Pleo Card Review: Your Business Expense Management

Pleo smart company card designed to help businesses save time and money
Pleo Card

As a business owner, managing expenses can be a daunting task. Keeping track of receipts, reimbursements, and company cards can be time-consuming and confusing. This is where Pleo Business Card comes in. Pleo is a smart company card that simplifies the expense management process, saving you time and money.

What is Pleo card?

Pleo is a smart company card that streamlines the expense management process for businesses. It is a debit card that can be used to make purchases and manage expenses. Pleo is designed to help businesses save time and money by automating the expense management process.

How does Pleo card work?

Pleo works by providing businesses with a smart company card that can be used to make purchases and manage expenses. Each employee is given a Pleo card, which is linked to the company’s Pleo account. When an employee makes a purchase using the Pleo card, the transaction is automatically recorded in the Pleo app. This means that there is no need for employees to keep track of receipts or fill out expense reports.

What features do you get with Pleo?

Pleo comes with a range of features designed to simplify the expense management process. Some of the key features include:

  • Real-time expense tracking: All transactions made with the Pleo card are automatically recorded in the Pleo app, providing real-time visibility into company spending.
  • Automated expense reports: Pleo automatically generates expense reports based on the transactions made with the Pleo card, saving employees time and reducing the risk of errors.
  • Customizable spending limits: Business owners can set custom spending limits for each employee, ensuring that spending stays within budget.
  • Receipt capture: Employees can easily capture receipts using the Pleo app, eliminating the need for manual receipt tracking.
  • Integration with accounting software: Pleo integrates with popular accounting software, such as Xero and QuickBooks, making it easy to reconcile transactions.
  • Earn Up to 1% cashback:  Pleo offers a cashback feature that allows users to earn up to 1% cashback on every business purchase made with a Pleo card. The cashback earned is based on the total monthly card spend and can offset the cost for all Pleo users. The cashback offer is available to customers who sign up for a yearly contract on the Essential or Advanced pricing plans.

What packages does Pleo offer?

Pleo offers three plans: Starter, Essential, and Advanced. Each plan has its own set of features and pricing.

The Starter plan is free for up to 3 users and includes Pleo Cards, simplified expenses, and automated receipt reminders. Additional fees apply if you make international card or invoice payments or require optional add-on features or services.
The Essential plan includes everything in the Starter plan, plus features such as real-time expense tracking, automated expense reports, and integrations with Xero and other accounting systems. The Essential plan has a free trial where you can try all the paid features for free before upgrading.
The Advanced plan includes everything in the Essential plan, plus features such as multi-entity management, custom configuration, and external bookkeeper access.

All plans include features such as spend analytics dashboard, spend limits per user or purchase, and reimbursement of employees with or without Pleo Cards. The Advanced plan also offers open API access, single sign-on with SAML, and assisted onboarding session. Additionally, eligible customers can receive cashback of up to 1% on purchases made with Pleo Cards.

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How Much Does Pleo Cost?

The Starter plan is free for up to three users, while the Essential plan costs £45 per month or £39 per month when billed yearly, with three users included and up to £11.5/additional user per month. The Advanced plan costs £89 per month or £79 per month when billed yearly, with three users included and up to £13.5/additional user per month. 

Therefore, the cost of Pleo depends on the plan chosen, with the Starter plan being free for up to three users and the Essential and Advanced plans having a monthly or yearly fee.

Is Pleo debit or credit card?

Pleo is a debit card, not a credit card. This means that businesses can only spend what they have in their Pleo account, helping to prevent overspending and reducing the risk of debt.

Pleo Card

How long do transfers take with Pleo?

Transfers with Pleo are fast and efficient. Domestic transfers typically take less than a day to process, while international transfers can take up to 3 business days.

Pleo Additional Products

Pleo offers several additional products that can enhance the expense management process for businesses:

  • Fetch – This feature matches receipts with Pleo expenses in your email inbox, including Gmail, Outlook, and Microsoft 365. It can even detect missing receipts from the previous year and notify you when they are found. However, it’s important to note that Pleo does not save your emails, and Fetch only retrieves messages that contain receipts.
  • PocketPleo recognizes that not all business expenses can be covered by a credit card. Cash purchases, out-of-pocket expenses, and mileage charges can all be tracked in Pleo Pocket. After submitting the details and amount involved, Pleo can assist your finance team in settling the outstanding balance. If employees require reimbursement, Pleo makes the process as simple as possible.
  • AssuranceThis feature provides an added layer of oversight to your team’s spending without the need to approve each expense individually. Managers can receive notifications when an expense exceeds a specific threshold, allowing them to decide whether or not it is acceptable. This can help businesses stay within budget and avoid overspending.

Who is Pleo Suitable for?

Pleo is suitable for small to medium-sized businesses that want to simplify their expense management process. It is particularly useful for businesses that have employees who make frequent purchases on behalf of the company.

Can Pleo replace your everyday business bank account?

Pleo is not designed to replace your everyday business bank account. Instead, it is designed to complement your existing banking infrastructure by simplifying the expense management process.

Integrating Pleo with your Accounting Software

Pleo integrates with popular accounting software, such as Xero and QuickBooks, making it easy to reconcile transactions. This integration helps to streamline the accounting process, reducing the risk of errors and saving employees time.

Where is Pleo available?

Pleo is available in the UK, Denmark, Sweden, Norway, Germany, Spain, France, Italy, Ireland, and the Netherlands. However, the company is expanding rapidly and is expected to launch in more countries soon.

Using Pleo Car Abroad

Pleo can be used abroad, but international transactions are subject to up to 2.49% fee. The card can be used anywhere that accepts Mastercard, making it a convenient option for businesses with international operations.

Is Pleo Safe?

Pleo takes security very seriously and uses industry-standard encryption to protect user data. The company is also regulated by the Financial Conduct Authority (FCA) in the UK and is subject to strict regulatory requirements. Additionally, Pleo offers advanced security features, such as two-factor authentication and the ability to freeze and unfreeze cards instantly.

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Pleo Review: Pros and Cons of the Pleo Card

Positives

Saves time by automating bookkeeping and expense management 
Real-time data and spending limits make it easy to monitor expenses 
Easy to use and user-friendly interface 
Great customer service and helpful support team 
Fast delivery of new cards and easy onboarding of new colleagues
Remembers the choice of cost category for future use 
Gives additional insights and makes liquidity budgets more precise
Negatives

Payments may be pending for a day or two, which can affect the status of the account
Fees on Withdrawals and International Transactions
Limited integration with accounting software 
Lack of customization options for categories 
Limited options for reporting and analytics 
The monthly subscription charge is higher than those of other fintech apps.
Some users reported issues with declining transactions due to a lack of funds, even when there were sufficient funds available
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Conclusion

While Pleo Card has some limitations, it is a great tool for businesses looking to streamline their expense management processes and gain more control over their company cards. The real-time data and spending limits make it easy to monitor expenses and the tool provides additional insights to make liquidity budgets more precise. Furthermore, Pleo Card helps to save time by automating bookkeeping and expense management.

Opening an account, even the free one, can be beneficial for businesses that want to simplify their expense management processes and improve their financial reporting. The tool can help businesses gain more control over their expenses, reduce time spent on manual bookkeeping, and provide valuable insights that can help with budgeting and financial planning. Overall, Pleo Card is a great tool for businesses looking to streamline their expense management processes and improve their financial reporting.

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Christian M
Christian M

Meet Christian - he's a digital entrepreneur with a passion for finance, personal growth, and marketing. He likes discovering new cutting-edge financial products that can help to improve people's lives.