Bill.com, the leader in integrated bill payment, online invoicing and cash flow management solutions for businesses, today announced that Mercantile Bank of Michigan (NASDAQ: MBWM) has standardized its online business banking services on the award-winning Bill.com platform.
Mercantile Bank of Michigan is the first financial institution to utilize Bill.com's platform and provide its customers with seamless access to robust AP, AR and cash flow management capabilities all in one easy-to-use solution.
By partnering with Bill.com, Mercantile Bank of Michigan is providing a game-changing toolset that enables deeper relationships with its most valuable customers and positions the bank at the core of its customers' business. Mercantile Bank of Michigan is also streamlining its business banking services and improving efficiencies due to the holistic and unified financial services offering.
"At Mercantile Bank of Michigan, we are always looking for innovative and secure ways to help our customers manage their businesses more effectively," said John Schulte, senior vice president/CIO, Mercantile Bank of Michigan. "By partnering with Bill.com, we are able to provide our business customers with long-term added value by giving them authenticated access to Bill.com's suite of banking services in a centralized hub."
The Bill.com platform provides Mercantile Bank of Michigan business customers a solution that automates manual processes and makes it seamless to send and receive payments through multiple payment channels. It also helps businesses manage cash more effectively by providing a comprehensive view into their cash flow position for better decision making. Mercantile Bank of Michigan customers benefit from an integrated experience that includes single sign-on (SSO); one click setup of their company, users and bank accounts; and the ability to pay and get paid immediately after setup.
In addition, Mercantile Bank of Michigan's customers gain the ability to collaborate with their vendor and customer networks, while a powerful and comprehensive cash flow dashboard offers fast and reliable control over all of their critical cash flow information. The Bill.com platform also replaces static and unwieldy spreadsheet-based accounting processes, positioning online banking as the core cash flow management tool.
Unlike most online banking systems for business that are infrequently visited by banking customers, customers using the Bill.com platform login on average two times per day to follow up on a receivable, review and approve a bill, make a payment, or perform other financial tasks. Furthermore, given the comprehensive nature of the Bill.com platform, many more people from the business login in regularly - from the CFO keeping an eye on cash to a line manager approving a bill. In addition, Mercantile Bank of Michigan customers using the Bill.com platform will be automatically introducing their network of customers and vendors to these powerful new services.
"The vast capabilities the Bill.com platform offers has created tremendous efficiency for our business," said Cliff Walkington, a Mercantile Bank of Michigan customer from Hammond Farms in the greater Michigan area. "We no longer have to rely on manual processes, view separate cash flow pages or waste time looking for information when doing our business banking. By logging onto Mercantile Bank of Michigan's website, we can focus on what we do best as a landscaping materials supplier, which is to service our customers rather than spend countless hours on cash management."
In addition to SSO, bank branding and seamless on-boarding capabilities, Bill.com is extending its platform to offer banks many options for integrating their current online banking environment to the Bill.com solution. The platform now offers even more branding customization options to support financial institutions' desire for brand consistency.
"Our partnership with Mercantile Bank of Michigan reiterates the importance of providing their customers with a single platform to seamlessly manage all financial transactions within one system," said René Lacerte, CEO and founder of Bill.com. "We are confident there is no other platform in the market that is more complete or is as easy to use as ours, and we encourage other financial institutions to take a closer look at what Mercantile Bank of Michigan is doing to benefit their customers."