BILL, a leading financial operations platform for small and midsize businesses (SMBs), announced new payment offerings for SMBs and accountants to make payments faster, easier, and more secure. The new capabilities, which are part of BILL’s powerful payments engine, include a new international payment option, Local Transfer, as well as enhancements to BILL’s Instant Payment and Invoice Financing payment offerings.
“SMBs are increasingly facing more complexity as they make payments to vendors, partners, and customers both locally and around the world,” said Mary Kay Bowman, EVP, GM of Payments and Financial Services at BILL. “This is why BILL continues to enhance our payment experiences to give SMBs more flexibility to make the payment choices businesses need and to manage and optimize their cash flow. BILL’s sophisticated payment infrastructure gives SMBs the ability to meet unique customer and supplier payment needs, while accelerating payment speed and reducing risk.”
Send International Funds in Local Currency Faster with Local Transfer
Local Transfer, a new BILL Accounts Payable option, empowers businesses to make faster same-day international payments to vendors in their local currency without the need to go through intermediary banks and incur the associated fees. Transactions via BILL’s Local Transfer option are delivered directly to local banks abroad, enabling businesses to pay overseas vendors ‘like a local’ from anywhere in the world.
Key benefits include:
- Faster international payments: Local Transfer payments in local currency can arrive as soon as the same day. They can be delivered up to 4 days faster than FX (foreign exchange) wires, and up to 3 days faster than USD wires sent via BILL.
- Save money and minimize exchange rate risk: Faster international payments enhance cash flow efficiency and limit the possibility of currency fluctuations, which helps minimize exchange rate exposure. Businesses pay no intermediary bank fees or wire fees for payments made in a vendor’s local currency. Vendors also receive local currency payments sent via Local Transfer without incurring a wire receiving fee. Exchange rates may apply.
- Save time and increase productivity: Businesses can centralize international and domestic payments through one secure, synchronized financial operations platform.
Enhanced Payments Capabilities Expand Breadth of Payment Choices
New enhancements to BILL’s payments experience provide businesses with more flexibility, control, and access to capital to help SMBs better manage and optimize their cash flow.
- Send payments in real time: Businesses can now send payments to their vendors in the U.S. within minutes with the new BILL Accounts Payable Instant Payment option, which leverages a real-time payment network between financial institutions. Payments can be sent and received instantly, 24/7, and on holidays or weekends, allowing businesses to maximize cash flow in real time.
- Get easier access to capital: BILL Accounts Receivable Invoice Financing* is a short-term line of credit. Businesses that get paid with BILL can receive an advance against outstanding invoices and improve their cash flow. A new simplified Invoice Financing process allows businesses to access up to $100,000 in financing in as little as 5-10 minutes** after completing a one-time, easy credit line approval process that does not affect their credit score. Businesses can avoid waiting 30+ days to get paid, and no additional application is needed for subsequent financing requests.
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