Bill.com continues to make improvements to help increase awareness and adoption of its ePayment system. With the Bill.com December update they added or changed:
- Released the Network Profile
- Added Interactive Messaging
- Introduced Fast Pay
- Added a Credit Memos beta
- Improved sync with Intacct and NetSuite
Bill.com moved their Network Profile feature out of beta. A user with Manage Network permissions will now have an option to edit the company Network Profile and select one of the levels of visibility as follows:
- Public – Your profile can be accessed by anyone without logging into Bill.com and will only display the information that you choose to share.
- Limited – Will allow other Bill.com Network members to search for you and connect, eliminating the need for them to send you invites or request your Payment Network ID
- Private – Your profile will only be seen by others in the network that you are already connected to via your Payment Network ID.
Figure 1: Public profile
For those who select to make their profile Public, Bill.com has taken steps to help increase adoption for vendor ePayments. All payments made via a Bill.com check will now include an ePayment invitation printed on the stub as shown in figure 2. These invitations will contain a branded URL to your profile page where vendors can sign up to receive ePayments automatically. By including the invite on the paper check vendors may feel more secure than they would have when asked to click a link in an email. Because ePayments cost $1.50 less than check payments the savings could really start to add up.
Figure 2: Bill payment check with ePayment invite
The other new item that was added to the Network Overview page is the ePayment Meter. This meter compares your ePayment adoption as a percentage of your active vendors with the average score of the top 5% Bill.com ePayment adopters. Bill.com hopes that this information will help encourage users to make their profile public or continue to send manual ePayment invites. In the future Bill.com plans to enhance this feature by adding more stats which may include how much you have saved by using ePayments.
Figure 3: EPayment meter
Another new feature related to the Network is Interactive Messaging. This is the initial rollout phase of the feature and I question just how interactive the feature really is at this point.
For vendors and customers, with whom your account is connected via the Bill.com network, users can add notes to the bill or invoice transactions within Bill.com and mark them as public. This action adds the notes to the transaction on the other side (in the vendor or customer Bill.com account). In turn they can post a note in response.
The problem with the feature right now is that it does not provide any notification or alerts to let users know that a comment has been made or responded to, unlike the current messaging feature already available in the A/R feature for customers with a portal. So if you decide to use this feature as a way to communicate note that you will need to check back in the transaction periodically to check for responses or updates. Bill.com will continue to build out this feature to include notifications and other enhancement throughout 2015.