Bill.com bans wire transfer fees for small businesses
Here’s a ban that businesses can really get behind. Digital payments company Bill.com has eliminated wire transfer fees for SMEs that meet three conditions, reports David Penn at Finovate.
Good things come in threes
These three comprise – pay electronically, pay in local currency, and pay with Bill.com’s International Payments solution.
Bill.com CMO Yael Zheng highlights both the convenience and the cost savings available for small businesses that take advantage of International Payments.
“Payments can be made and tracked in US dollars, for a better wire transfer rate than most banks, and in more than 24 local currencies with no wire transfer fee and at a competitive exchange rate,” Zheng says.
International Payments was launched last July as a way to help businesses pay international vendors digitally. Bill.com says it has already seen “rapid adoption” of the platform by customers who can now make payments in more than 40 countries. The solution provides automated approval workflows, and helps SMEs save time by syncing with major accounting software platforms such as Quickbooks, Xero, Sage Intacct, and Oracle NetSuite.
“Bill.com has eliminated payments torture from our business life,” co-founder and operations manager for The New Stack, Judy Williams says. “We’re growing approximately 25-30% outside the US, and the Bill.com International Payments solution enables us to pay our contractors, who are located all over the world, in a timely manner.”
More recently, Bill.com partnered with American Express to launch Vendor Pay, a solution that makes it easier for companies to automate their AP processes.
Bill.com finished 2018 with news that it had achieved Nacha certification, ensuring that the company is meeting the corporate governance and risk and compliance obligations for processing ACH payments.
Founded in 2006 and headquartered in Palo Alto, California, Bill.com has raised more than $259 million in funding, and includes Temasek Holdings and JP Morgan among its most recent investors. René Lacerte is CEO.
