Plaid

Platform that enables apps to connect with bank accounts

4,3 /5 (6 reviews) Write a Review!

Plaid Overview

What is Plaid?

Plaid is a technology platform which enables connection between applications and users’ bank accounts for account authentication, real-time balance checks, identity verification, income validation, asset verification, and more. Thousands of US and Canadian financial institutions are supported, as are business and consumer bank accounts.

Plaid’s Auth solution can be used to authenticate bank accounts for ACH payments without requiring microdeposits, allowing transactions to be authenticated instantly. Users are added with the credential-based flow, and account holder information can be retrieved to authorize transactions at any time once a user is added. The Balance solution can pull real-time current and available balance information as well as historic balance data, account type and status information. This solution can be used to prevent non-sufficient funds (NSF) and overdraft fees for customers by ensuring they have sufficient available balance before transactions are processed. Identity enables the verification of user identities against bank records to reduce fraud. Email and mailing addresses, phone numbers, and names can be checked, and forms can be auto-filled with account holder information.

The Transactions solution pulls transaction data for the past 24 months, with context including geolocation, category, and merchant information. Both pending and completed transactions can be accessed. Plaid’s Assets solution enables the verification of borrower assets from bank records, and generates reports in JSON and PDF formats. Income can be used to validate multiple income sources and verify employment information in real time, including the previous year’s pre- and post-tax income, projected pre- and post-tax income, and number of income streams.

Plaid Overview

Pricing

Starting from
US$200,00/month

Pricing options

Free Trial
Free
Subscription
Value for money

Test: free for up to 100 live items.
Launch: pay as you go
Scale: starting at $200/month.
Contact Plaid for full pricing information.


Plaid Features

Devices
Business size
S M L
Markets
United States, Canada, United Kingdom
Supported Languages
English

Media

Users can track usage over time
Account overviews provide information on account holder details
Account balance summaries and history are also included in account overview reports
Borrower asset information can be accessed
Users can add their colleagues and manage access
Income details can be pulled from customers' banks
Available and current balance data can be accessed
Users can view bank account numbers and types
Plaid screenshot: Users can track usage over time Plaid screenshot: Account overviews provide information on account holder details Plaid screenshot: Account balance summaries and history are also included in account overview reports Plaid screenshot: Borrower asset information can be accessed Plaid screenshot: Users can add their colleagues and manage access Plaid screenshot: Income details can be pulled from customers' banks Plaid screenshot: Available and current balance data can be accessed Plaid screenshot: Users can view bank account numbers and types

Plaid Reviews

Plaid Reviews

Overall rating
4,3
/
5
Excellent
5

Very good
0

Average
0

Poor
0

Terrible
1

Value for Money
5
Features
4,2
Ease of Use
4,2
Customer Support
5
83% recommended this app
Kerby R.

Great product

Great i love this product.


Brett R.

Use many Apps that use Plaid's services


Dakari B.

Keep your finances organized


Dj R.

WaveApps.com reliance on Plaid a horrible decision!

WaveApps is slowly committing suicide by using Plaid as it is currently supported.


Verified Reviewer

Very slick!

We've had some bugs getting WooCommerce Subscriptions to be authorized for renewal payments, but that might not be an issue with Plaid specifically.


Kerby R.
Industry: Food & Beverages
Company size: 2-10 Employees

Great product

Used Daily for 1+ year
Reviewed on 2020/01/23
Review Source: Capterra

Great i love this product.

Pros

Very fast and very accurate. Saves a lot of time verifying bank accounts.

Cons

I really wish they had an app. So when you're out of the office you can still check.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend: 10.0/10

Brett R.
Industry: Entertainment
Company size: Self Employed

Use many Apps that use Plaid's services

Used Daily for 6-12 months
Reviewed on 2019/08/01
Review Source: Capterra

Pros

Unless you pay attention you wouldn't even know they are involved. Seamless, makes connecting bank accounts to apps (banking /money apps etc) much simpler.

Cons

On occasion connections can randomly not work. Rarely an issue for more than a day.

Rating breakdown

Value for Money
Ease of Use

Likelihood to recommend: 10.0/10

Dakari B.
Industry: Entertainment
Company size: 2-10 Employees

Keep your finances organized

Used Monthly for 1+ year
Reviewed on 2020/09/13
Review Source: Capterra

Pros

What I like most is how simple and efficient plaid is.

Cons

No app for the software there’s also no way to remember or connect accounts to a profile.

Rating breakdown

Ease of Use

Likelihood to recommend: 9.0/10

Dj R.
Industry: Industrial Automation
Company size: 2-10 Employees

WaveApps.com reliance on Plaid a horrible decision!

Used Daily for 6-12 months
Reviewed on 2020/09/15
Review Source: Capterra

WaveApps is slowly committing suicide by using Plaid as it is currently supported.

Pros

Nothing, really... That's the point of this review.

Cons

Account connections with mainstream institutions like AMEX regularly break. The connection must be deleted and recreated each time there is a problem. Kind of defeats the purpose of an automated link.

Connections to smaller institutions or banks don't stand a chance with Plaid. Reported problems don't get rectified presumably based on the biggest "squeaky wheel" institution getting priority. Ever since WaveApps converted to Plaid, I must do a manual bank upload to Wave to update my accounts. Again, kind of defeats the purpose of an automated link, don't you think.

Rating breakdown

Ease of Use

Likelihood to recommend: 0.0/10

Verified Reviewer
Industry: Marketing & Advertising
Company size: 2-10 Employees

Very slick!

Used Other for 6-12 months
Reviewed on 2019/12/18
Review Source: Capterra

We've had some bugs getting WooCommerce Subscriptions to be authorized for renewal payments, but that might not be an issue with Plaid specifically.

Pros

I love the interface of a pop-up window that allows the user to log in to their online banking, select the account, and use that to complete an online payment.

Cons

It's crazy expensive if you are doing much more than testing (for a small business like us). It would make sense though as they don't charge per transaction (I think, it's a been a while since I looked at their pricing page).

Rating breakdown

Ease of Use

Likelihood to recommend: 9.0/10

User recommendation
9,4/10
Based on 6 user ratings
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Plaid Pricing

Plaid Pricing

Starting from
US$200,00/month
Free Trial
Free
Subscription
Value for money

Test: free for up to 100 live items.
Launch: pay as you go
Scale: starting at $200/month.
Contact Plaid for full pricing information.

Test: free for up to 100 live items.
Launch: pay as you go
Scale: starting at $200/month.
Contact Plaid for full pricing information.

Value for Money
5/5
Based on 6 user ratings
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Plaid Features

Plaid Features

API
Accounting Integration
Accounting Management
Activity Dashboard
Audit Trail
Automatic Notifications
Billing & Invoicing
Compliance Management
Customizable Reporting
Data Import/Export
Electronic Payments
Expense Tracking
Financial Analysis
Invoice Management
Invoice Processing
Multi-Currency
Real Time Data
Reporting & Statistics
Third Party Integration
Workflow Management
Features
4,2/5
Based on 6 user ratings
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Categories

Additional information for Plaid

Additional information for Plaid

Key features of Plaid

  • 256-bit AES encryption
  • ACH authentication
  • Account & routing numbers
  • Bank account connections
  • Borrower asset verification
  • Credential-based flow
  • Current & available account balances
  • Form auto-fill
  • Identity verification
  • Income validation
  • Mobile-optimized forms
  • PDF & JSON asset report formats
  • Real-time & historical transaction data
  • Real-time account balances
  • Transaction & account data
  • Transaction geolocation, merchant & category data

Benefits

  • Plaid’s Auth solution enables the authentication of accounts for ACH without the need for microdeposits, allowing the instant authentication of transfers.

  • The Balance solution can be used to pull both historical and real-time balance data before transfers are made, including current and available balance information, to prevent overdrafts and non-sufficient funds (NSF) fees.

  • Bank data, including names, addresses, and phone numbers, can be used to verify user identities with the Identity solution, with the aim of reducing fraud.

  • Historical transaction data for the past 24 months can be accessed using the Transactions solution, with contextual information including category, merchant, and geolocation data.

  • The Assets solution can be used to verify borrower assets using financial data from borrowers’ bank accounts, and generate reports in both JSON and PDF formats.

  • Plaid FAQs

    Plaid FAQs

    Below are some frequently asked questions for Plaid.

    Q. What type of pricing plans does Plaid offer?

    Plaid offers the following pricing plans:

    Starting from: US$200,00/month

    Pricing model: Free, Subscription

    Free Trial: Not Available

    Test: free for up to 100 live items. Launch: pay as you go Scale: starting at $200/month. Contact Plaid for full pricing information.

    Q. What are the main features of Plaid?

    Plaid offers the following features:

    • 256-bit AES encryption
    • ACH authentication
    • Account & routing numbers
    • Bank account connections
    • Borrower asset verification
    • Credential-based flow
    • Current & available account balances
    • Form auto-fill
    • Identity verification
    • Income validation
    • Mobile-optimized forms
    • PDF & JSON asset report formats
    • Real-time & historical transaction data
    • Real-time account balances
    • Transaction & account data
    • Transaction geolocation, merchant & category data

    Q. Who are the typical users of Plaid?

    Plaid has the following typical customers:

    Small Business, Large Enterprises, Mid Size Business

    Q. What languages does Plaid support?

    Plaid supports the following languages:

    English

    Q. What type of pricing plans does Plaid offer?

    Plaid has the following pricing plans:

    Free, Subscription

    Q. Does Plaid support mobile devices?

    We do not have any information about what devices Plaid supports

    Q. What other apps does Plaid integrate with?

    Plaid integrates with the following applications:

    Blend, ChurchTrac, Floify, LendFoundry, MonkeyPod, Namu, Patriot Payroll, PayHOA, Temenos Transact, VGS Platform

    Q. What level of support does Plaid offer?

    Plaid offers the following support options:

    FAQs, Knowledge Base, Online Support