Plooto reduces cost of international wires for small and medium sized businesses with launch of flat-fee payment solution

Venture-backed fintech company Plooto launches international payments for flat-fee of $9.99 to US, UK, European Union, China, India, and Australia

TORONTO, Aug. 16, 2017 /CNW/ - Financial technology company Plooto, a provider of electronic payment solutions for small and medium businesses, is now offering international payments for a flat fee of $9.99. Plooto users can also benefit from exchange rates much lower than banks' advertised rates.

Plooto's new solution is a replacement for international wire transfer services offered by banks, which charge transaction fees to both the business making the international payment as well as the business receiving it. These fees can add up to hundreds of dollars per transaction. Plooto users can now bypass expensive wire fees and exchange rates offered by banks, saving them up to 90% on international payments. With the new launch, Plooto supports payments to the US, the UK, China, India, Australia, and European Union countries, with more countries to be added soon.

Sending a wire transfer through banks requires the account administrator to make a trip to their branch and fill out forms in person. Additionally, record keeping and reconciliation must be done manually, making traditional international wire transfers time-consuming and labor-intensive. Furthermore, businesses lack visibility into the status of their payments because banks do not provide regular remittance updates. In total, making a single international transaction could cost hundreds of dollars and take days to process.

"International payments are inconvenient and expensive for all businesses, but Plooto is changing that" explains Hamed Abbasi, CEO and founder of Plooto. "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. Plooto is helping businesses add to their bottom line and reclaim their time back." said Abbasi.

Plooto's international payments solution is a secure platform built with military-grade security, and is trusted by over 27,000 businesses in North America. Learn more about Plooto's international payments by visiting www.plooto.com.

About Plooto
Founded in 2015, Plooto is a venture-backed financial technology company dedicated to streamlining the way businesses manage their domestic and international payments. Plooto was named a CIX (Canadian Innovation Exchange) Top 20 Most Innovative Company and was shortlisted as one of C100's 2017 cohort of Canada's Most Promising Startups. For more information, visit www.plooto.com.

SOURCE Plooto

For further information: Gayle Ryan, Plooto Inc., 416-575-6322, gayle@plooto.co

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