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The Cloud is Disrupting Global Payments – Finally!

Cloud Global Payments

Businesses owners:  are you one of the many companies that now is making payments to international suppliers?  Remember the days of driving to your bank, filling out a three-copy form (which you needed to press hard on), and then waiting in line to talk with a teller? All of that just to pay an invoice from an international supplier. You remember like it was yesterday, because guess what -- it was yesterday! Not much has changed since the days of “Mad Men” when it comes to making international payments through your bank. You can still go to the Western Union at your grocery store, where the service only takes 10 percent of the payment to send money overseas.

You’re either laughing right now or crying.

We are in the twenty-first century, but banking services are still partying like it’s 1999. Are you ready for financial apps to catch up?

The Business Payment Cloud is Legit

These days everyone is talking about the cloud. Well, the cloud is real, and it’s ushering in a new wave of capabilities. Cloud software runs in a web browser or on a mobile phone, which means users have instant access to data and functionality. Business owners can schedule payments from their phone while watching TV, and cloud-based apps send notifications when a vendor is paid. No more “the check’s in the mail” excuses. Business payment cloud apps allows users to get paid in a predictable and trackable manner.

The last frontier of digital business payments has always been paying international vendors in their local currencies. Not everyone takes greenback dollars as payment, and many of these global currencies don’t even have keys on your keyboard! Welcome to the world of the pound (£), the euro (€) and the Yuan (¥)!

You’re Not Alone

Bill.com is a modern business payments service with a cloud that manages all of your accounts payable and accounts receivable from the convenience of your web browser or mobile phone. The three million users in our network are sending or receiving electronic payments, and we move over $50B each year.

We have expanded our payments cloud to allow our US customers to pay their international vendors in a whole host of countries and local currencies.

Four S’s of a Business Cloud Payments Platform

The aspects we focus on when delivering our Cloud Payments Platform are speed, simplicity, service and savings.

  1. Speed: We work to transfer digital payments quickly, allowing you to pay and get paid in a timely manner. In many instances payments are received one to two days after initiation. 
  2. Simplicity: We focus on developing a platform that is convenient. You can send payments from your browser or phone, cutting out the need for a trip to the bank. 
  3. Service: Our service provides you with payment status visibility, allowing you to see when a payment will arrive or when it has arrived.
  4. Savings: We aim to bring digital payments to you at an affordable price that beats the traditional global payment systems.

Going to a bank to make a payment should be a thing of the past. Business owners should choose digital business payment services like Bill.com for the speed and quality of service, convenience and superior pricing. Welcome to 2018.

September 10, 2018
Vinay Pai
SVP of Engineering, Bill.com
Vinay Pai is an experienced technology executive with a track record of leading high-performing international organizations and driving technology transformation at scale and business growth globally. Vinay has MS Electrical Engineering, BS Electrical Engineering, and BA Computer Science degrees from Rice University.