Bill.com introduces international business payments
Bill.com, a US business payments service, has announced Bill.com International Business Payments. Bill.com customers can pay international vendors electronically, making crossborder 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 crossborder 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 US 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,” said René Lacerte, CEO and founder of Bill.com. “International payments through a bank requires a separate bill payment process with many extra steps. There are no automated approvals or accounting software integration, which means less controls and more errors. Bill.com is changing that.”
The New Stack is a tech media startup that pays 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,” said Judy Williams, the company’s operations manager. “Each pay day was a complete hassle.
“Bill.com on the other hand was a breeze to set up for international payments,” she added. I’m able to pay international vendors as easily as I pay vendors from the US, and I only use one app.”
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.