Cloud-based finance software Bill.com can now facilitate international payments in 106 currencies and 137 countries, the company announced in a press release on Wednesday, Sept. 25.
“The internet has allowed businesses to buy and source in foreign markets and many businesses are rushing to capitalize on this growth, revenue and cost-savings opportunities,” said Henrique Ceribelli, vice president of product management at Bill.com. “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.”
The company said transaction processing is up 216 percent and total payment volume has increased 258 percent.
Over 20 percent of businesses handling cross-border transactions said they process payments in five or more countries, an August 2019 small business survey indicated. The survey was commissioned by Bill.com and Barlow Research Associates.
Artificial intelligence (AI) is tapped to power Bill.com’s Intelligent Virtual Assistant, which services the needs of small and medium-sized businesses (SMB). Growing firms can now do business in large world markets like China.
“Bill.com has been an amazing accounts payable solution,” said Jurie Victor, finance manager at Spikeball, a sports equipment company in Chicago, Illinois. “We use Bill.com for all our international payments to vendors overseas. With the number of bills we pay, as well as the currency amounts, it took a lot of administration time for the complex tasks required when we sent wire transfers through traditional banks. With Bill.com, all of our international payments are now a one-click solution and less expensive. It’s a lifesaver.”
In June, Bill.com started exploring options to go public just weeks after announcing an $88 million investment round that put its valuation at $1 billion.
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