Bill.com has reported its payment volume increased by 124 percent, with monthly transactions growing by 135 percent, according to a press release. The financial process automation firm has experienced an increase in international payments on its website, and has increased support to more than 70 countries and 50 unique currencies worldwide.
An alternative to traditional banking, Bill.com does not charge wire transfer fees on local transactions and, according to its website, can provide better exchange rates than traditional banks in the United States and around the world for international payments. Bill.com assists small to medium-sized business (SMBs) with invoicing and receipt of payment on international business transactions.
“Historically, innovation in international payments has been geared toward consumers,” said Bill.com Vice President of Product John Flora in the press release. “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.”
Flora said the company’s software is geared toward businesses at large rather than individual customers, which enhances its innovative take on international payments.
With this growth and expansion, Bill.com plans to include a currency converter in its software that will instantly convert a payment or invoice amount into the preferred currency. This will also allow businesses to see various exchange rates for hundreds of different currencies around the world. Bill.com said the currency converter component will further streamline the payment process on both a domestic and international level.
Bill.com manages more than $60 billion payments per year. News surfaced in June that Bill.com was gearing up for an initial public offering (IPO), following an $88 million investment round that included JPMorgan. According to reports at the time, the company had not yet chosen underwriters or decided on timing for an IPO.