Bill.com Uses PayPal Business Payments and Transforms the Way Businesses Pay and Get Paid with PayPal X
New features offer payments on Bill.com via PayPal X without high merchant fees for SMBs, validates new era of day-to-day financial management for businesses
Bill.com, the leader in paperless bill management and payment for small and medium-sized businesses (SMBs) and CPA firms, today is announcing participation in the PayPal Business Payments pilot and availability of Bill.com in the PayPal Apps beta.
Available immediately, Bill.com has incorporated APIs from the PayPal X platform to enable SMBs to fund vendor payments using their PayPal accounts, including the ability to send payments quickly from one PayPal account to another. Bill.com is participating in a pilot program with PayPal, utilizing PayPal's Business Payments product announced at Innovate 2010 to enable a fast, convenient, and secure method for sending and receiving certain kinds of payments for a flat $0.50 payment fee. By enabling our customers to use their PayPal accounts to make payments, businesses will spend less time managing paper and payment transactions and more time focusing on their businesses and customers.
Bill.com enables businesses to manage the entire business bill paying process from receipt through payment, providing the document management, workflow, payment processing, and accounting integration needed to allow SMBs to efficiently manage their day-to-day financial activities online.
Bill.com is among a select group of companies in the beta launch of PayPal Apps, announced today at Innovate 2010. PayPal Apps allows developers to embed applications directly on the PayPal website and offer SaaS (Software as a Service) apps which enhance PayPal's services. Through this effort, PayPal business users will be able to sign up for Bill.com and access numerous Bill.com document management, collaboration and approval features directly from their PayPal account. These new features will be available to a broader audience early next year.
"Bringing PayPal into Bill.com gives our customers instant and low-cost access to a vast network of vendors, and provides yet another way to seamlessly manage day-to-day financial processes through Bill.com," said René Lacerte, CEO/Founder of Bill.com. "Furthermore, being an early adopter of PayPal Business Payments and part of the PayPal Apps beta validates the industry leading service Bill.com provides and opens the door for even better day-to-day financial management for SMBs and CPAs."
"Bill.com shows how PayPal X is helping to make applications available to consumers that will simplify how they pay and get paid," said Damon Hougland, senior director of PayPal X. "The PayPal X platform and related services makes it easy for Bill.com to bring its financial technology to the market and leverage our vast network and payment processing capabilities."
Additional details on Bill.com will be on display at the PayPal Innovate 2010 conference at Booth S24. Bill.com is offered to the accounting profession exclusively though the Bill.com Accountant Program from CPA2Biz, a subsidiary of the American Institute of Certified Public Accountants (AICPA).
Bill.com is an on-demand accounts payable application for CPAs and small and midsized businesses. Bill.com users can receive, route and pay invoices electronically — they never have to touch a paper bill again — resulting in time and cost savings to finance personnel of over 50% versus manual accounts payable and check writing processes. Invoices are emailed, scanned or faxed into the Bill.com service. Digital images of invoices are then routed electronically for approval, ensuring a complete audit trail and eliminating lost or mishandled paper. Bill.com handles check printing and mailing as well as electronic payments, and uses enterprise-class fraud protections that are impractical for small and midsized businesses to implement on their own. Bill.com integrates with popular desktop and on-demand accounting packages, ensuring consistency of financial data and streamlined financial planning, reporting and audit activities. Bill.com has received numerous awards including a 2009 Innovation Award from CPA Technology Advisor, a 4-star rating from PC Magazine, a 2010 Barlow Monarch Innovation Award for innovation in financial services, and was recently named to the Red Herring Global 100.