Toronto’s Plooto has provided a payments home base for Canadian and US small businesses for the past two years. Today, the cloud-based payments platform announced it’s finally taking the pain out of international payments.
Plooto has added an international transfer solution to its platform. Small and medium-sized businesses will now be able to send payments overseas without the steep costs associated with wire transfers.
Users will pay a flat fee of $9.99 for each international transaction—no monthly fees or hidden charges. This new solution can save businesses up to 90 per cent on their international payments when considering the potential cost prohibitive foreign exchange rates.
The flat fee option was already available for Canada to US cross-border payments (and vice versa), but nowhere else in the world. Starting today, small businesses will be better poised to compete in a global economy with the option to send payments to clients in the UK, China, India, Australia, and EU countries. International wire transfers through Plooto are also unlimited.
The fintech company’s offer is better than banks that charge both the sending and receiving business involved in the international transfer. With Plooto’s new solution, users can bypass the double ended fees and save themselves a trip to the branch to fill out paperwork.
“International payments are inconvenient and expensive for all businesses, but Plooto is changing that,” said CEO Hamed Abbasi in a statement. “Plooto users can pay their vendors from the comfort of their own office, at a much lower cost, and with greater visibility, transparency and security.”
The international wire solution is also cutting costs associated with the time it takes to manually keep records and reconcile transfers.
“Plooto is helping businesses add to their bottom line and reclaim their time back,” said Abbasi.
The made-for-consumers platform is currently used by more than 27,000 businesses, including global powerhouses Google, FedEx, Capital One, Deloitte and Microsoft.