Bill.com and Mastercard partner on automated payments for SMEs
Bill.com has announced plans to offer Mastercard virtual cards as part of its automated accounts payable solution for small and mid-size businesses. The addition of Mastercard virtual cards adds a new electronic alternative to cheques as Bill.com continues to digitise payments. Payment via virtual card provides faster funds availability to suppliers along with the data needed to match payments with receivables.
Small businesses still pay 80% of their invoices with paper cheques, whereas virtual credit card payments offer an efficient, alternative way forward – minimising the costs, time and manual labour associated with paper-based processes. The faster payment option is now integrated into the Bill.com accounts payable workflow on the cloud-based platform.
Bill.com has also announced a US$88m funding round led by Franklin Templeton with participation from Mastercard, Fidelity Investments Canada ULC and others.