Bill.com, a business payments and software platform provider, announced on Wednesday it now supports international payments to 137 countries and 106 currencies. The platform reported since the beginning of the year the number of transactions it processes increased 216 percent and total payment volume increased 258 percent.
“For small and medium-sized businesses going global, the limitations on sending and receiving money overseas are plentiful. The international payments process can be manual, error prone and disconnected from the broader accounts payable workflow. Cross-border transactions processed through traditional channels can be costly, hard to track and may take days to clear. As small and medium sized businesses continue to expand buying and sourcing overseas, the manual wire services offered by traditional banks are often not meeting their needs for online access, faster processing and more transparency.”
Speaking about the expansion, Henrique Ceribelli, Vice President of Product Management at Bill.com, stated:
“The Internet has allowed businesses to buy and source in foreign markets and many businesses are rushing to capitalize on these growth, revenue and cost-savings opportunities. But businesses need a partner that can help them manage the complexities that come with processing multi-currency invoices and making payments in local currencies. We’re expanding our International Payments footprint so when our business partners want to pursue an opportunity in almost any corner of the world, we can support their efforts on the critical payments front.”
Bill.com also noted it has introduced a VIP program for qualified customers to receive personalized services for account set up, complimentary exchange rate analysis and access to exclusive rates. The company added:
“Bill.com also eliminated wire transfer fees on international payments in local currency. Its Intelligent Virtual Assistant simplifies setting up international payments and helps clients avoid costly first-time mistakes, including allowing them to click on invoice details and copy text directly and accurately into required payment fields.”