PALO ALTO, Calif.--(BUSINESS WIRE)--Bill.com, the leading U.S. business payments service, today announced Bill.com International Business Payments. Now Bill.com customers can pay international vendors electronically, making cross-border business payments just as easy as domestic. This gives Bill.com users a simple, cost-effective and seamless way to transact globally.
With Bill.com International Business Payments, users can now pay both international and domestic vendors electronically using one simple process, while getting visibility and control with detailed payment information all in one place. In addition to significant time savings, Bill.com saves its users over 50 percent on the cost of international wire transfer fees compared to most banks. Bill.com International Business Payments is available in more than 25 countries where cross-border business payments are most common with additional countries due to launch in the coming months.
The expanded service provides users with all of the popular Bill.com features. It includes the same automated approval process, seamless integration with leading accounting software, simple vendor management, and online document storage.
The need to process international payments is increasing everyday for businesses of all sizes. According to a study by Deloitte Consulting, cross-border payments make up 26 percent of total U.S. B2B payment value. The most common method for making these payments is issuing a bank wire transfer.
“Bank wires typically cost $25 to $40 dollars each. 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,” said René Lacerte, CEO and founder of Bill.com. “Bill.com is changing that. We are very happy to be delivering a simple and cost-effective way to pay vendors around the world inside the same Bill.com service with all the same features customers love.”
“I’m the co-owner of a tech media startup, and as a result, I pay vendors from around the world for their services. I previously used my bank for international wiring and ACH payments which was very complicated and time-consuming to set up. Each pay day was a complete hassle,” said Judy Williams, Operations Manager, The New Stack. “Bill.com on the other hand was a breeze to set up for international payments. I’m able to pay international vendors as easily as I pay vendors from the U.S., and I only use one app. Bill.com syncs with Xero as well, so my bookkeeper is happy too.”
Bill.com users can try International Payments for a special introductory price of $9.99 per transaction. The new service is now available to a select number of Bill.com customers and will be generally available to all customers at the end of August. For more information about Bill.com International Business Payments visit www.bill.com.
Bill.com is the leading business payments network with 3 million members processing over $52 billion per year in payment volume. Bill.com helps businesses connect and do business by saving them more than 50 percent of the time typically spent on financial back-office operations. Bill.com partners with four of the top 10 largest U.S. banks, more than 60 of the top 100 accounting firms, major accounting software providers including Netsuite, Intacct, Intuit and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA). Recognized as one of San Francisco Business Times’ and Silicon Valley Business Journal’s “2018 Best Places to Work,” Bill.com has over $200 million in funding with the most recent investment round led by Temasek and JP Morgan Chase.