Bill.com launches international business payments
Business payments firm Bill.com has introduced International Business Payments, which it says will save users more than 50% on the cost of international wire transfer fees and is available in more than 25 countries – with more countries to be added in the months to come, reports David Penn at Finovate.
“Bank wires typically cost $25 to $40 each,” Bill.com CEO and founder René Lacerte says. “International payments through a bank requires a separate bill payment process with many extra steps. There is no automated approvals or accounting software integration, which means less controls and more errors.”
Bill.com cites a Deloitte Consulting study that indicates cross-border payments make up 26% of all US B2B payment value. The study also pointed out that bank wire transfers are still the most common method for international payments.
These features include an automated approval process, vendor management, online document storage, and integration with accounting software solutions such as Intuit Quickbooks, Xero, Sage Intacct, and Oracle NetSuite.
With an introductory price of $9.99 per transaction, International Business Payments is currently available to select Bill.com clients. The service will open to all Bill.com customers by the end of August.
Bill.com recently surpassed a milestone of $50 billion in business payments processed annually.
It has raised more than $259 million in funding. The company includes Temasek Holdings, JP Morgan, Silicon Valley Bank, Scale Venture Partners, Bank of America, Financial Partners Fund, Icon Ventures, DCM Ventures, and Emergence Capital Partners among its investors.
