Bill.com, the business payments company, announced Wednesday (Nov. 9) the launch of Bill.com Connect, a digital payments service designed to help banks improve their relationships with small and medium-sized businesses.
In a press release, Bill.com said the new service offers basic bill pay and invoicing capabilities with the ability to offer more functionality as the business grows. The company said Bill.com Connect also simplifies and automates end-to-end bill pay and invoicing processes with electronic documents, approval workflows, network-based collaboration with vendors and customers and synchronization with accounting systems.
“Small and medium businesses have been caught between consumer and commercial banking solutions for far too long,” said René Lacerte, CEO and founder of Bill.com, in the press release announcing the new service. “Bill.com Connect closes the gap. Now, banks can finally deliver a single platform for business payments that scales alongside their small and medium business customers as they grow. It’s an absolute game changer for business banking.”
According to a recent survey of banking executives conducted by Bill.com in collaboration with SourceMedia Research, 91 percent of banking decision-makers say new technologies are changing the way their bank interacts with customers, but close to half, or 46 percent, still rely on face-to-face interactions within branches as their main method to engage customers.
“As a leading community bank, we recognize the value of new technologies in strengthening customer relationships, and we are excited about what Bill.com Connect can deliver to an online banking platform,” said Matt White, SVP of small business banking at Commerce Bank, said in the same press release. “By making the bank the go-to destination for the end-to-end payment process, Bill.com Connect has the potential to redefine the relationships banks have with their small business customers.”