Today, Bill.com, a leader in financial process automation, increased International Payments support to more than 70 countries and 50 currencies worldwide.
Named a Top Product of 2019 by Accounting Today, Bill.com International Payments helps companies solve the obstacles historically presented by cross border payments while offering a cost-effective and time-saving alternative to traditional banks.
Since the beginning of the year, payment volume has increased by 124 percent while monthly transactions have grown by 135 percent. Addressing the needs of small businesses and mid-size companies, Bill.com saves up to 32 percent of the cost as a result of no wire transfer fees on local currency transactions and better exchange rates than provided by most banks.
“Historically, innovation in international payments has been geared towards consumers,” said John Flora, VP of Product at Bill.com. “The sharp rise of cross border business growth and global interactions is driving demand for our International Business Payments platform which enables SMBs to easily and seamlessly do business globally. We plan to aggressively expand our international payment capabilities in the coming months.”
Businesses are capitalizing on global opportunities, but connecting and transacting internationally continues to be a pain point. According to a report published by McKinsey, business-to-business cross-border payment flows are expected to grow from $17 trillion in 2017 to $24 trillion in 2020. As a result of this shift, SMBs will increasingly need better, cheaper, and easier access to international payments. With Bill.com, customers benefit from using the same workflow and system of record for both domestic and international payments, including syncing with leading accounting software.
"We are redefining luxury at Tamara Mellon, sourcing materials from the finest artisans in Europe. Bill.com International Payments enables us to pay our factories in local currencies with all documentation stored on one platform. With dozens of payments a month, the process is simple and efficient. There are no wire transfer fees and the exchange rates are competitive, so we also save time and money," says Vilasini Challa, Controller at Tamara Mellon.
As part of its International Payments expansion, Bill.com includes a currency converter that immediately converts payment or invoice amounts into local currency for customers to see the latest exchange rates. Just as Bill.com has disrupted the domestic business-to-business payments space, it now also streamlines the same processes for international payments.