How to solve small business payment problems

When it comes to running a small business, making payments can be quite the problem. As a former business owner, I know this all too well.

Back when I was importing European wines into Ontario, paying vendors was a struggle. But when it comes to business, you find ways to make it work.

In my case, I used to allocate half my Fridays to making payments. I’d create payment instructions across multiple interfaces – some from one bank, and some from another. The remaining payments were made through third parties facilitating the international payments. Often, the only way to make them is through a wire transfer, which is expensive and without tracking. It took up a lot of time, and in all honesty, was a headache. Then there’s the worry of making sure the right bill is marked as paid, so you don’t accidentally pay it twice. As I’m sure you know, it’s a problem small business owners face all too often, and in today’s climate, that’s a problem no one can afford.

So whether you’re chasing addresses, mailing cheques, or manually updating details – I’m sure you can think of better things to do with your time. That’s why, as Senior Partnerships Manager for Xero Canada, I’ve been working to find a payment solution.

In case you didn’t know, Xero has a long standing integration with Plooto and we’re excited to announce that new partnerships with other payments are coming soon. These platforms are set to be a game changer for your small business. 

By integrating Xero with Plooto, you’ll get to spend less time on tedious admin tasks and more time growing your business. Plooto can work with any Canadian bank account, saving time and energy. As it’s built for small businesses, it’s been designed with you in mind.

For instance, Plooto offers effortless, secure payments every time. You can also set up new suppliers in a click, pay them in their preferred format and automate the service from then on. That means the platform can manage the vendor’s details for you, and you’ll rest easy knowing your bills have been paid correctly and on time. Payments are also automatically reconciled, which will make duplicate payments a thing of the past.

With all your data online, you’ll have all you need in one place. And by integrating Plooto with Xero, you’ll be able to pull any outstanding bills into the platform, help with the vendor set up, send reminders and push reconciliation records back into your Xero account. This means you’ll have access to payment tracking, customization, streamlined processes, and so much more.

These payment platforms are guaranteed to simplify the bill paying experience for the payor, whilst also making sure the payment is made in a method preferred by the payee. It’s a win-win.

 We’re so happy  that along with Plooto, other payment solutions are set to launch soon. These tailor made apps put you and your business first. And running a business is hard work, so take advantage of the tools on hand. After all, they’re only there to help.