Could this smart company credit card help your business?
Are there any Pleo branches?
No, there are no Pleo branches. You must top up your account online and will need to email Pleo for customer service enquiries.
Can clients pay into a Pleo account?
Pleo isn’t a bank account and isn’t intended for incoming payments. You can top up your account to spend from it but will need a separate bank account for any customer payments.
Will I earn interest on money held in Pleo?
You won’t earn interest on the money that you keep within Pleo. It’s important to maintain it with plenty of money to cover day-to-day business spending, but don’t add too much as you may earn interest by keeping spare money elsewhere.
Does Pleo offer loans or overdrafts?
Pleo does not offer any form of credit. You will need to top up your Pleo account before you can spend on your cards.
Where are Pleo cards accepted?
You’ll receive a Mastercard for each user. This prepaid debit card can be used wherever Mastercard is accepted. You can use your card overseas and in the UK. Pleo also offers virtual cards, to be used online for more secure spending.
Is it free to put money into Pleo accounts?
Yes. You can transfer money into Pleo without any charges or fees.
How much can I withdraw from an ATM?
You can make up to five withdrawals a day. The maximum withdrawal limit is £365. You will be charged £4 for each ATM withdrawal.
Can a Pleo card be shared?
Pleo cards should not be shared and are intended for one person each. You’ll need a card for each employee that you want to give spending power to. This allows you to keep track of all transactions.
What if I don’t set a spending limit?
If you don’t set a spending limit, each Pleo card will automatically default to a limit of £18.25 per day. It’s very important to change this manually if you’d like to give employees more spending power. You will also need to ensure that your Pleo account remains topped up to cover all spending – money can’t be automatically taken from your business bank account.
What is Pleo?
Pleo is a service that offers companies a new way of managing their expenses. With a Pleo prepaid Mastercard, employees can make work purchases and transactions, while account managers still have control of spending. With the addition of automated features, reports, and bookkeeping, it’s a unique way of managing business finance. Those with accounts get access to both virtual and physical Mastercards that can be used around the world.
The company launched back in 2015 with headquarters in Copenhagen and London. Since then, the team and the service have grown, offering all kinds of incentives for businesses to join up.
What features does it have?
There are several unique features that make Pleo stand out from traditional corporate credit cards. For those looking for a fast sign up and plenty of flexibility, there are a few that stand out:
- No paperwork. You can get set up with an account and start onboarding employees with minimal fuss in a quick and simple way.
- Automated reports. You’ll get expense reports that automatically match receipts with purchases.
- Instant access. Once you’ve set up your account, you can set up and start using your virtual card almost instantly. Physical cards can be ordered with just a few clicks.
- Ultimate control. You can manage cards individually, allowing you to limit who has access to what.
- Instant notifications. You’ll get real-time data on company spending as it happens.
How much does it cost?
There are three pricing tiers for Pleo’s service, each designed for different sizes of companies. The Essential tier gives you the basics of the service, giving you everything you need to get started. It costs £6 per month and gives access to 5 users. The Pro tier is £10 per month per user but gives enhanced flexibility and insights.
There is also a Premium tier, which is designed around enterprises and larger teams. Pleo doesn’t have details about how much this one costs, instead basing it on a case by case basis. There are no upfront costs or long-term commitments for any tier.
Are there additional fees?
There are few extra fees worth knowing about, although Pleo is upfront about what they charge for various services. On top of the monthly subscription, you’ll also pay:
- 2% for foreign exchange transactions
- £10 for every additional physical Pleo card
- £4 for ATM withdrawals
- £25 for customer refunds
These prices are given excluding VAT.
How does Pleo work?
After signing up for an account, you’ll have access to both a physical and virtual Mastercard. These cards work just like any other debit card, either by chip and pin or contactless. You can purchase goods and services using funds that you can add into your Pleo account.
After a purchase is made, the user can capture details of the receipt using the Pleo app. This receipt is then automatically added to an expenses report, which takes into account a variety of factors, including previous behaviour.
Where is Pleo available?
Pleo currently operates in a variety of companies in Europe. This includes the United Kingdom, Denmark, Spain, Sweden, Ireland, and Germany. The company plans on adding further locations in the future.
Where can I use my Pleo card?
Because Pleo uses the Mastercard service, you can use the card anywhere there is a Mastercard Acceptance Mark. There are over 30 million locations worldwide, as well as plenty of online stores, that accept Mastercard. So, even if you’ve registered in one country, you can use the card around the world. Just keep in mind that there is a 2% fee for transactions in other currencies.
Is Pleo safe?
There are a few safety measures in place when it comes to using Pleo. Firstly, the company is regulated by the Electronic Money Institution and authorised by the Financial Supervisory Authority in Denmark. The card itself is issued under a license from Mastercard International Incorporated.
When it comes to fraud, all purchases you make are monitored by a fraud detection algorithm. If suspicious activity is spotted, you will be notified, and your card will be temporarily blocked. You can re-enable your card (or block it manually) via the app. Pleo also uses bank-level data encryption, meaning your personal data and password are protected.
How can I add funds to my Pleo card?
To use your Pleo Mastercard, you’ll need to add funds to your Pleo account. You can easily do so using the app. You’ll have to wire the money into the account from an existing bank account. You cannot pay cash into your Pleo account.
Where are the funds held?
When you pay money into your Pleo account, the funds are held in a segregated account with either Danske Bank or JP Morgan. These two are both Systemically Important Financial Institutions, meaning your money is always safe.
Funds are held in compliance with EU law, which means that they are always your property. If anything happens to Pleo, your funds are still protected.
Can I connect Pleo to my accounting software?
Yes, Pleo works with just about every accounting system, one way or another. For those using Xero and e-conomic, you can directly integrate Pleo. For other accounting software, you can export a customised CSV which generally works well.
Once set up, you won’t have to worry about creating your own expense reports. When using your Pleo card, the app will categorise expenses and create an automated report.
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