Bill.com Marks Significant Milestone Surpassing $50 Billion in Business Payments Processed Annually
PALO ALTO, CA, June 26, 2018 -- Leading U.S. business payments service Bill.com today announced that it now processes over $52 billion in electronic payments annually, with more than 3 million documents uploaded monthly, providing SMBs with a more efficient and productive back office.
According to a study from Aite, 30 percent of business payments are electronic. Bill.com is driving digital payments adoption, with electronic payments comprising over half of what Bill.com processes. The company continues to add new electronic payers and payees at a brisk pace. Each month thousands of SMBs choose Bill.com to digitize, catalogue and store their invoices and related AP and AR documents. At 3 million members strong, it is the largest Network of its kind helping to streamline the B2B payment process from start to finish.
"I can’t imagine going back to life before Bill.com. Being able to pay all my vendors and contractors electronically means less time and headaches for all of us. Now I don’t dread having to deal with my back office responsibilities, and can concentrate on growing the business," said Vinnie Recile, Chief Financial Officer, Honest Paws.
Continued Product Innovation
Bill.com continues to make significant strides leveraging new technologies to offer its customers. The company deployed a new, advanced machine learning fraud prevention engine as part of its ongoing fraud prevention program. A new machine learning-powered online customer support center was also unveiled, driving significant increases in customer self-resolution. The company is developing new ways to expedite payments and eliminate AP and AR-related headaches.
“This is the most exciting time for business payments I’ve experienced in 25 year career with both technological development and acceptance accelerating,” said Lacerte. “In an industry with such great momentum, we have to continuously innovate to provide our customers with the advanced products they need to make the complex payment process simple.”
The latest growth metrics reflect major strides marked by milestones in 2017. The company closed on a $100 million round of funding led by JPMorgan Chase and Temasek in October, after announcing a strategic distribution partnership with Chase. The business payments network also deepened its integration with Intuit’s QuickBooks via the launch of Bill Pay for QuickBooks Online, allowing small business users to easily make digital payments from within the QuickBooks platform.
Additionally, CPA.com, the commercial arm of the American Institute of Certified Public Accountants renewed its exclusive bill payment partnership with Bill.com. Bill.com partners with four of the top 10 U.S. banks and now serves more than 60 of the nation’s top 100 accounting firms including BDO, one of the nation’s largest accounting firms, which chose Bill.com as the exclusive business payments solution for its new client automation platform.
“Bill.com was founded to bring efficiency to business payments for businesses of all sizes. The rapid expansion of our payments network and relationships with the nation’s leading banks and accounting firms reflect the massive need for digitizing business payments,” said Lacerte. “As we build on our momentum from the past year and continue to expand our offerings in 2018, we’re excited to partner with forward-thinking businesses and banks to help businesses streamline their payments processes and take the hassle out of the back office.”
Bill.com was named a 2018 Bay Area “Best Place to Work” by the San Francisco Business Times and the Silicon Valley Business Journal. Lacerte was awarded the EY Northern California Entrepreneur of the Year and named one of the most 100 influential people in the accounting industry for the 7th year in a row by Accounting Today.
The company announced three major additions to the Bill.com executive team in marketing, development and customer success to support growth and innovation. The employee base has grown by nearly a third and there are plans in the coming months to expand facilities outside of California, where the company is headquartered.
For more information about how Bill.com is reimagining the business banking experience, visit www.Bill.com to learn more.
Bill.com is the leading business payments network with 3 million members processing over $52 billion per year in payment volume. Bill.com helps businesses connect and do business by saving them more than 50 percent of the time typically spent on financial back-office operations. Bill.com partners with four of the top 10 largest U.S. banks, more than 60 of the top 100 accounting firms, major accounting software providers including Netsuite, Intacct, Intuit and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA). Recognized as one of San Francisco Business Times’ and Silicon Valley Business Journal’s “2018 Best Places to Work,” Bill.com has over $200 million in funding with the most recent investment round led by Temasek and JP Morgan Chase.