Finding the right payment platform for your business can save time, money, and stress. Especially for small business owners who are looking to use their time efficiently, looking for a payment platform can be confusing. However, in today’s digital world, there are various options available to anyone to use. Platforms such as Melio, Plooto, and Bill.com offer great tools for any business owner. If you are stuck between the three, let’s break down which platform best fits your needs today!
What are Melio, Plooto, and Bill.com?
Before we dive into the specifics of each platform, let’s first understand what each platform does.
Melio
Melio is a B2B (Business to Business) payment platform. Melio strives to offer fast and easy services for small business owners. To accomplish their mission of easy payments, Melio offers small businesses the choice of making their payments by ACH bank transfers or credit/debit card. Even if the vendor only accepts checks or bank transfers, Melio will still allow you to pay by ACH bank transfers or debit/credit cards.
Plooto
Plooto’s main focus is on being a payment automation software. On top of that, Plooto aims to handle both accounts payable and accounts receivable. Heavily advertised as an automation software, Plooto offers small businesses the tools needed to either handle their services manually or build and automate their cash flow processes.
Bill
Unlike the past two software programs, Bill offers several all-around tools to help both small and large businesses. Bill offers both accounts payable and receivable, plus expense management. For those looking to manage their cash flow cycle in its entirety, Bill offers you the tools and more.
What Are the Features?
Let’s break down some main features that business owners may look for when deciding which software best fits their needs.
Feature
|
Melio
|
Plooto
|
Bill.com
|
|
Mobile App
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iOS only
|
No
|
Yes
|
|
International Payments
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Over 80 countries
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Over 30 countries
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Over 130 countries
|
|
Automation Tools
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Limited to AP tools only
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AP/AR tools
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Workflow tools
|
|
Pricing
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Offers free services & plans start at $22/month
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Starts around $9/month
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Starts around $45/month
|
|
Customer Support
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Email & Live Chat
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Phone, Email, & Live Chat
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Phone, Email, & Live Chat
|
|
API connections to accounting
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Quickbooks & Xero
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Quickbooks & Xero
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QuickBooks, Xero, NetSuite, plus more
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Key Takeaways
Melio
Melio offers the best low-cost services. Although you may miss out on some automation tools, Melio is a great starting software for business owners.
Plooto
Plooto relies heavily on its automation tools while still being cost-efficient. However, Plooto is held back due to its limited country availability.
Bill.com
An amazing all-around software that covers every aspect. Although it may be the most expensive option, Bill does not disappoint in its features.
Which Software is Best for Me?
Now that we have gone through an overview of each platform and their respective features, let’s break down what each platform may be best used for.
Melio
If you are looking for a simple payment software that covers the basics, then Melio is your go-to. While Melio may not offer the most insane features, it is still a great start for a small business owner who is looking for a payment software.
- Free services
- Connections to QuickBooks Online and Xero
- Limited automation tools
Plooto
Those who are looking to use automations to the max, Plooto is your software. Plooto offers great accounts payable and receivable automation tools at a very low starting price. While Plooto may lack a mobile app, it is still worth checking out for business owners who are looking to expand their automation techniques.
- AP/AR automation tools
- Starts at $9
- No Mobile App
Bill.com
For business owners who are looking for the most features available at their disposal, Bill proves to be the best option for already established or upcoming businesses. While Bill may lack some automation tools, Bill proves to be the best experience by offering an all-around payment software that shows your cash flow cycle in its entirety.
- Available in 130+ countries
- Detailed cash flow cycle process
- Most expensive software starting at $45
Bottom Line
All three platforms offer strong tools, but some may fit better for certain business owners. For cost-savvy businesses, Melio is your best bet. Those looking for the best automation tools, Plooto has your back. For the best finance management experience, Bill has you covered.
No matter the platform you choose, always take into consideration the needs that your business is in need of right now. Additionally, for business owners who want more help in managing their finances, reach out to our team at LedgerFi to help fulfill your payment needs.
