What is Bill.com? Bill.com Review

Founded in 2006, Bill.com is an online bill payment platform for small and medium-sized enterprises. Users can receive, send and pay invoices through the Internet. It mainly cooperates with startups, accounting firms and banks to reduce the time they spend on back-end financial management operations.

About BILl.com

Bill.com is headquartered in Palo Alto, California, and was founded by René Lacerte, the founder of PayCycle.

Today, Bill.com disburses over $60 billion in payments annually, and 3 million members pay and get paid through Bill.com's network. Bill.com is the preferred solution for over 60 of the top 100 accounting firms in the U.S. and a trusted partner for 4 of the top 10 banks.

Products and Services

1. Bill.com not only has an API that can connect to banks, but also to accounting services. The service helps customers collaborate to generate connections, mainly around partner ecosystems and application partners, and all of these partners are connected through a data pipeline network. After that, most of the data in the company's balance sheet, invoices, and other traditional back-end revenue is consolidated.

2. Bill.com can not only be used to pay bills, but companies can also use it to pay salaries for independent contractors (informal employees). Users can use its app on iOS or Android, or directly visit its website. Its interface will tell you which bills have been received, which have been confirmed or paid, and which bills are overdue.

3. Providing services for payment, collection, and cash management is actually the core of what companies provide to their customers. Cooperation with accounting firms and banks has brought 3 million users to Bill.com. In 2017, Bill.com announced a partnership with JPMorgan Chase, which will use Bill.com's white label products as its own B2B payment solution.

Bill.com integrates popular desktop and on-demand accounting packages to ensure consistency of financial data and streamline financial planning, reporting, and auditing activities.

5. In terms of profitability, Bill.com charges customers a monthly subscription fee for its SaaS services, which ranges from $29 to $100. It also makes money by charging a handling fee.

Advantages

1. Bill.com works with leading accounting software such as QuickboOKS, Xero, NetSuite, Intacct, etc. to ensure there is no double entry when using Bill.com.

2. Bill.com eliminates the hassles associated with business bill payments, saving 2 to 3 times the time compared to standard paper methods.

3. High security performance. Bill.com transfers more than $52 billion in B2B payments each year, so Bill.com has always taken financial security seriously. Bill.com's bank compliance, data security, encryption, and fraud prevention are optimized to the highest industry standards.

About Wish Platform

One of the ways to receive payments on Wish is to use Bill.com ACH. There is no entry fee or monthly fee to set up Bill.com ACH. Merchants only need to pay a processing fee of $0.49 for each electronic payment, unlike other credit card service providers that charge a percentage fee. However, sellers must have a US bank account to use this payment method.

Financing

-In January 2007, Bill.com received $2.1 million in Series A funding from DCM Ventures.

-In September 2007, Bill.com received $6.5 million in Series B funding from EMergence Capital Partners and DCM Ventures.

-In August 2009, Bill.com received $8.5 million in financing from Emergence Capital Partners and DCM Ventures.

-In June 2010, Bill.com received US$8.5 million in Series C funding from investors including DCM Ventures, August Capital and Icon Ventures.

-In December 2011, Bill.com received $15.5 million in Series D funding from investors including DCM Ventures, August Capital and Icon Ventures.

-In November 2013, Bill.com received $38 million in Series E funding from investors including DCM Ventures, August Capital and Scale Venture Partners.

-In February 2015, Bill.com received US$50 million in Series F funding from investors including Silicon Valley Bank, DCM Ventures and August Capital.

-In April 2015, Bill.com received $30 million in financing from Emergence Capital Partners and TTV Capital.

-In October 2017, Bill.com received another $100 million in financing from investors including JPMorgan Chase and Temasek, August Capital, Scale Ventures, Napier Park, DCM, Icon Ventures and Emergence Capital.