Bill.com, a business payments and software platform provider, announced on Tuesday it now supports more than 70 countries and 50 currencies worldwide. According to the platform, its international payments services help companies solve the obstacles historically presented by cross-border payments while offering a cost-effective and time-saving alternative to traditional banks.
“Since the beginning of the year, payment volume has increased by 124 percent while monthly transactions have grown by 135 percent. Addressing the needs of small businesses and mid-size companies, Bill.com saves up to 32 percent of the cost as a result of no wire transfer fees on local currency transactions and better exchange rates than provided by most banks.”
Speaking about the addition of new currencies and countries, John Flora, VP of Product at Bill.com, stated:
“Historically, innovation in international payments has been geared towards consumers. The sharp rise of cross-border business growth and global interactions is driving demand for our International Business Payments platform which enables SMBs to easily and seamlessly do business globally. We plan to aggressively expand our international payment capabilities in the coming months.”
Bill.com went on to add that as part of its International Payments expansion, it includes a currency converter that immediately converts payment or invoice amounts into local currency for customers to see the latest exchange rates. Just as Bill.com has disrupted the domestic business-to-business payments space, it now also streamlines the same processes for international payments.