BILL (formerly known as Bill.com), a financial operations platform for small and midsize businesses (SMBs), recently announced new payment offerings for SMBs and accountants to make payments faster, easier, and more secure. The new capabilities, part of BILL's powerful payments engine, include a new international payment option, Local Transfer, and enhancements to BILL's Instant Payment and Invoice Financing payment offerings.
"SMBs are increasingly facing more complexity as they make payments to vendors, partners, and customers both locally and around the world," said Mary Kay Bowman, EVP, GM of Payments and Financial Services at BILL. "This is why BILL continues to enhance our payment experiences to give SMBs more flexibility to make the payment choices businesses need and to manage and optimize their cash flow. BILL's sophisticated payment infrastructure gives SMBs the ability to meet unique customer and supplier payment needs, while accelerating payment speed and reducing risk."
Send International Funds in Local Currency Faster with Local Transfer
Local Transfer, a new BILL Accounts Payable option, empowers businesses to make faster same-day international payments to vendors in their local currency without the need to go through intermediary banks and incur the associated fees. Transactions via BILL's Local Transfer option are delivered directly to local banks abroad, enabling businesses to pay overseas vendors 'like a local' from anywhere in the world. Benefits include:
- Faster international payments: Local Transfer payments in local currency can arrive as soon as the same day. They can be delivered up to 4 days quicker than FX (foreign exchange) wires and up to 3 days faster than USD wires sent via BILL.
- Save money and minimize exchange rate risk: Faster international payments enhance cash flow efficiency and limit the possibility of currency fluctuations, which helps reduce exchange rate exposure. Businesses pay no intermediary bank fees or wire fees for payments made in a vendor's local currency. Vendors also receive local currency payments sent via Local Transfer without incurring a wire receiving fee. Exchange rates may apply.
- Save time and increase productivity: Businesses can centralize international and domestic payments through one secure, synchronized financial operations platform.
BILL's Local Transfer option for international payments is currently available in 15 countries and will soon become available in 40 countries.
Robert Bess, CEO of DayOne Solutions said, "At DayOne Solutions, the speed of international payments is one of our top priorities. We pay our contractors in the Philippines in their local currency, the peso, and it would take an average of 5 to 7 days from the invoice date for them to receive their money. We were thrilled to discover BILL's international payment capability Local Transfer that has helped us speed up our payments to same-day delivery. BILL has effectively given me and my overseas team 3 to 5 days back. The process is now so straightforward and fast—I simply review and pay."
Enhanced Payments Capabilities Expand Breadth of Payment Choices
New enhancements to BILL's payment experience give businesses more flexibility, control, and access to capital to help SMBs better manage and optimize their cash flow.
- Send payments in real-time: Businesses can now send payments to their vendors in the U.S. within minutes with the new BILL Accounts Payable Instant Payment option, which leverages a real-time payment network between financial institutions. Payments can be sent and received instantly, 24/7, on holidays or weekends, allowing businesses to maximize cash flow in real-time.
- Get more accessible access to capital: BILL Accounts Receivable Invoice Financing* is a short-term line of credit. Businesses that get paid with BILL can receive an advance against outstanding invoices and improve their cash flow. A new simplified Invoice Financing process allows companies to access up to $100,000 in financing in as little as 5-10 minutes** after completing a one-time, easy credit line approval process that does not affect their credit score. Businesses can avoid waiting 30+ days to get paid; no additional application is needed for subsequent financing requests.
Enhancements to Instant Payment and Invoice Financing are available now. To get started today, request a demo here.
Patrick Curtis, CPA, CGMA, Shareholder at Rubino said, "BILL is a requirement for our clients and is an important part of our Rubino CAS technology stack. We tell clients, 'This is our tech stack, and BILL is a part of that.' We drive that change. Our clients appreciate that BILL's payment choices provide security, flexibility, and control for their payment needs. BILL's payment capabilities make clients—and us—feel confident about using BILL. BILL has become a vital capability for Rubino's clients."
Footnotes and Disclosures:
* BILL Invoice Financing line of credit is issued by WebBank and offered through Bill.com Capital 3, LLC. See FAQs for more details.
** Requires an eligible bank account that supports instant payments. Payments to non-eligible accounts will be delivered via ACH, typically in 1-2 business days.
BILL (NYSE: BILL) is a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so companies can thrive. Their integrated platform helps businesses control their payables, receivables, and spending and expense management more efficiently. Hundreds of thousands of companies rely on BILL's proprietary member network of millions to pay or get paid faster. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. For more information, visit bill.com.