Today, 42% of the Forbes Fintech 50 use Bill.com. This number is increasing rapidly. Our CEO, Rene Lacerte, recently wrote on the immense benefits of partnerships between fintech companies and banks for both parties. Why do so many fintech companies also use Bill.com?
Here are my five top reasons:
1. The Bill.com Network’s 1 million members is the most efficient way to pay vendors
We are the largest B2B payments network in the US with easy vendor search, payment vendor recommendations, and vendor invitations. The scale of the Bill.com Network means Fintech companies have access to the most efficient way to pay the largest number of vendors.
2. Bill.com helps top customers grow at 10x a year
Fintech companies turn to Bill.com because they need to scale their businesses. Across a wide range of industries, companies rely on Bill.com to eliminate bottlenecks that prevent their business from scaling. For example, in the four years in a row, our top sharing economy customers grew at 10x a year. This type of scale would not be possible without Bill.com. It’s also not limited to fintech or sharing economy companies. Businesses in all industries are using Bill.com to grow rapidly. For example, I recently spoke to one of my customers leading a large software community. He recently doubled his Accounts Payable (AP) volume in the last 12 months with no increase in AP staff.
“We would not be able to scale our services or operations without Bill.com.”
Russell Farnell, VP of Finance, HR, and Operations
The Linux Foundation
3. The Bill.com API allows hundreds of thousands of bills to be processed each month
Bill.com makes payments so efficient that new business models are possible. As fintech companies shake up the world of finance, many find that they need to automate payments to match their business model. Many companies turn to the Bill.com API to scale vendor payments with minimal increase in accounting staff. Lessons from sharing economy companies on payment automation are being implemented in fintech companies. One of my clients was faced with scaling his sharing economy business into 46 markets and 120 locations in a year. He recently thanked Bill.com for helping his business to scale.
“I can’t imagine doing this manually at the volume we have. We’re using the API to automatically process payments and using algorithms to automatically detect fraud and unusual payment behaviors.”
Udi Oster, CTO and co-founder at Tapingo
4. Bill.com is eliminating 19 billion business checks a year and solving a $1 trillion problem
Bill.com is working to eliminate 19 billion business checks a year. That’s a lot of waste in time and paper. Fintech companies know this. They choose Bill.com because they understand the problems with the way money is handled and know we’re the best solution for AP and AR. Check out a recent interview of our CEO about B2B payment trends in Finetics Studio at Money20/20.
5. Bill.com integrates with existing accounting systems
Fintech companies love that Bill.com integrates into their existing accounting systems, whether that is NetSuite, QuickBooks, Xero, or Intacct. In addition to integration with accounting software, Bill.com is a core part of industry-specific software stacks. For example, one of my clients in the manufacturing sector grew his business 300% in the first year of implementing Bill.com. He had this to say:
“I’ve set up Intacct and Bill.com almost like an ERP system. We’re planning more integration with Salesforce.com and will support multi-currency in the future. I’m prepared for even more growth.”
Kent Gregoire, CEO of EcoPlay Playgrounds
Let’s talk about how Bill.com can help your business succeed.