Q and A with Kathryn Foley from Bill.com

by Kathryn Foley 0

  1. Why did Bill.com partner with Commerce Bank? 
Having served small and medium sized businesses for over 150 years, Commerce Bank is at the forefront of changing the way community banks interact with businesses. As more businesses seek out new technology solutions, Commerce Bank recognized a market need for automating business invoicing and bill pay and tapped Bill.com, the leader in business payments, to complement their digital strategy.

2. Has Bill.com partnered with other banks? How does this partnership differ? 
Bill.com works with three of the top U.S. banks, including Bank of America, Capital One and PNC, to help banks bridge the gap between businesses and adoption of digital payments by providing a solution that meets the unique needs of small- and medium-sized businesses.

The Bill.com partnership with Commerce Bank pairs the friendly, personal experience small businesses have come to know and love at Commerce Bank, with digital tools that help customers easily manage their cash flow, automate the payments process, and save time and money by sending and receiving electronic payments. Customers also have access to the largest payments network built by Bill.com with over 2 million members.

3. How does this partnership benefit Commerce Bank customers? 
This partnership provides Commerce Bank customers with more options than ever before through a new service is called CashFlow Complete. With CashFlow Complete, customers can eliminate paper, better manage their cash flow and automate their end-to-end payments process in a central platform. Because customers also have access to the Bill.com payments network, they’re able to pay and get paid faster — without any additional enrollment or setup and easily transition from paper to digital payments.

4. How is Bill.com changing the relationship between businesses and banks? 
Today, banks have the opportunity to redefine and reestablish what banking means for business customers. Technology advances have transformed consumer payments, but have left small businesses with limited solutions that meet their needs. Bill.com addresses this exact problem.

Bill.com saves businesses 50% of the time they would have spent manually managing bill pay by automating payments and digitally managing invoices. As a result, Bill.com enables banks to offer a business banking experience with the power, simplicity, and visibility small businesses need to manage their cash flow and payments digitally.

5. Why should fintech companies and banks work together? Why now? 
Banks and fintech companies are both stronger together than ‘going it alone’. Banks bring security and scale, while fintech providers offer the rapid innovation and agility of a startup. While technology has modernized consumer payments, the business payment space, in particular, has been largely untouched by technology in the last few decades. This creates an opportunity for banks and fintech to shift businesses from antiquated paper processes and check payments to an end-to-end digital solution.