How Bill.com is Taking Over the World of Business Payments

Bill.com raised $100 million in financing this past week in a round led by JPMorgan Chase and Temasek
Cloud Accounting Weekly
How Bill.com is Taking Over the World of Business Payments
By Blake Oliver • Issue #60 • View online
Bill.com raised $100 million in financing this past week in a round led by JPMorgan Chase and Temasek. That’s not surprising considering how dominant Bill.com has become in the world of business payments. There really is nothing else like it. 
What is surprising to me is how different Bill.com’s strategy has been from that of other Fintech startups. 
Rather than attempting to disrupt the banking industry, Bill.com has sought to partner with them, offering its superior technology in exchange for access to lots of business banking customers eager for a better way to send and receive money.
In fact, Bill.com’s technology powers the advanced bill pay features in Bank of America’s CashPro Online, the bank’s online banking portal for small and medium sized companies. PNC Bank also uses Bill.com, and now Chase will also integrate Bill.com’s platform into its online services. And let’s not forget the partnership with Intuit that brought Bill.com inside of QuickBooks Online.
Bill.com may be giving up margin on transaction fees by partnering in this way with big banks and Intuit, but what they gain is far more valuable — a network of businesses across the country all connected on the Bill.com platform for electronic payments. 
In 2015 there were 23.5 billion ACH payments with a value of $145.3 trillion. With volume like that, Bill.com only needs to earn a tiny commission on each transaction to make a lot of money.
And there’s plenty of room to grow. A survey in 2016 found that 44% of B2B payments are still made by check.
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Blake Oliver

A newsletter for accountants and bookkeepers using the latest cloud technology to serve their clients or employers. Topics include apps, automation, remote work, practice management, marketing, and more. For more, visit my website at http://www.blakeoliver.com.

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