2015 Innovation Award Nominee: Bill.com Fast Pay

It’s 4 pm ET. You just received a call from a client saying that they need payment to an important vendor by noon the next day. Failure to pay before the deadline will significantly impact your client’s business operations. Normally, a call such as this would necessitate a trip to the bank to arrange for a wire transfer or a scramble to approve and write a check accompanied with a call to FedEx or UPS for overnight pickup.

However, now there’s another option – Bill.com Fast Pay. Bill.com Fast Pay enables accountants to pay faster, allowing for precise cash flow management. It was developed in response to unplanned or emergency situations that can arise even in the most financially viable organizations.

With cloud-based Bill.com Fast Pay, accountants can expedite payments and keep operations running smoothly without a break in workflow or unnecessary trips or arrangements. Accountants simply login to Bill.com from any device connected to the Internet such as a PC, laptop, tablet or smart phone. From there, they follow the prompts to Fast Pay to authorize online ePayments or checks in a cloud-based environment protected with bank-level security systems. There are multiple options for payment timelines. ePayments can be sent as quickly as overnight. Checks can be delivered overnight or within two or three days.

Tracking and full remittance information accompany all check payments, along with approval workflows and audit trails. Accountants can easily see who has approved the payment and when it was sent and easily communicate that information to the payee and the client. Additionally, if a check is authorized through Bill.com Fast Pay, a tracking number is displayed once the payment is submitted. A user-friendly and intuitive interface automatically calculates payment arrival date and time.

Accountants will also have the option to void checks. Bill.com Fast Pay pricing starts at $10. The Bill.com network has over 600,000 users that can either pay or get paid with the new Bill.com Fast Pay service. Cloud-based Bill.com is the fastest growing business payments network with more than 600,000 members and $19 billion paid annually. Its customers include 35 percent of the top-100 account firms as well as two of the top-five U.S. banks. It enables accounting firms to become more efficient through automated workflows, collaboration, and document management. It syncs with popular accounting software such as QuickBooks, Xero and NetSuite and cuts up to 50 percent of the time typically spent on bill payment.

Click here to see all of the other nominees for the 2015 Innovation Awards.