Business payments innovator Bill.com has introduced a new service to make it easy to pay international vendors digitally – putting cross border payments on par with domestic payments. The solution, International Business Payments, will save users more than 50% on the cost of international wire transfer fees and is available in more than 25 countries – with more countries to be added in the months to come.
“Bank wires typically cost $25 to $40 each,” Bill.com CEO and founder René Lacerte said. “International payments through a bank requires a separate bill payment process with many extra steps. There is no automated approvals or accounting software integration, which means less controls and more errors.”
In the company’s press release, Bill.com noted a Deloitte Consulting study that indicated cross-border payments make up 26% of all U.S. B2B payment value. The study also pointed out that bank wire transfers are still the most common method for international payments. “Bill.com is changing that,” Lacerte said. “We are very happy to be delivering a simple and cost-effective way to pay vendors around the world inside the same Bill.com service with all the same features customers love.”
These features include an automated approval process, vendor management, online document storage, and seamless integration with leading accounting software solutions such as Intuit Quickbooks, Xero, Sage Intacct, and Oracle NetSuite.
With an introductory price of $9.99 per transaction, International Business Payments is currently available to select Bill.com clients. The service will open to all Bill.com customers by the end of August.
Founded in 2006 and headquartered in Palo Alto, California, Bill.com recently surpassed a milestone of $50 billion in business payments processed annually. In May, the company announced new Chief Marketing Officer Yael Zheng. Bill.com began the year introducing its Accountant Partner Program, which provides accounting firms with tools to manage billpay services for clients.
Bill.com demonstrated its CashView Command and Control System at FinovateSpring 2012. The technology enables businesses to manage AP and AR and provides online billpay, custom invoicing services, unlimited document storage, collaboration tools, and mobile access.
With partnerships with four of the top 10 largest U.S. banks and more than 60 of the top 100 accounting firms and major accounting service providers, Bill.com has raised more than $259 million in funding. The company includes Temasek Holdings, JP Morgan, Silicon Valley Bank, Scale Venture Partners, Bank of America, Financial Partners Fund, Icon Ventures, DCM Ventures, and Emergence Capital Partners among its investors.