frequent challenges SMBs face, saying, "One of the biggest obstacles SMBs face is cash flow. Many business owners are juggling the timing of incoming and outgoing payments, limited access to commercial credit, and strict vendor terms. Working with Visa, a leader in digital payments, allows us to support Canadian and U.S. businesses with the real-time access to working capital they need."
Moreover, Serguei Kloubkov, Co-founder and CTO of Plooto, expressed excitement regarding their collaboration with Visa, stating, "Bringing Plooto's Pay by Card solution to market exemplifies our commitment to making short-term financing accessible through user-friendly technology. Our goal is to provide tangible value to businesses that have limited cash management resources, and I'm excited to see this vision become a reality with our launch."
The Landscape for SMBs
Denise Press, Head of Small Business for North America at Visa, acknowledged the importance of small businesses to the economy, noting, "SMBs are the foundation of our global economy, yet they face significant hurdles when it comes to securing capital and remaining competitive. Our partnership with Plooto enables us to deliver vital resources and funding to assist these businesses in growing and thriving in today’s challenging environment."
Getting Started with Pay by Card
For those interested in taking control of their business cash flow through the Pay by Card feature, additional information can be found on Plooto's website.
About Plooto
Plooto collaborates with growing small to midsize businesses and their accounting firms, providing them with total control over their cash management. This all-in-one payment automation platform securely automates all payable and receivable workflows, integrates seamlessly with accounting software, and reconciles invoices automatically. Based in Toronto, Plooto supports over 10,000 businesses across North America and works efficiently with notable accounting platforms such as Quickbooks, Xero, and NetSuite. Simplifying complex financial processes at scale, Plooto is the crucial financial engine that enables businesses to unlock their growth potential. For more information, be sure to check out Plooto.com.
Frequently Asked Questions
What is Plooto's Pay by Card feature?
Plooto's Pay by Card feature enables businesses to link their credit cards to the Plooto platform for improved cash flow management and access to short-term financing.
How does Pay by Card benefit small businesses?
It offers benefits like extended payment cycles, the ability to unlock early payment discounts, and opportunities to earn rewards or cashback.
Who developed the Pay by Card feature?
Plooto developed the Pay by Card feature in collaboration with Visa, a leader in digital payment solutions.
What challenges do SMBs face regarding financing?
Many SMBs struggle with cash flow, vendor payment requirements, and limited access to commercial credit.
Where can I learn more about Plooto's services?
Visit Plooto's website at Plooto.com for detailed information about their payment automation solutions and services.
