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article imageWire transfers a thing of the past thanks to Plooto Special

By Jonathan Farrell     Aug 29, 2017 in Business
Toronto - Business analysts as reported by Huffington Post, to Business Weekly and Forbes have all noted the impact small business has made upon the economy.
Small business gives people from all backgrounds the ability to participate in the economy. The opportunity to achieve financial independence or even just to make the effort is powerful. As reports have pointed out, small business ventures encourage innovation — new ideas create jobs.
One Venture-backed fintech Canadian company in particular, called Plooto, Inc., understands this very well; especially with the use of technology and banking. Plooto's director of marketing, Gayle Ryan reached out to this reporter to talk about the innovative steps this Toronto-based tech enterprise is making. Its impact is aiming to revolutionize small to medium size businesses as we know it.
READ MORE: Q&A with Plooto CEO Hamed Abbassi
As reported by Digital Journal, recent studies have shown that payment via digital format or app has risen as much as 45 percent in the U.S. This is good news for small businesses. With the introduction of mobile apps small businesses have been adopting the new formats as mobility technology is gaining wider acceptance and affordability. Digital Journal has reported on this with a series of articles.
This is no surprise to a company like Plooto.
"Plooto is launching this month, a new international payments solution for small and medium sized businesses. With this launch," said Ryan, "Small to medium-sized businesses will receive better exchange rates than the banks offer, and pay only $9.99 per transaction. In total, the small-to-medium business sector can save up to 90 percent on their international payments."
A venture financial-tech enterprise  Plooto  Inc. is working to dramatically change the way small-to...
A venture financial-tech enterprise, Plooto, Inc. is working to dramatically change the way small-to-medium sized business operate in making payments, organizing their accounting, etc. Most importantly, as announced this past Aug. 17, 2017, they want to help reduce the cost of wire transfers and transactions.
Courtesy of Plooto, Inc.
Ryan discussed how CEO Hamed Abbasi's vision for Plooto is disrupting the old ways of the SMB sector. "Traditionally, banks have not served small businesses very well, and small-to-medium businesses have dealt with exorbitant fees, high exchange rates, and slow service when making payments.
"Plooto's founders know this pain very well, as they too experienced the poor service banks offered when they founded their first company, Vast Studios, which was acquired in 2014. As a result," said Ryan, "they founded Plooto, which aims to help small-to-medium businesses save money and streamline their cash flow with a solution to manage their business payments."
According to the Small Business & Entrepreneurship Council, "American Business is overwhelmingly small business." Quoting the U.S. Census of statistics of 2014 the SBEC noted companies with fewer than 500 workers accounted for 99.7 percent of those businesses and companies with less than 20 workers made up 89.4 percent of businesses. And when adding in the number of non-employer or sole-proprioritorship businesses, there were 24.3 million in 2015.
It looks as if recent data is also saying the same thing for Canada. Key Small Business Statistics noted in its report, there were 1.17 million employer businesses at the end of 2015 in Canada. Of these, 1.14 million (97.9 percent) were small businesses, 21,415 (1.8 percent) were medium-sized businesses and 2,933 (only 0.3 percent) were large businesses.
The Small Business Administration (a U.S. Government agency) reports that as of 2011 non-employee, sole-proprietor and home-based businesses led the way for over 60 percent of the new jobs in the workforce.
More about wire transfers, Wireless transactions, Greek banks, Plooto, B2B marketing
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