Payment technology Plooto will now let small and medium-sized businesses accept credit card payments from their customers.
The Toronto-based startup offers cloud-based payments to small business owners on its free platform that charges 50 cents for domestic transactions and a flat fee of $9.99 for international transactions. With its latest addition, businesses can also accept credit cards for bills, invoices and recurring payments.
Typically traditional financial institutions will charge small businesses additional fees and high exchange rates to make payments—something that’s often further hindered by slow service. CEO Hamed Abbasi said Plooto is offering the credit option to its digital payment services with the goal of helping businesses get paid faster.
“Plooto was built to fix the broken payment ecosystem, removing the manual labor, paperwork, and trips to the bank that take up so much time,” Abbasi said. “Plooto’s cohesive platform gives businesses convenient options, so they can eliminate all reasons for late payments.”
Keeping in line with the existing functionality, credit card payments are automatically reconciled with accounting platforms so businesses don’t need to collect customer credit card information and manually enter data.
Plooto’s platform is currently used by 27,000 businesses—from Google to Deloitte—and gives its customers access to pre-authorized or subscription-based recurring payments in addition to direct debit from a client or vendor’s bank account.