Today Bill.com, a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations, announced it now supports international payments to 137 countries and 106 currencies.
Since the beginning of the year, Bill.com says that the number of transactions it processes increased 216 percent and total payment volume increased 258 percent. According to an August 2019 survey of small businesses commissioned by Bill.com and Barlow Research Associates, more than 20 percent of businesses transacting globally say they are making payments in five or more countries.
Bill.com simplifies the international supplier payment set up process with its AI-enabled Intelligent Virtual Assistant to meet the growing needs of small- and medium-sized businesses. Bill.com is experiencing strong adoption from customers moving away from traditional payment methods to the Bill.com platform to send domestic and cross border payments. Now small or medium-sized businesses can reach across the world to markets as large as China and as small as Bhutan and make transactions in currencies from Euros to Kenyan Shillings through Bill.com.
“The Internet has allowed businesses to buy and source in foreign markets and many businesses are rushing to capitalize on these growth, revenue and cost-savings opportunities,” said Henrique Ceribelli, vice president of product management at Bill.com. “But businesses need a partner that can help them manage the complexities that come with processing multi-currency invoices and making payments in local currencies. We’re expanding our International Payments footprint so when our business partners want to pursue an opportunity in almost any corner of the world, we can support their efforts on the critical payments front.”
For small and medium-sized businesses going global, the limitations on sending and receiving money overseas are plentiful. The international payments process can be manual, error prone and disconnected from the broader accounts payable workflow. Cross-border transactions processed through traditional channels can be costly, hard to track and may take days to clear. As small and medium sized businesses continue to expand buying and sourcing overseas, the manual wire services offered by traditional banks are often not meeting their needs for online access, faster processing and more transparency.
The August 2019 small business survey also identified the top reasons many small and medium-sized businesses say they are adopting end-to-end solutions include increased time savings from using a simpler online payment process; avoiding costly bank charges for wire payments and fees for currency exchanges; and, the need to sync transactions with accounting software.
“Bill.com has been an amazing accounts payable solution,” says Jurie Victor, finance manager at Spikeball, a sports equipment company in Chicago, Illinois. “We use Bill.com for all our international payments to vendors overseas. With the number of bills we pay, as well as the currency amounts, it took a lot of administration time for the complex tasks required when we sent wire transfers through traditional banks. With Bill.com, all of our international payments are now a one-click solution and less expensive. It’s a lifesaver.”
Bill.com has introduced a VIP program for qualified customers to receive personalized services for account set up, complimentary exchange rate analysis and access to exclusive rates. Bill.com also eliminated wire transfer fees on international payments in local currency. Its Intelligent Virtual Assistant simplifies setting up international payments and helps clients avoid costly first-time mistakes, including allowing them to click on invoice details and copy text directly and accurately into required payment fields.
Bill.com syncs with major accounting software platforms such as Sage Intacct, Oracle NetSuite, QuickBooks and Xero, providing accurate reporting for exchange rate gains/losses and a complete view of international and domestic payments. International Payments through Bill.com use one centralized payment and approvals process for both international and domestic vendors, for greater visibility, convenience and control.