Paying bills and getting paid on time are critical requirements for small businesses to effectively manage cash flow. However, this is still a very manual process for small businesses. Our Money Matters report found many small businesses utilize multiple payment strategies to manage their cash flow.
To tackle this problem, we have announced a new partnership with BILL, a leading financial operations platform for small and midsize businesses (SMBs), to bring bill pay capabilities to our US customers. Xero will embed a bill pay solution from BILL into the Xero platform. Once available, the solution will deeply integrate BILL’s robust payments options, allowing customers to more efficiently pay their bills, without leaving the Xero platform.
Small businesses will be able to avoid manual bank transfers, writing and mailing checks or entering credit card details to pay their bills. The solution will make it easier for small businesses and their advisors to reconcile transactions, regardless of their bank, and provide greater visibility and control over their cash flow. Every hour small businesses save through automation, is an hour they can invest in their business.
The bill pay solution will also enable Xero customers to access BILL’s proprietary network of 5.8 million members — enabling small businesses to use the network to find their vendor and easily and efficiently start paying them straight away.
We are committed to helping small businesses run their operations and manage their finances as efficiently as possible through the Xero platform. Our partnership with BILL reflects how we are strengthening our US offering with more robust bill pay capabilities and broad payment choices.
More details about the bill pay solution will be made available later this calendar year.
