Episode 13: Plooto: The Most Affordable & User Friendly System to Get Paid by Clients with Hamed Abbasi

Apr 25

Heads up: I use affiliate links for my fave products. If you click and purchase, I may receive a small commission at no extra cost to you.

Alyssa Lang interviews Hamed Abbasi, the Co-Founder and CEO of Plooto, where they help bookkeeping and accounting firms to help pay their clients bills, be easily paid by clients and other cashflow management systems. In this episode we discuss how Plooto helps with receiving clients payments via ACH, permissions and controls within Plooto, other capabilities Plooto has in leveling up your services.

In this episode you’ll hear:

How Plooto streamlines the invoicing process, making it easier to charge clients
Ways to customize permission controls to grant specific access levels to your team members
Why Plooto is the most financially smart software to avoid massive fees for taking client payments
Other options Plooto offers to help you assist your clients and your firm

Resources mentioned in this episode:

⚙️ Plooto

Listen to the Full Episode here 👇🏼

🎧 Listen on iTunes ⇨ Click here

🎧 Listen on Spotify ⇨ Click here

🎧 Chose another listening platform ⇨ Click here

If you’ve followed me for a long time here at Workflow Queen or over at my firm Magnetic Bookkeeping, you know that I'm constantly talking up the payment processor Plooto. (I might as well have “I'm a Plooto user” stamped on my forehead. I’m OBSESSED #teamPlooto)

For those of you who don’t know about Plooto, buckle up. Because today on the podcast, I have Hamed Bassi, the Co-Founder and CEO of Plooto. And I’m so unbelievably pumped to have him here today!

Today we’ll dive into:

What all Plooto’s capable of doing
How Plooto compares to other platforms
How Plooto improves efficiency in gaining payments from clients
How to set up systems involving your clients that increase your revenue

Ready to totally elevate how you take payments in your firm?

Why You Should Use Plooto In Your Business

Okay, so I could do a full song and dance about how much I love Plooto (I even wrote another article all about my love for this platform) but that won’t help you if you don’t know what it is. So, in short, Plooto helps you get paid automatically, without giving a huge fee away (aka a chunk of your profits). But it does a lot more than that.

My firm uses Plooto when we onboard clients, and we use it for Automated Clearing House (or an Electronic Funds Transfer). We’re not the only company using Plooto, they have close to 9,000 users on their platform right now.

Why would it benefit you to add your business to that 9,000 users? Why not just invoice customers (in QBO, Dubsado, Stripe, etc) like you always have?

Well, think about it. Right now, we really live in a world that is created by entrepreneurs. And there's a lot of names we know: Steve Jobs or Bill Gates, Elon Musk. But those are the outliers, right? Most small business owners stay just that— small.

And the sad truth is that a lot of small businesses fail, and one of the biggest reasons is because of the management of finances.

A lot of small business owners didn’t start a business to do the “I sent a wire. Where is my check? It’s in the mail. You’re going to get it. When? I’ve done the work and haven’t been paid” back and forth.

Hamed and his partner know that the finance and billing process is broken and can cause a lot of stress, so to help small businesses avoid pitfalls and failure with cash flow, Plooto solves the accounts payable and accounts receivable problem.

Set up Plooto, and there you go. This platform sets up a process that instantly enables internal payments, reconciled with your accounting software. Something that took you hours and hours to do as an accountant or a bookkeeper— now takes a couple of seconds. All of that is for $32 a month with 10 free domestic transactions and a small fee there after (at the time of this recording) and you can check out their pricing here.

I always tell people if you really just realize how much you're saving just by making that switch. It just makes the most sense (cents!) Sorry, couldn’t miss the chance for the pun on that one.

Think about how quickly your Stripe fees add up by the end of the month, it’s probably a LOT more than $32, right?!

How Does Plooto Improve Efficiency In Business?

Okay, now you know Plooto can save you precious time with invoicing and receivable payments. It can ALSO save you money in the long run through the use of a system. Less opportunities to miss a payment, miss an invoice, or pull money out early with those dang fees from other processors.

And it has so many other things it does that save my sanity. Plooto has a two-way sync with QBO and Xero. So it can pull in information, and it can sync and push information out to Quickbooks Online or Xero, just like a bank feed.

That means you don’t have to worry about duplicating anything. It pulls all of the invoices and bills from your accounting software into Plooto, and then you select which ones you want to pay. And you can even select what account you want the money to come out of.

When the money is received, Plooto can push that payment straight into your account because it’s connected to your bank. So it goes back into your accounting software and marks that item as paid.

(Yeah. I’ll give you a minute for your mind to stop being blown. Because that’s a huge game changer and timesaver. — okay. Are you ready for more?!)

Let’s say your client pays you in full. Okay, cool. It’s marked as paid and closed out. But if they paid only a partial payment, it can be marked as a split on the backend. The payment isn’t complete and doesn’t disappear, but the money goes into your account, and a reminder is sent. Automatically. All through Plooto. All of that is stuff you no longer have to worry about!

Plooto also offers bill pay. That means that as a bookkeeping or accounting firm, you can go in on behalf of clients and connect them to Plooto to make that happen. You can even use it for your own firm and your clients.

Hamed said he worked with content creators and copywriters in his firm, and they tend to have a lot of incoming transactions. To avoid their constant invoicing, Hamed goes in on behalf of his clients and sets them up on Plooto.

And you can set them up in Plooto automatically instead of having to do it manually. Just click on that contact button in Plooto and hit sync… then let the magic happen.

(Bonus? This is where Plooto can turn into extra revenue for you. Because Plooto can automate this entire process for you, you can charge your clients a subscription fee. You’re consolidating your finances and clients under the same platform and charging your monthly recurring clients automatically which makes it easier on you AND them!)

How To Customize Plooto To Meet Your Needs

Hamed shared that one of this software's most popular aspects is how customizable it is and how much control you have.

There’s fail-safes for clients with missing funds, and there’s communication in place if a client’s payment fails. You can also track each client's payments through a little visual bar that fills up as payments go through the process.

Plooto can be customized to fit the needs of your clients, too. My clients are in the online space, so the payments are fairly automated. But I know people who work with landlords or construction sometimes get huge payments, not always in full.

You can set up recurring receivables — all customizable with how much and how often you’re getting paid. The customer can also cancel at any time, so if you stop working together and forget to cancel them, they can do it on their end. Genius!

Remember I said you could also import your customer’s clients into Plooto?

Here is where another customizable piece comes in. You can have your clients approve payables and receivables before they go out. So instead of sending one invoice at a time, now they are able to go in and approve a batch of ten.

Basically, offering them a “white glove” (so fancy, Hamed!) service where you’re for real telling your customer you are taking invoicing completely off their hands.

If you want to customize each client, you can set different viewing permissions on both sides, so if you have someone listed as an admin, they have access to everything.

Or you can list them as a viewer where they see things but can’t add bank accounts. So based on the roles of everyone involved, you can customize a safe and streamlined system for your customers.

I tell people all the time, “Make it easy for people to hand you money.” Make the process so smooth that it's a no-brainer. I can't tell you how many times I've had a contractor who's worked for me or something, and they bill me. And I'm like— I am so busy I don't have time to be filtering through my email. Go to Plooto. They're amazing. It’s stupid how easy it is. It’s great.

Are you ready to try Plooto and save SO MUCH time and energy on collecting payments from your clients every month?

About our guest:

Hamed Abbasi is the Co-founder and CEO of Plooto. Plooto helps finance teams within Small- to Medium-Sized Businesses (SMBs) manage and maximize their cash flow through end-to-end Payment Ops Automation. Plooto is utilized by over 9,000 customers in the US and Canada. Prior to Plooto, Hamed was the Co-founder of Vast Studios, a multi-platform Casual Gaming company, Vast Studios, which was acquired by Imperus Technologies.

Plooto is an integrated payment automation platform built exclusively for SMBs. Plooto’s turnkey solution has completely re-engineered the accounts payable and receivable experience by eliminating manual data entry, replacing checks and wires by seamlessly connecting to over 6,000 Financial Institutions, and automating the reconciliation process by integrating with the leading accounting platforms. Plooto’s mission is to help SMBs run better. For more information, please visit https://www.plooto.com/

Connect with Hamed Abbasi:

Connect on Twitter: https://twitter.com/PlootoInc
Connect via Facebook: https://www.facebook.com/plootoinc
Connect via LinkedIn: https://www.linkedin.com/company/plooto/
Follow them on Instagram: https://www.instagram.com/plootoinc
Subscribe to their YouTube channel: https://www.youtube.com/@Plooto
Book a Demo of Plooto: https://calendly.com/plooto-demo/getstarted

Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me, @workflowqueen

For more information about the Conquering Workflows & Systems for Bookkeepers & Accountants Podcast or interest in our programs or mentoring visit our resources below:

Visit our website: workflowqueen.com

Check out our courses: workflowqueen.com/courses

Follow the Blog: workflowqueen.com/blog

Connect on LinkedIn: linkedin.com/in/alyssa-lang-wq

Connect on Instagram: instagram.com/workflowqueen

Connect on Facebook: Facebook.com/workflowqueen

Podcast Publishing Tools we use: