Bill.com Launches E-payment System
Bill.com, a provide of software-as-a-service (SaaS) online bill management and payment for small and mid-sized enterprises (SMEs), has launched Bill.com ePayments, a payment method seamlessly integrated with Bill.com’s bill management service, which let SMEs pay any employee, individual or vendor, regardless of size, via electronic direct-deposit rather than with paper cheques.
Bill.com ePayments enable payment from any US bank account by leveraging the automated clearing house (ACH) network, a highly reliable and secure nationwide electronic funds transfer system.
Businesses paying bills electronically using ePayments benefit from lower overall payment costs, better payment-timing predictability, better cash management and greater bill payment efficiency. Vendors getting paid via ePayments benefit from faster access to funds, reduced collections and remittance processing costs, reduced merchant fees for accepting credit card payments, and fewer trips to the bank to deposit cheques.
“Bill.com has taken the guesswork out of bill management and payment, and ePayments are a huge step forward in making it easier for me and my vendors to get paid,” said Jeremy Pyles, co-founder of lighting and home furnishings company Niche Modern. “In one far-reaching step, Bill.com has replaced our previous approach of cobbled together processes and systems which were incomplete and inefficient. By marrying the disparate islands of accounting and banking in an elegant solution, Bill.com allows me to manage cash flow, pay vendors, and receive payments in one place, all from a web browser. The best part is that I’m no longer tied to my physical network, staring at the accounting system or worrying that the transactions I assigned to my team are being processed the right way. More work is now completed in less time, leaving me more time to creatively run my company.”