BILL a financial operations platform for small and midsize businesses (SMBs), has launched BILL Supplier Payments Plus. A new offering designed to help large suppliers quickly and efficiently process and reconcile high volumes of payments from thousands of SMBs. BILL says this could be achieved with greater speed, accuracy and ease. While delivering a more seamless payment experience for the businesses they work with.
“BILL’s SMB customers know their suppliers are critical to their success. This is why we’re investing in powerful new capabilities that deliver value for both sides of the transaction. Transforming how buyers pay and how suppliers receive funds. Supplier Payments Plus is the next major milestone in this journey,” said Mary Kay Bowman, EVP, GM of Payments and Financial Services at BILL.
“This innovation not only drives more value for large suppliers. It also marks a key step forward in advancing our vision of a more connected, intelligent and robust payments ecosystem. This enables BILL’s growing network of more than seven million members to connect and do business quickly and efficiently.”
Helping suppliers process SMB payments efficiently
Enterprise suppliers receive thousands of payments from SMBs each day. Processing them can be complex and time-consuming. Missing details and over or underpayments force cash application teams to spend hours or even days manually tracking down information. Fragmented data across multiple portals only adds to the challenge, delaying cash application and consuming valuable time and resources.
Meanwhile, many existing systems are outdated, slow to implement and still leave critical gaps in payment and remittance workflows.
BILL is tackling these persistent challenges head-on with new innovations that reduce manual work, simplify payments and strengthen the relationships that power B2B commerce. Supplier Payments Plus supports large and enterprise businesses in the BILL network. It delivers payments and customisable remittance advice.
Streamlining AR workflows and helping with cash application automation for high-volume, small-dollar payments with missing or messy remittance. Suppliers can also benefit from new capabilities including custom reports and the conversion of checks to digital payments. Custom reporting capabilities and seamless AR automation further contribute to enhanced operational efficiency.
For SMBs working with these large suppliers, BILL is enabling faster payment confirmation, reduced overhead to help track down payments. The company says this is achieved in a more seamless way to transact and do business.
Key benefits include:
- Increased Efficiency: Reduces manual work, streamlines payment processing and lowers costs. This enables finance teams to focus on high-impact initiatives that drive business growth.
- Seamless AR Automation: Delivers daily, customizable remittance files, supporting seamless integration with existing or future AR systems.
- Faster Digital Payments: Converts paper checks to electronic payments, accelerating cash flow for suppliers and giving SMBs a simpler, faster way to pay.
Enterprise Times: What this means for business
Finance teams in businesses across all sectors are often drowning in small-pound, dollar or euro reconciliation. Finance revenue teams negotiating with hundreds or thousands of relatively small, high-volume payments on a daily basis. Missing remittance, over and underpayments, and discrepancies aren’t minor issues, they are major operational hurdles.
Furthermore, they take hours and days to resolve and ultimately impact on internal resources and therefore the bottom line. As a result, BILL’s new tool is a possible strategic solution to an old problem. It makes it easier and faster for large suppliers to receive and record payments from SMBs. The solution reduces manual processes, streamline payment processing, and save on costs for enterprises.
The company says its delivers innovation to transform the payments experience between enterprise suppliers and SMBs across its growing network. The ultimate proof is how quickly that network grows.
BILL’s offerings is part of the wider technological trend of creating a more connected and intelligent payment ecosystem. This solution is compatible with existing Enterprise Resource Planning (ERP) and automation systems, allowing integration without the need for extensive IT support. So, on paper, this tool appears to be a potentially useful strategic solution to an age-old problem.
