Bill.com, a Palo Alto, California-based cash flow management SaaS provider, as per recent reports, has completely eliminated the wire transfer fees for small and medium enterprises (SMEs) that meet Bill.com’s following three key criteria:
- Pay electronically
- Pay in local currency
- Pay with Bill.com’s International Payments solution
Yael Zheng, CMO, Bill.com, speaking on this context, highlights both the convenience and the cost savings that the Bill platform offers that small businesses can take advantage of for International Payments.
Adding further Zheng says, “Payments can be made and tracked in US dollars, for a better wire transfer rate than most banks, and in more than 24 local currencies with no wire transfer fee and at a competitive exchange rate”.
Bill.com launched the International Payments solution last year, in Jul. 2018, in its bid to assist SMEs with international payments to vendors digitally. The Palo Alto-based Bill.com says its platform has already seen “rapid adoption” by customers, allowing payments in over 40 countries worldwide. The solution, with its automated workflows approval feature, helps SMEs save precious time by syncing with major accounting software platforms such as Quickbooks, Xero, Sage Intacct, and Oracle NetSuite.
Speaking on this context, Judy Williams, co-founder and operations manager for The New Stack, says, “Bill.com has eliminated payments torture from our business life. We’re growing approximately 25-30% outside the US, and the Bill.com International Payments solution enables us to pay our contractors, who are located all over the world, in a timely manner.”