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Exciting new features available immediately!

July 2, 2009

Introducing Bill.com ePayments. Now pay anyone electronically!

Bill.com
ePayments allow you to pay vendors electronically (via ACH) rather than
with paper checks when you make a payment via Bill.com. Here is how it
works:

  • Simply
    match your vendors in Bill.com in a directory of over 4000 of the
    largest billers (financial institutions, utilities, government
    agencies, etc.) to enable all future payments to those vendors to be
    made electronically
  • For
    your vendors who are not in our directory, you can add bank account and
    routing information to their contact information in Bill.com (this
    information is encrypted and safe)
  • When
    Bill.com makes payments to any vendor that you set up for ePayments, we
    will pay them via ACH (electronic deposit). When we pay vendors in our
    directory the funds are automatically posted to your account with that
    vendor (you must enter an account number during setup to pay these
    vendors). For other vendors who are not in our directory we notify them
    of payments via email.

Advantages of using Bill.com ePayments include:

  • Lower transaction fees. Each ePayment costs just 49¢. That's half the cost of paying via a Bill.com check!
  • Faster payments.
    ePayments will be posted to your vendor's bank accounts faster than
    check payments, so you do not have to schedule as much lead time for
    processing
  • Pay any vendor or individual electronically. Bill.com allows you to make ePayments to anyone
    electronically — large vendors, small vendors, employees, and other
    individuals — fully integrated with your bill workflow and accounting
    system and at low cost
  • Guaranteed payment arrival date.
    Bill.com will display the date that each ePayment will appear in you
    vendor's bank account. Unlike check payments that can be affected by
    the mail system, these payments will post on or before the date listed
  • Help save the environment. No paper, planes, or mail trucks will be used when making your payments.

When you pay via Bill.com the system will show you the expected payment arrival date

Payment
timing is based on many factors. With this new release, when scheduling
a payment via Bill.com the system displays the number of business days
from the process date to expect arrival of the payment. This will help
you when deciding on a process date to maximize cash flow on a
bill-by-bill basis.

Increased efficiency (and fewer clicks) for bill payers!

We have made several improvements to the bill payment page to help streamline the process and reduce clicks.

  • On
    the "Pay Bills" page we now show you any notes added to a bill by
    simply scrolling over a link. Now you can see approver's comments
    without opening the bill itself!
  • When
    you hover the vendor name on the bill list you will see the check
    payment address or ePayment information without needing to click on the
    link
  • Bill.com will now alert you if the approved amount of a bill you are paying is less than the bill amount
  • For each bill, you will see expected arrival timeframe based on payment type

What's in a name? "Online Payments" are now called "Bill.com Payments"

With
the introduction of ePayments, we have made a small change in
terminology so there is no confusion between the concept of "online
payments" and "ePayments".

  • On the "Pay Bills" page, what we used to call "Pay Online" is now "Pay via Bill.com".
    By selecting this option, Bill.com will make the payment for you. Funds
    will be withdrawn from your bank account on the Process Date and
    Bill.com will send it by check or ePayment to your vendor.
  • "Record Offline Payments" is now "Record as Paid".
    You can record payments made by credit card, checks you already wrote,
    or checks you will print in your accounting system.  You will be
    prompted on the next page about the details of this payment that you
    are taking care of outside Bill.com.

When
viewing payment types within the system, including audit trails, you
will now see payment type "Bill.com" instead of "Online". This
indicates that Bill.com made the payment for you either by check or
ePayment.

More flexibility in sending documents to the Inbox

Receiving
invoices from vendors in the body of an email and not an attachment?
Want to just email yourself a message to pay someone and store it as an
invoice? It's now easy to do both.

You
can now process invoices sent inline in the email without needing to
create a separate attachment. Just write (or forward) an email with
payment amount and instructions, access it in the inbox, and create a
bill to be paid. In addition, you can now easily view the original
email message associated with any document sent to the Inbox by
clicking the "View email" link on top of the thumbnail.

We have also improved our document display capabilities in the inbox, with support for:

  • Adobe PDF (pdf | version 5.0 or later
  • Microsoft Word (.doc or .docx | version 97 or later)
  • Microsoft Powerpoint (.ppt | version 97 – 2003)
  • Microsoft Excel (.xls or .xlsx | version 97 or later)
  • Images (.jpg or .png or .gif)
  • Emails in plain text format or text files

Improved Payment Confirmation

It
is now easier to know the status of your payments. On the "Remittance
Info" column on the Payments History page, you can see if the check was
cleared or the ePayment was sent.

  • When you click on a payment, you will see more detail on the payment as well as a cleared check image if applicable
  • For ePayments there is no cleared check image, but you will see details on when the payment was made

We hope you like these new features. As always,please contact us with feedback!

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