Bill.com Business Payments Network Momentum Continues With Addition Of Leading Banks To Its Client Roster
Rapidly Growing Company Also Wins NACHA George Mitchell Payments System Excellence Award and Two Other Prestigious Awards
PALO ALTO, Calif. — Bill.com, the leading business payments network, today highlighted its accelerating leadership in the banking and payments industry, announcing deals signed with two of the top ten banks including Bank of America Merrill Lynch, and three prestigious awards from NACHA, Barlow Banking Research and PYMNTS, won in the last month. In addition, the company achieved over 150% year over year payment network growth in Q1 2014.
“No other business payments network is chalking up this kind of growth and industry recognition,” said John Barlow, president of Barlow Research. “Payments are becoming a pain point for many businesses and moving the processing to the cloud gives Bill.com a competitive advantage.”
The Bill.com business payments network dramatically improves end-to-end financial operations for small and medium-sized businesses and enterprises by seamlessly connecting companies, accountants and banks.Only Bill.com leverages the cloud to eliminate redundant and manual data entry, as well as social collaboration to speed up financial processes. Companies using Bill.com typically cut payables time by more than 50 percent, rake in receivables twice as fast, and predict and control their cash flow with more precision than ever.
The Bill.com Business Payments Network puts banks at the heart of business customers’ financial operations. This enables banks to forge deeper customer relationships, create significant new revenue opportunities, differentiate themselves from competition, and become the go-to hub for its customers’ financial management The Bill.com banking platform is the only solution that solves the entire process for businesses, uniting documents, people and disparate systems into one unified, easy-to-use solution delivered through online banking. As a result, 60 percent of customer payments are electronic rather than paper checks.
Bank of America Merrill Lynch announced on April 7, 2014 the addition of CashPro® BillPay to the firm’s suite of payments solutions for business clients. CashPro BillPay can make it easier for companies to move toward a more efficient, paperless operation by eliminating manual invoice processing and in-house paper check production.
Bill.com has not only gained traction within the banking segment but the company has been recognized with three prestigious industry awards including:
- the 2014 NACHA George Mitchell Payment System Excellence award for increasing the adoption of electronic payments by small and medium businesses;
- the 2014 Barlow Banking Research Monarch Innovation Award in the Industry Partner category, which recognizes innovation in the financial services industry; and
- the 2014 PYMNTS Innovator award for Best B2B Innovation.
“Bill.com received the 2014 George Mitchell Payments System Excellence award for the way its service is making it easy for small to medium sized businesses and enterprises to adopt electronic payments,” said Janet O. Estep, president and CEO of NACHA – The Electronic Payments Association. They are demonstrating how companies can save time, money and effort by eliminating paper checks.”
“This year’s award finalists comprised the highest-caliber innovators in the industry, and I’m delighted to recognize our elite group of award winners,” said Karen Webster, president of PYMNTS.com, the organizer of the event. “The awards are particularly meaningful because the finalists are vetted by judges who really understand the space and are then voted on by the PYMNTS community.”
“We are pleased to be working with the leading banks to help them revolutionize their services,” said René Lacerte, founder and CEO, Bill.com. “We're also grateful for the amazing industry recognition we have received in the past few months. We are committed to continued innovation for all of our customers, and have much more news to come.”
The momentum in the banking channel is mirrored in the Bill.com accountant and direct businesses where the service just finished a record month for new customer acquisition.