With Bill.com Connect, Banks Cement Longer and Richer Relationships with Small and Medium Business Customers
PALO ALTO, CA – November 9, 2016 – Bill.com, the leading business payments company, today announced the launch of Bill.com Connect, the first digital payments solution built from the ground up to help banks cement longer and richer relationships with small and medium business customers. With Bill.com Connect, banks now have an alternative to souped-up consumer solutions and watered-down commercial platforms for SMB customers. As branches disappear and online solutions come into focus, Bill.com is giving banks the tools they need to become the home for small and medium business payments.
"Small and medium businesses have been caught between consumer and commercial banking solutions for far too long,” said René Lacerte, CEO and founder of Bill.com. “Bill.com Connect closes the gap. Now, banks can finally deliver a single platform for business payments that scales alongside their small and medium business customers as they grow. It’s an absolute game changer for business banking.”
According to a recent survey of banking executives conducted by Bill.com in collaboration with SourceMedia Research, 91% of banking industry decision-makers say new technologies are dramatically changing the way their bank engages with customers, yet almost half (46%) still rely on in-person branch interactions as their primary method to engage with small business customers. Today, with the launch of Bill.com Connect, banks of all sizes can now bridge this digital divide and deliver a modern, digital bill pay and invoicing experience that meets the needs and expectations of their small and medium business customers.
“As a leading community bank we recognize the value of new technologies in strengthening customer relationships, and we are excited about what Bill.com Connect can deliver to an online banking platform," said Matt White, SVP of Small Business Banking at Commerce Bank. “By making the bank the go-to destination for the end-to-end payment process, Bill.com Connect has the potential to redefine the relationships banks have with their small business customers.”
Bill.com Connect springs from along history of Bill.com working with bank partners. This next-generation solution fills a void in the industry by delivering the following benefits to banks:
“Businesses overwhelmingly prefer a single location to manage their financial tasks, many of which can only be executed via online banking,” said Christine Barry, Research Director at Aite Group. “By adding greater functionality to this critical platform through Bill.com Connect, banks have the opportunity to become the hub for their business customers payables and receivables activity.”
For more information on Bill.com Connect features, visit www.bill.com/banks
The Bill.com Banking on Relationships Report is based on a survey conducted by Bill.com in partnership with SourceMedia Research and American Banker August 2016. The survey included a sample of 205 banking professionals who identified as holding a director-level or above position with a corporate bank. To view the full report visit www.bill.com/bankrelationships.
Bill.com (www.bill.com) is the leading business payments company helping over 1.4M members process $30 billion in payments annually. Bill.com saves companies over 50% of the time typically spent on financial back-office operations by automating end-to-end processes. Bill.com ties together finance and accounting programs, banks, customers, vendors, accounting professionals, and documents. The company is the choice of three of the top-ten U.S. banks and over 50 percent of the top 100 accounting firms. The recipient of more than 43 awards, Bill.com was recently recognized as one of the San Francisco Business Time's Most Innovative Companies and proudly received a PC Magazine's Editor's Choice Award. For more information, visit www.bill.com.