PALO ALTO, CA -- (Marketwired) -- 04/25/13 -- Bill.com, the leader in integrated bill payment, invoicing and cash flow management solutions for businesses, today announced that it is converting more than 40 percent of customer payments from check to ACH, meaning Bill.com is the only company making ACH -- commonly known as ePayments -- adoption a reality for small to medium sized businesses (SMBs). Bill.com is achieving this feat by going beyond single ACH transactions and automating the end-to-end cash flow management process, connecting people, documents, payments and accounting systems.
Today, more than 80% of transactions between U.S. small-to-medium businesses (SMBs) involve paper invoices, paper checks, or manual reconciliation, resulting in costly inefficiencies and errors. Bill.com is turning this paradigm on its ear. Bill.com is the first platform to digitize the whole process, integrating electronic payments seamlessly with accounting software and digital documents.
Typically, only large companies have the staff, resources, and knowledge needed to use and integrate treasury management services such as ACH and Positive Pay. Bill.com makes those services accessible to companies of all sizes, as small as $100K in revenue to more than $100M, via its cloud-based AP, AR and cash flow management solution. This is critical because, for SMBs, it is not just about processing ACH transactions, it is about setting up an entire cash flow management solution. By transcending transaction processing to ACH-based process revolution, Bill.com is using ACH to redefine how SMBs work and is spurring on a new generation of "No Check" CEOs, a cadre of business and financial leaders using game-changing technology to replace time-consuming paper processes with fast, efficient cloud-based systems everywhere in their businesses.
Bill.com's ACH growth is fueled by the following unique offerings:
•Only Bill.com maintains a vendor and customer portal that is secure and maintained directly by the vendor/customer, ensuring privacy and security. •Bill.com alone creates collaboration opportunities for customers to interact with their customers and vendors. •Bill.com does this all for $.49 a transaction. This is by far less expensive than printing, mailing and/or receiving checks, finally ringing the death toll for paper checks.
"Our incredible network growth marks the advent of the ACH revolution," said René Lacerte, founder and CEO of Bill.com. "Consumers have already adopted ePayments, but businesses have lagged. Now, just as we freed financial professionals from error-prone, tedious manual accounting processes, we are removing the shackles of paper checks. Bill.com is democratizing treasury services and making ACH the payment method not of the future, but of now."
Bill.com delivers a complete web-based financial solution for businesses and accountants that provides the tools, information, and collaboration required to better manage their financial tasks and optimize cash flow. Bill.com's game-changing technology allows users to access online bill payments, e-invoicing, document management, and automated workflow through one easy system. In addition to seamlessly integrating with businesses' existing accounting software programs, Bill.com provides financial leaders with a comprehensive view of their cash forecast -- making it the only solution that connects a user's banks, bookkeeping, and business.
Bill.com is a cash flow command and control system that manages accounts payable and receivable for businesses of all sizes. Offering online bill pay, custom invoicing services, unlimited document storage, collaboration tools, and mobile access, Bill.com's services easily sync to users' accounting software programs and online bank accounts to better control company financials. Bill.com guards against errors and employs enterprise-class fraud protections that current methods cannot match. More than 100,000 users are now getting paid and paying millions of bills, worth billions of dollars, using Bill.com. Financial institutions can now offer these benefits to their business customers by integrating Bill.com with their banking platform.
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