Divvy, recently acquired by Bill.com, offers an all-in-one platform for spend management, including expense management and AP management solutions. Supported by a corporate credit line, Divvy provides tools to set up budgets and control spending while giving businesses the flexibility to spend how they need to. Users can easily track spending in real time, approve or deny requests for funds, and sync https://www.bookstime.com/ data with their accounting system.
Send international payments with no wire transfer fee*
- Discover strategies to enhance B2B payment security, reduce fraud risk, and protect cash flow using secure digital payment methods and automated workflows.
- Making international payments can be frustratingly complex and expensive.
- A request for money is made and the transaction bounces if there are insufficient funds or an issue with any of the banking information.
- Typical schedules are provided here.For tips on how to avoid payment delays, click here.
- That’s why BILL.com supports ACH and credit card payments in-app while making the rest of the accounts receivables process run on autopilot.
Plus, BILL allows you to accept ACH payments with a flat processing fee to avoid incurring a large expense on big transactions. The ACH network is federally regulated, and is currently overseen by the National Automated Clearing House Association (NACHA). The platform keeps your bank account information private from vendors by making digital payments through your account. Bill.com allows you to choose from over 135 currencies, and you can open as many “currency wallets” as needed. Are you ready to get started with an easy way for your business to make or collect ACH payments and send wire transfers whenever you need to? Contact BILL for more information on getting the benefits of fast, secure, and reasonably priced payment transfer options.
Checks
Protecting access to payment systems is crucial when making cross-border payments. Bill.com allows users to set up multi-factor authentication (MFA) to add an extra layer of security beyond just a password. To reduce FX uncertainty, set rate alerts for currencies traded, schedule payments during off-peak hours, and evaluate multi-currency accounts. In addition, Bill.com locks in competitive currency exchange rates at the time payments are initiated. This prevents any losses from fluctuating rates between when a payment is sent and when it is received by the recipient.
Bill.com’s Spend And Expense
The monthly statement provided by the payment processor should provide a breakdown. While these fees are typically low in dollar amount, the total cost of transaction fees can add up over time, especially as a company scales and increases the number of transactions. The structure of transaction fees can vary between different payment processors and intermediaries. However, they’re generally calculated on either a fixed fee, a percentage of the transaction amount, or a hybrid of the two. In this article, we’ll explain transaction fees, how they’re determined, and how business owners can control this cost to support profitable transactions. Any U.S. credit or debit card may be used for BILL card payments, except prepaid cards or gift cards (which are not supported at this time).
Strategies for minimizing transaction fees
If you have multi-currency in your accounting software, it will automatically sync your U.S. dollar and local currency bills. For bills in local currencies, Bill.com will automatically sync the exchange gain/loss between your bill and payment amount. Your multi-currency feature must be bill.com fees set up for the exchange rates to be accurate. ACH and wire transfers are both ways to move money from one bank account to another. Your business might use either one to pay a supplier, an employee, or anyone else you owe money to.
Pay vendors with ACH, so you can set it and forget it
Cash and checks work best when they’re quite literally changing hands. The bank then puts in a request for those funds which gets added to a queue. That means that an ACH debit isn’t initiated by the sender, but by the receiver.
Business credit
Fedwire is run by the Federal Reserve Banks and enables real-time gross settlements. When initiating a global payment on Bill.com, entering the correct SWIFT code helps connect the transaction to the appropriate banking channels to reach the intended recipient account abroad. When logging into Bill.com to initiate or approve payments, users must enter a one-time passcode sent to their mobile device in addition to their password. This prevents unauthorized access even if login credentials are compromised.
Activating BILL com Multi-Currency Features
- While following these tips may give you a better chance of waiving your fees, the process is still long and complicated.
- BILL’s security is built on a foundation of bank-grade encryption and strict compliance certifications, including annual SOC 1 and SOC 2 Type II audits.
- The software integrates with Sage, Quickbooks, Oracle, Xero, Microsoft, Abila, Acumatica, and FreshBooks.
- While BILL’s pricing plans cover most core features, some additional services may come with separate fees.
- When compared to other types of payment, ACH payments are more cost effective.
- Save time, reduce error, and avoid fraud with Redmond Accounting Inc.
On top of that, the BILL Divvy retained earnings Card delivers industry-leading protection against fraud like BIN attacks with advanced, AI-driven automation. Our risk platform monitors transactions in real time, instantly identifying and blocking suspicious activity while allowing legitimate purchases. If a card is targeted, our systems move quickly to stop fraud and alert affected customers. Paired with granular spend controls and bank-level security, businesses can manage spend confidently with minimal disruption, even during large-scale attacks. BILL’s AI-enabled fraud solutions protect the most important asset SMBs have—their cash. In FY25, our predictive AI solutions helped us stop over 8 million fraudulent attempts.
Conclusion: Maximizing the Benefits of Bill.com for Global Payments
Tracks accounts payable and accounts receivable and syncs with accounting software. Bill.com is a billing and invoice software that enables businesses to send invoices, manage expenses, and access credit, all within a unified platform. The international payments solution is available to business entities such as corporations, LLCs and partnerships, and sole proprietors who use the Bill.com service to make business or commercial payments. But if you need to send money globally with higher transfer amounts, wire transfers will be the better bet. Given that the ACH network is a United States institution, ACH transfers are only available for domestic payments. Even if the receiver is physically located in the United States but using an international bank, they aren’t eligible to receive ACH transfers.
While BILL’s pricing plans cover most core features, some additional services may come with separate fees. Priced at $55/user/month, the ‘Team’ plan is designed for small to midsize businesses looking to automate their bill management and payment workflows. With Bill.com, global payments follow the same protocols as domestic ones with AP automation, mobile access, and audit trails.