Business payments company Bill.com is helping small businesses pursue international objectives– now in even more corners of the globe. This week, the California-based company doubled its International Payments offering by building out support for more than 70 countries and 50 currencies.
“Historically, innovation in international payments has been geared towards consumers,” said John Flora, VP of Product at Bill.com. “The sharp rise of cross border business growth and global interactions is driving demand for our International Business Payments platform which enables SMBs to easily and seamlessly do business globally.”
Launched last July, International Payments allows companies to conduct business abroad with visibility and payments control on a single platform. The tool offers the option for businesses to exchange payments by using a wire transfer for increased speed and security. When paying vendors in local currencies, there is no wire transfer fee. For international wires sent in U.S. dollars the fee is $9.99. The company estimates that this, combined with its competitive exchange rates, saves businesses up to 32% of the cost of traditional overseas transactions.
Flora noted that the company is far from finished building out International Payments. “We plan to aggressively expand our international payment capabilities in the coming months,” he said. In fact, Bill.com’s business as a whole seems to be bustling lately. Since the beginning of this year, the company’s payment volume has increased by 124% while monthly transactions have grown by 135%.
Founded in 2006, Bill.com helps businesses manage accounts payables and receivables with online billpay, custom invoicing, document storage, collaboration tools, and more. At FinovateSpring 2012, CEO Renee Lacerte debuted the company’s CashView tools. Since then, Bill.com has grown to process more than $60 billion each year for its network of three million members.