top of page

RBC PayEdge, Wise or Plooto? Which payment processor is fit for your business?

In the evolving fintech landscape, businesses are constantly seeking efficient ways to manage their accounts payable and receivable. Today, we'll delve into a comparison of three popular payment processors: Plooto, Wise (formerly TransferWise), and new comer in the scene RBC PayEdge.

1. Functionality:

  • Plooto:

    • Acts as an intermediary between your books, bank, and recipient.

    • Offers accounts receivable functionality.

    • Enables post-dating of payments and setting up recurring payments.

    • Issues physical checks as a payment option. This is pretty old school but they do offer it.

  • RBC PayEdge:

    • Also acts as an intermediary between your books, bank, and recipient.

    • Does not currently offer accounts receivable functionality.

    • Allows for post-dating of payments and setting up recurring payments.

  • Wise:

    • Primarily known for its foreign exchange and international payment services.

    • Delivers international payments quite rapidly.

    • Offers competitive foreign exchange rates.

    • Not typically mentioned in the context of accounts payable automation.

2. Integration with Xero:

  • Plooto:

    • Automatic integration with Xero.

    • A sync between your Plooto account and Xero creates clear payment records, audit trails, and easy reconciliation.

  • RBC PayEdge:

    • Automatic integration with Xero as of 2023.

    • Canadian companies using Xero can now easily move their invoice details to RBC PayEdge™, pay their suppliers, and then the payment details will automatically update back in Xero.

  • Wise:

    • Automatic integration with Xero. Your Wise activity syncs up to your accounting software. Just select the Wise account balances you want to connect and they’ll appear in Xero.

    • View and pay outstanding bills from your Wise account — your connection automatically logs it all in Xero. Wise also mark their fees as bank charges for easier reconciliation.

    • Automatic updates and streamlined reconciliation.

3. Pricing (could change by the time you read this):

  • Plooto:

    • Monthly fee of $25 covering 10 domestic transactions and one foreign payment.

    • Each additional domestic payment after the first 10 costs $0.50.

  • RBC PayEdge:

    • Charges $1 per domestic payment.

    • Foreign wires cost $16.

    • Offers options for a flat monthly charge.

  • Wise:

    • Known for competitive foreign exchange rates.

    • Pricing varies based on the amount and currency route but is generally considered to be lower than traditional banks.

Ownership and Customer Service:

  • Plooto: Independent and intends to remain so. Generally quicker in response times.

  • RBC PayEdge: Owned by RBC, which might influence its fee structure and functionality in the future. Might not be as nimble as startups.

  • Wise: Independent fintech company known for its transparency and customer-centric approach.

Both Plooto and RBC PayEdge offer valuable solutions for businesses looking to automate their accounts payable processes. Plooto seems to have an edge in terms of integration ease and additional features like accounts receivable functionality. RBC PayEdge, being backed by a major bank, might offer a sense of security to some businesses. Wise stands out for foreign transactions.

Ultimately, the best choice depends on a company's specific needs, the volume of transactions, and the regions they operate in. It's always advisable to test out these platforms to determine which aligns best with your business operations.


Nex CPA is a boutique Canadian digital accounting firm that provides online accounting solutions by combining technology and forward-thinking businesses. Tailored for the modern entrepreneur, we provide an easy, automated and client-focused service so you can focus on working 'on' the business and not 'in' the business.

For more information, please contact us at


Recent Posts

See All


bottom of page