How Nonprofits Can Save Time and Money on International Payments
Are you currently using manual processes such as paper checks to pay domestic and international bills? Like many small and mid-sized businesses, nonprofits struggle to efficiently manage their back office and adopt the technologies necessary to automate their B2B payments process.
However, when a nonprofit takes the step to embrace digital payment technologies, the burden of tracking domestic and global payments, costly wire transfer and foreign exchange fees, risk of fraud with paper checks, and double data entry into accounting software are eliminated. These time and cost savings enable nonprofits to dedicate more resources towards their mission of social good.
Many nonprofits are strapped for cash, yet they find so much value in Bill.com's streamlined payments process, approval workflow, and audit trail features that they're willing to allocate resources in order to significantly improve efficiency.
Since launching international payments, Bill.com has enabled over 3,000 organizations to easily send and track payments from the U.S. to international locations. This includes leading nonprofit organizations such as Change.org, The Evolution Institute, Future of Privacy Forum, and The Art of Living Foundation.
For example, the The Evolution Institute is a nonprofit organization that streamlines international payments with Bill.com. It brings evolutionary experts together with other specialists for a constructive dialogue about scientific research, policy formulation, and implementation, and has a rapidly expanding portfolio of projects, from early childhood education to the worldwide economy.
The Evolution Institute previously used their bank to wire funds overseas, but that was expensive. And since Bill.com doesn’t charge wire transfer fees for payments to international recipients in local currencies, they have been able to save a considerable amount of money each year in wire fees.
According to The Evolution Institute, “Bill.com has dramatically simplified our domestic and international AP processes, enabling our organization to focus on our core mission - using evolutionary science to solve real-world problems to improve quality of life.”
To learn more about how The Evolution Institute has simplified their domestic and international AP processes so it can focus more on their core mission, view this case study.
Bill.com streamlines your business payment process so that cross-border payments are just as easy as domestic payments. Save money with no wire transfer fees and competitive exchange rates for payments in local currencies. For nonprofits that use QuickBooks, NetSuite, Intacct or Xero, Bill.com automatically integrates with your accounting software, saving you even more time.
To get started with digital payments and easily pay international and domestic vendors all from one place, sign up with Bill.com for a risk-free trial.