Plooto Launches Pay by Card Unlocking Instant Access to Short-term Financing for SMBs

Plooto, a leading payment automation solution for small-to-midsize businesses (SMBs), now offers Pay by Card to Canadian and U.S. businesses, developed in collaboration with Visa. Pay by Card allows users to connect their business’ credit card to Plooto to extend their working capital, pay domestic vendors, and have payments delivered according to their preferred method (EFT, ACH, or check). Pay by Card gives businesses instant access to short-term financing via their commercial credit card providers that offer rewards and other benefits.

SMBs often face roadblocks in accessing affordable financing, have strict payment terms for vendors, and struggle with cash flow shortages. Cash flow is a concern for almost half (47.5%) of small business owners, and 47% of Canadian SMBs claim they do not have full funding to do what they want with their business, highlighting the need for better, more flexible financing. On top of that, only about half (52.4%) of businesses accept credit cards, which means many businesses have no choice but to also pay vendors directly from the cash they need to run day-to-day operations.

Plooto’s PCI DSS compliant Pay by Card capability lets businesses take control of their cash flow while reaping rewards from their existing credit card.

Key Plooto Pay by Card benefits include:

1. Access to Short-Term Financing at a Competitive Rate: delay payment cycles up to 60 days by paying with a commercial credit card that offers competitive APR
2. Satisfy Vendors and Unlock Early Payment Discounts: leverage the freedom to choose the optimal payment method while taking advantage of savings from paying invoices early (without having to front the cash)
3. Collect Rewards or Cashback: use a credit card for business purchases and unlock increased rewards or cashback that can positively impact their business’s bottom line

“One of the biggest obstacles SMBs face is cash flow. Many business owners and operators are navigating the timing of incoming and outgoing payments, limited access to commercial credit, and stringent vendor payment requirements,” said John McLane, CEO at Plooto. “We’re thrilled to work with Visa, a global leader in digital payments, to provide a solution that solves these critical pain points for Canadian and U.S businesses, giving them real-time access to the working capital they need.”

“It’s incredibly exciting to bring Plooto’s Pay by Card solution to market as a result of our close collaboration with Visa. Our companies’ shared goal of making short-term financing accessible to SMBs through easy-to-use technology has been the driving force behind this project. Providing tangible value to businesses with limited access to cash management tools remains a core tenet of Plooto’s product development strategy, and I’m thrilled to see that brought to life with this launch,” said Serguei Kloubkov, Co-founder and CTO of Plooto.

“SMBs are the foundation of our global economy but they face big challenges—securing capital, staying competitive with larger companies, and navigating an uncertain economy while keeping up with day-to-day payments,” says Denise Press, Head of Small Business, North America at Visa. “We’re excited to work with Plooto to enable this solution for their clients and help small businesses get the funding and resources they need to grow and thrive.”