PALO ALTO, Calif.--(BUSINESS WIRE)--Bill.com, a business payments and software platform leader, today announced plans to offer Mastercard virtual cards as part of the Bill.com automated accounts payable solution for small and midsize businesses. The addition of Mastercard virtual cards adds a new electronic alternative to checks as Bill.com continues to digitize payments. Payment via virtual card provides faster funds availability to suppliers along with the data needed to easily match payments with receivables.
Small businesses still pay 80% of their invoices with paper checks, whereas virtual credit card payments offer an efficient, alternative way forward – minimizing the costs, time and manual labor associated with paper-based processes.
“We’re excited to partner with Mastercard as a leading global payment company that has blazed new ground in business payments for small and midsize companies. Our goal to enable automated electronic disbursements and collections is completely aligned with Mastercard’s vision of a world beyond cash and checks,” said Bora Chung, SVP of Product at Bill.com.
“Our goal is to empower small business owners with the right tools and resources to run their business. With the partnership with Bill.com, we can bring the benefits of virtual cards to hundreds of thousands of smaller enterprises in the United States,” said Ginger Siegel, North America Small Business Lead at Mastercard. “Virtual cards are more secure and provide transparency into cash in-flows and out-flows, which is critical to the growth of all small businesses.”
The new faster payment option is now integrated into the Bill.com accounts payable workflow on the cloud-based platform. Now customers have even more opportunity to save more than 50% of the time it typically takes to handle accounts payable so they can spend more time growing their businesses and less time on administration.
Bill.com is a leading digital business payments company with a network of 3 million members, managing more than $60 billion in payments annually. Making it simple to connect and do business, the Bill.com cloud-based Payment Management Platform automates, streamlines, and controls the payments process, saving more than 50 percent of the time typically spent. Bill.com partners with the largest U.S. financial institutions, more than 70 of the top 100 accounting firms, major accounting software providers including NetSuite, Intacct, QuickBooks and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA). Winner of more than 70 awards, Bill.com is recognized as one of San Francisco Business Times’ and Silicon Valley Business Journal’s “2018 Best Places to Work.”