Call on Bill.com to boost your back office financial operations
Paper checks have persisted as a common way for businesses to receive payments. While in North America these checks dominated at 81% of transactions as recently as 2004, by 2019 these checks have dropped to 42% according to CTMFile. Driving this trend has been a move towards electronic transfers, with the pros of less fraud, faster payments, and also less physical mail and contact with COVID-19. Riding this trend towards digital payments is Bill.com, a cloud based provider of software that “Simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses.” Its stated mission is to enhance payment workflows, streamline processes, and make receiving payments more efficient. Notable clients of Bill.com include GrowthForce, Mercari, and Quicken that are among the over 2.5 million companies that use the service. Businesses that want to use the Bill.com platform sign up via a monthly subscription. It gets confusing fairly quickly, but first you need to choose whether you want to get paid, pay bills or both. Then, under each scenario there is a choice of two tiers. We are going to ding Bill.com for dividing up the getting paid, and paying bills into two different plans, as many companies will want to do both, and this strategy forces them into the more expensive plans. Let’s take a closer look at the “ Get paid ” offering, which is designed for a business to send invoices, and receive payments back.
