We’ve shared a lot of impressive numbers with you lately. Just a few weeks ago, we were pleased to announce that more than 175,000 companies are now getting paid or paying others as part of our rapidly growing Bill.com Business Payments Network. We told you that we are moving more than $5 billion annually. Another amazing number. But the most impressive number yet: more than 40 percent of customer payments are being converted from paper check to ACH, commonly known as ePayments.
Today, more than 80% of transactions between U.S. small-to-medium businesses (SMBs) involve paper invoices, paper checks, or manual reconciliation, resulting in costly inefficiencies and errors. Bill.com is turning this paradigm on its ear. As the first platform to digitize the whole process, integrating electronic payments seamlessly with accounting software and digital documents, we’ve become the first to make ACH adoption a reality for SMBs because we alone go beyond single ACH transactions by automating the end-to-end cash flow management process, connecting people, documents, payments and accounting systems.
This is critical because, for SMBs, it is not just about processing ACH transactions, it is about setting up an entire cash flow management solution. By transcending transaction processing and using ACH to revolutionize the entire financial process, Bill.com is using ACH to redefine how SMBs work, spurring on a new generation of “No Check” CEOs. These CEOs are a cadre of business and financial leaders that are using game-changing technology to replace time-consuming paper processes with fast, efficient cloud-based systems everywhere in their businesses.
We truly believe that we are on to something monumental here. ACH is as disruptive of a technology as I have ever seen. That 40 percent ACH conversion number—a number we expect to continue to grow, just as we expect out Bill.com Business Payments Network number to soar—is just the beginning. Just as we freed financial professionals from error-prone, tedious manual accounting processes, we are now removing the shackles of paper checks. Stay tuned. There is much more to come.