Plaid Pricing, Features, Reviews & Comparison of Alternatives

Plaid

Platform that enables apps to connect with bank accounts

5.0/5 (3 reviews)

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.com

Pricing

Starting from
$500/month
Pricing options
Value for money
View Pricing Plans

Devices

Business size

S
M
L

Markets

United States, Canada

Supported languages

English
Plaid screenshot: Users can track usage over timePlaid screenshot: Account overviews provide information on account holder detailsPlaid screenshot: Account balance summaries and history are also included in account overview reportsPlaid screenshot: Borrower asset information can be accessedPlaid screenshot: Income details can be pulled from customers' banksPlaid screenshot: Available and current balance data can be accessedPlaid screenshot: Users can view bank account numbers and typesPlaid screenshot: Users can add their colleagues and manage access

Plaid reviews

Excellent
3

Very good
0
Average
0
Poor
0
Terrible
0
Value for money
Features
Ease of use
Customer support
  5.0
  4.7
  4.7
  0.0
Anonymous

Very slick!

Used occasionally for 6-12 months
Reviewed 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
Features

Likelihood to recommend: 9/10

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Brett Ricci

Use many Apps that use Plaid's services

Used daily for 6-12 months
Reviewed 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
Features

Likelihood to recommend: 10/10

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Anonymous

Reliable, secure and streamline way to connect with bank accounts.

Used weekly for less than 6 months
Reviewed 2019-10-12
Review Source: Capterra

Initially, I've used Plaid from end-user standpoint, connecting to a budgetting/finance management software, each convinced me to sign up for it, knowing that the connection with the bank was done professionally and securely. More recently I had a chance to integrate a large-scale software with Plaid for fraud detection and onboarding, and it was a very pleasant experience, with modern APIs and good support.

Pros
Simple to use, reliable and secure. Removes the burden from developers to implement direct connections with banking institutions and put clients at ease knowing that their accounts are secured by specialized people.

Cons
It can have some issues authenticating banks with two-factor authentication enabled. Canadian integration is lagging behind the American one.

Rating breakdown

Ease of use
Features

Likelihood to recommend: 9/10

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Plaid pricing

Starting from
$500/month
Pricing options
Free
Subscription
View Pricing Plans

Testing: Free - 100 credentials.
Growth: $500+ per month - unlimited credentials (pricing is usage-based).
Enterprise: custom plans available on request.

Plaid features

API
Real Time Data

Accounting Integration (151 other apps)
Accounting Management (157 other apps)
Activity Dashboard (173 other apps)
Audit Trail (109 other apps)
Automatic Notifications (138 other apps)
Billing & Invoicing (157 other apps)
Compliance Management (148 other apps)
Customizable Reporting (141 other apps)
Data Import/Export (149 other apps)
Electronic Payments (143 other apps)
Expense Tracking (139 other apps)
Financial Analysis (109 other apps)
Invoice Management (202 other apps)
Invoice Processing (130 other apps)
Multi-Currency (136 other apps)
Reporting & Statistics (201 other apps)
Third Party Integration (160 other apps)
Workflow Management (121 other apps)

Security and privacy

Encryption

Encryption of sensitive data at rest
HTTPS for all pages

Access control

Multi-factor authentication options
This will ask you to sign in with LinkedIn

Additional information for Plaid

Key features of Plaid

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