March 15th, 2023
Our continued response to the SVB events
To our valued customers,
I wanted to provide you with an update on our continued response to the Silicon Valley Bank (SVB) events.
Our number one priority has been, and will always be, to support customers. Our focus over the last six days has been to honor the promise we made, even before the Federal Government stepped in, to process pending transactions successfully.
The BILL team has been working around the clock and I’m pleased to report we have now processed all SVB-related outstanding payments. We are also fully back to business-as-usual for all payment processing.
On Monday, we announced expanded support and new programs designed to help customers stay fully operational. Many customers are already taking advantage of BILL balance, BILL Spend & Expense and BILL Pay by Card enabling them to move and manage funds, and quickly access the credit they need to run their business. In addition to this, for businesses impacted directly by SVB we’ve also enabled invoice financing for your vendors on the BILL network, and 30-day extended payment terms for BILL Spend & Expense account holders.
We have spoken to thousands of customers over the last week to help them successfully navigate this situation. We scaled up our support capacity to meet this increased demand, and we’re pleased to have been able to help customers when they needed it most. If your business needs support, we are standing by to help so please do not hesitate to reach out to our team.
To those customers we have been helping this week, thank you for the open communication and feedback as we work together through this.
I know from many of you that this has been a stressful week. You have placed your trust in us at BILL to help you automate your finances and run your business with confidence. This last week has only reinforced the importance of those trusted and transparent partnerships. The BILL team is here to serve you, and we will continue to work hard every day to honor that trust.