Plooto Instant

What is Plooto Instant and why do we use it?

When paying items through Plooto, or any direct deposit service, the payment provider debits the payers bank account, and then holds these funds for a couple of days to ensure that the funds are clear, that they don't come back as an NSF charge back.    

To reduce the lead time Plooto offers an 'instant' account.    This account holds pre-cleared funds for the occasional payment that is more time sensitive.   i.e. the money gets transferred to and held by Plooto, so they know the funds are clear.

In order to pre-clear these funds, we move money (transfer) from your bank account, to the Plooto Instant.   You will see these transfer requests the same as any payment approval request.

The Plooto dashboard will show you the current balance of your Plooto Instant account.   These funds are held here until needed to make payments.    The same approval process and signing requirements are in place as for when your regular bank account is charged.   IE. the signers will still need to approve these payments.