Say hello to paying with reais, rubles, rupees, yuan, and rand. Bill.com now supports payments in new countries and currencies, bringing the total to 137 countries and 106 currencies worldwide. Customers can now make payments to Brazil, Russia, India, China, South Africa, and many more countries. Click here to see the full list.
Getting started is simple. This guide walks Bill.com customers through the International Payment process, outlining everything from how to set up a vendor to tracking payments. In no time, you’ll be finishing international payments as quickly as you do domestic ones.
The Problems with Traditional Cross-Border Payments
Companies are no longer confined to local markets and are transacting with talent, vendors, partners, and customers around the world. With advances in technology, collaboration, and communications, they can work with overseas contacts as if they were in the same office.
However, cross-border payments haven’t always enabled the same level of convenience.
The time, effort, and costs sunk into global payments can create substantial burdens to fast-growing companies. Businesses would traditionally turn to banks for global payments, filling out long, complex wire transfer forms and paying up to $40 in fees per transaction. They couldn’t track payments, and canceling payments was an iffy proposition. To further frustrate the process, unclear currency conversion rates and non-integrated systems called for double data entry and lengthy reconciliation processes.
Why You Should Switch to Bill.com International Payments
Bill.com has simplified the process for cross-border payments, allowing businesses to unite all AP into the same solution.
First, it helps you save money on international payments. When you pay vendors in their local currency, Bill.com does not charge a wire transfer fee and offers better exchange rates than typical bank rates, a significant savings overall. International payments sent in USD cost only $14.99 per transaction.
Bill.com also gives customers who send a high volume of international payments the opportunity to save more time and money. Apply for the Bill.com International Payments VIP Program and a specialist will follow up with a personalized consultation on how you can save on exchange rate costs.
Second, Bill.com gets rid of conversion rate confusion. Its in-app currency converter pinpoints conversion from your bill amount to 106 different currencies in only a few clicks, disposing of any guesswork.
Third, Bill.com offers a straightforward payment process for both international and domestic payments. Payments are no longer scattered across numerous banks and transactions. With Bill.com, global payments follow the same protocols as domestic ones with AP automation, mobile access, and audit trails. You can also track international payments through Bill.com at no extra charge, unlike some banks that charge a fee for that service.
As one customer shared: "We are redefining luxury at Tamara Mellon, sourcing materials from the finest artisans in Europe. Bill.com International Payments enables us to pay our factories in local currencies with all documentation stored on one platform. With dozens of payments a month, the process is simple and efficient. There are no wire transfer fees and the exchange rates are competitive, so we also save time and money," says Vilasini Challa, Controller at Tamara Mellon.
Fourth, integrations between Bill.com and accounting systems like Oracle NetSuite, Sage Intacct, Xero, Intuit QuickBooks Online and QuickBooks Desktop give you a complete view of payments.
Finally, Bill.com’s Intelligent Virtual Assistant now helps you save time and reduce data entry on international vendor bank setup. Easily click on your vendor’s bank information from invoices to search for international bank information required for payment. This prevents costly human errors when entering your vendor’s invoice details.
The results: With Bill.com, you process global payments effortlessly and cost-effectively. Your vendors get paid on time, and in the currency they prefer. Reconciliation is a breeze. And it all happens from any internet-enabled device.
How to Get Started
Ready to start saving time and money? Try Bill.com International Payments.
If you’re already a Bill.com customer, check out the International Payments guide. It outlines how to add new vendors, create international bills, enable global payments for existing vendors, pay with Bill.com International Payments, and check the status of a cross-border payment.
If you’re new to Bill.com, sign up for a risk-free trial and you’ll be up and running with worldwide payments in no time.