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Bill.com's Fast-Growing Business Payments Network is Converting More Than 40% of Customer Payments to ACH

Bill.com is the Only Company Helping SMBs Change Their Check Payments to ACH By Automating the End-to-End Cash Flow Management Process

PALO ALTO, Calif.— April 25, 2013 — Bill.com, the leader in integrated bill payment, invoicing and cash flow management solutions for businesses, today announced that it is converting more than 40 percent of customers payments from check to ACH, meaning Bill.com is the only company making ACH—commonly known as ePayments—adoption a reality for small to medium sized businesses (SMBs). Bill.com is achieving this feat by going beyond single ACH transactions and automating the end-to-end cash flow management process, connecting people, documents, payments and accounting systems.

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. Bill.com is the first platform to digitize the whole process, integrating electronic payments seamlessly with accounting software and digital documents.  

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By Lisa Lang, SVP Marketing

Did you know there’s a whole new generation of CEOs and CFOs who run paperless businesses and insist on electronic payments instead of paper checks? They have no patience for time-consuming, paper-based processes that drag down everyone’s productivity. They’ve been endowed by game-changing cloud-based technology with certain inalienable rights, such as:

• Freedom from their desks. “No Check” CEOs aren’t tied to their offices, but free to manage their companies from wherever they need to be, with instant, real-time access to their business and financial data from anywhere, 24 hours a day.
• Freedom from bill-payment hassles. They simply scan, fax or email bills and associated documents to a cloud-based service, manage the approval process online, and make payments electronically.
• Freedom from receivables worries. “No Check” businesses rake in their receivables 2-3 times faster, thanks to e-invoicing, automatic reminders, and online customer payments deposited directly into their bank accounts.
• Freedom from cash flow uncertainty. “No Check” CEOs and CFOs get precision control over cash flow, by projecting receivables, payables and balances up to three months out, revealing potential problems well in advance.
• Freedom from check fraud. Unlike checks, electronic payments can’t be intercepted or modified. And unlike paper documents, electronic data can be protected with enterprise-level security systems.
• Freedom from paperwork. Some “No Check” businesses don’t even have file cabinets, because everything is digitized and stored online for secure access from anywhere, any time – so no need to save and store paper receipts, purchase orders, contracts, check stock or paper invoices.
• Freedom to reduce operating costs. Eliminating paper not only reduces processing costs for payables and receivables, digital access enables better cost controls through improved visibility. Getting rid of time-consuming paper-based processes also increases productivity for everyone.

Ready to become a “No Check” CEO? It’s as simple as moving your business processes from the manual, paper-based world to the cloud, via services such as Bill.com.

As an entrepreneur, one of the best parts of your job is coming up with great new ideas. And, working in the technology industry, some of the most fun comes each December when you are inevitably asked to speculate on what great new strides our industry will make in the coming year. While I don’t own a crystal ball, I do have a lot of years in Silicon Valley under my belt. So I feel confident that at least some of my predictions will come true this year. Without further ado, I give you my top ten predictions for 2013:

1. Social media will weave itself into the everyday lives of people, especially businesses, in a more pervasive way than ever before.  I know this may seem obvious, but it is worth saying: social is going to become more ingrained this year than you ever thought possible.
2. Businesses will have to find ways to be more efficient with less, especially given the slow economic growth and the expected minor inflation in Q4 of 2013. This means more cloud services, which are known for reducing costs, will be utilized and developed.
3. Mobile will firmly insert itself into the everyday life of businesses.  Businesses will expect more  apps on their phones that take care of business.
4. Desktop accounting software will continue its decline. In fact, the decline will speed up as the benefits of cloud (social and mobile in particular) become expected.
5. The iPad mini will accelerate the ebook revolution.  Because of this, many more magazines will stop their paper versions, especially vertical publications.
6. Investing in social will drop dramatically because social simply cannot be monetized as a standalone product. Instead, companies with real business models will pick up the social and mobile mantle.  
7. Our society will become more and more paperless, and the products that make this happen will grow faster than other businesses.
8. There will be more collaboration across companies.   Faced with economic constraints, companies will learn to use the cloud to easily leverage each other’s innovation and intellectual property  The result will be better businesses and better solutions.  Companies will come together to solve big business problems. And hopefully this spirit of collaboration will even carry to D.C.
9. ePayments will become standard business practice, not just because of the paperless benefits mentioned above but because ePayments help people work smarter and faster.
10. 2013 will be the year of the business payment network. Credit cards will be a thing of the past as a new generation of ePayment-fueled business payment networks emerge. I will share more with you on this prediction shortly so watch this space.

So, there you have my list. If only half of these predictions come true, we will see major advancements in 2013. I’m looking forward to another exciting year and Bill.com is committed to helping drive the innovation needed to make the promise of the cloud a business reality for financial professionals everywhere.René Lacerte, CEO and Founder, Bill.com