Business to consumer companies leverage credit cards on a daily basis to get paid easier. However, because of various factors, businesses typically still use paper checks to pay other businesses. With Bill.com, those obstacles are lifted, and you can now offer the convenience of accepting credit cards to get paid faster.
Typically, a small business may not qualify for the most competitive credit card processing rate because of their size. However, by using Bill.com, your business can take advantage of level 3 processing rates for all credit card payments, which decreases the typical fees associated with accepting credit cards.
One of the roadblocks that prevent businesses from using electronic payments is the need for remittance information. Businesses typically have invoices, contracts, and other supporting documents that need to be referenced to ensure payments are recorded correctly. Bill.com allows users unlimited storage in the secure cloud, and every invoice that is paid has the relevant documents attached. The entire audit trail can be accessed with a single click. Data in transit is encrypted with Transport Layer Security (TLS).
While Bill.com offers companies to easily accept credit cards, it’s main benefit is to replace credit card payments with even lower cost ACH payments. With Bill.com, your business can accept ACH payments for a fraction of the cost of a credit card payment. For example, a typical $10,000 payment may have a credit card process fee of $300. For ACH payment processing, the same invoice would only cost $0.49. Find out more about how Bill.com can be a great credit card alternative.
Along with offering a payment gateway to accept domestic ACH, international wires in USD or local currency, virtual card, or check, Bill.com also provides businesses with additional efficiency by automating your accounts payable and accounts receivable processes. With the Bill.com accounts receivable automation solution, you can create recurring invoices, automate payment reminders and overdue notices, support direct debit of customers' accounts, and more to help you get paid on time. The accounts payable solution helps you streamline the bill payment process, routing bills in your company through the cloud for approval from anytime, anywhere, and paying your bills electronically to avoid signing, stamping, and addressing stacks of checks and envelopes.