Our biggest competitor is paper checks. Though time and labor intensive, the majority of small businesses still choose a paper check as their preferred business payment method, according to a survey we conducted in 2017 with Barlow Banking Research.
But in all likelihood, these same respondents are embracing digital payments to pay their friends, family members and others. Apps like Venmo and Zelle make paying and getting paid easy and convenient for consumers and their adoption has been swift. Transaction value is estimated to top $150 billion this year.
So what makes the transition to digital for business payments so difficult?
Behind every payment a business makes or receives, there’s a huge amount of process. From regulations to required approvals and the necessary communication between the bank, an accountant or bookkeeper, or even multiple software providers, business payments are much more complex. They can also take a lot of time, and for that, writing a paper check fits right in to that slow, laborious cadence. In fact, our survey revealed that business payments result in a number of headaches for small business owners, with 40 percent citing time spent on the bill payment process as their biggest hurdle.
So it’s no wonder that small business owners are looking for alternatives, and the same pain-free experience their everyday payments provide. And we’re happy to say, that’s exactly what Bill.com does.
We conducted a separate survey of our customers and it validated that Bill.com helps eliminate the most common pain points SMB owners experience when it comes to paying and getting paid. In fact, 82 percent of our customers said they cannot imagine going back to life before Bill.com.
Our survey also found that 73 percent of our customers received payments two to three times faster than before using Bill.com and 82 percent saved 50 percent of the time they previously spent making payments to vendors. Both striking results exhibit the impact Bill.com has had on bill payment efficiency.
We have a wide swath of customers to reach whose payments method we can make more efficient. It is exciting to be working on a product that is altering the way a major system is run. At Bill.com, we believe that the future of payments is digital. Bill.com is leading the charge for small and medium-sized businesses.