BILL.COM BLOG

The PayPal Alternative—How to Save Money and Time

PayPal Alternative

Has your business outgrown PayPal? Perhaps the fees are too high. Or the features can’t accommodate your company’s needs.

Paperless pay is a convenient option that enables a quick and painless transfer of money for your business. But the wrong paperless pay partner can impair your company’s bottom line. Whether your customers are paying with ACH payments, eChecks, or credit cards there’s an alternative to PayPal your company should explore: Bill.com.

What is Bill.com?

Bill.com is cloud-based, business-grade, AP and AR solution that allows your organization to pay and get paid faster.

Lower transaction costs with Bill.com

One complaint we often hear about PayPal concerns costs. For each payment you receive from customers, PayPal gets a cut. It isn’t a flat-rate fee, but rather a percentage of the entire amount. The more you collect from customers, the more you pay PayPal.

A 3% fee may not seem like much, but it adds up quickly as your business grows.

Consider this scenario. A customer sends you a payment of $15,000 through PayPal. PayPal takes its 3% cut before it hits your account. That means $450 disappears before your organization even receives it.  

Bill.com charges a flat-rate fee of 50 cents for each ACH transaction. If you customer sends via an ACH payment (a common, secure form of payment that transfers money from one banking account to another), a $15,000 transaction costs you only 50 cents. You collect $14,999.50—a savings of $449.50 when compared to PayPal.

Money where you want it

Instead of payments landing in your PayPal account, Bill.com puts the money exactly where you want it—your bank account. There’s no need to transfer money. With your money consolidated into your preferred account (or accounts), you can have a clearer view of your cash flow, the lifeblood of any growing business.

Seamless experience for customers

Bill.com provides an intuitive user interface, so your customers have no learning curve. They receive your digital invoice, select “pay” and send your company payment in their preferred digital format. It is a great way to appear professional and demonstrate that your business has moved beyond PayPal. Bill.com also supports international payments, so no matter where your customers live they can use the system to send money via their smartphone, tablet, laptop, or PC.

AR Automation

What if you could automatically send invoices and receive payments? You can with Bill.com. The solution can automatically create and send customer invoices as well as send overdue reminders. Customers can opt to pay your business on a recurring basis, meaning each time their payment is due it lands directly in your company’s banking account.

A true, enterprise-wide business solution

A business has a different set of needs when compared to an individual. For example, should every employee have access to your company’s banking account? Of course not.

Bill.com offers a digital payment solution that is tailored for business AP and AR. Its features include:

  • Permissions-based access - Employees can participate in the AP and AR process as needed without impairing security or impeding efficiency. Permissions are customized based on each person’s role.
  • Audit trails - Each transaction that occurs in Bill.com is tracked, so you can access the system to determine date of payment, an image of the check, any notes or questions, contracts and more.
  • Workflows - Based on the transaction type and indicators such as amounts, individuals or customers involved, Bill.com will automatically enforce a workflow from beginning to end.
  • Integrations - Bill.com integrates with leading accounting software including QuickBooks, Xero, Intacct, and Netsuite to sync payments and eliminate error-prone manual labor such as double data entry.

Collect more money and enjoy greater benefits by trying Bill.com today.

Bill.com

Mark Gervase
Director, Product Marketing, Bill.com
Mark works with accounting firms and bookkeepers to grow their businesses and achieve efficiencies through automation and cloud technologies. He is a former CPA, has a background in financial technology, and holds an MBA and BA in Economics from the University of California Berkeley.