Bill.com, a U.S. business payments service, today announced Bill.com International Business Payments. Now Bill.com customers can pay international vendors electronically, making cross-border business payments just as easy as domestic ones.
Users can now pay both international and domestic vendors electronically using one simple process, while getting visibility and control with detailed payment information in one place. Bill.com stated it saves its users more than 50 per cent 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 cross-border business payments are most common with additional countries due to launch in the coming months.
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 per cent of total U.S. 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. 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,” said René Lacerte, CEO and founder of Bill.com. “Bill.com is changing that. 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.”
“I’m the co-owner of a tech media startup, and as a result, I pay 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. Each pay day was a complete hassle,” said Judy Williams, Operations Manager, The New Stack. “Bill.com on the other hand was a breeze to set up for international payments. I’m able to pay international vendors as easily as I pay vendors from the U.S., and I only use one app. Bill.com syncs with Xero as well, so my bookkeeper is happy too.”
Bill.com users can try International Payments for a special introductory price of $9.99 per transaction. 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. For more information about Bill.com International Business Payments visit www.bill.com.