There are numerous small business bill pay service options accessible; the important thing is to choose the one that best suits your company’s needs. To assist you in selecting the ideal bill payment solutions, this article will examine a few of the company bill pay platforms that are already on the market and explain how they operate.
It’s important to know what a bill payment service can do before exploring the different company bill pay service options available.
A platform that enables businesses to pay bills in an orderly, effective, and secure manner is known as a business bill paying service. Credit card bills, rent, and other business expenses can all be paid with a bill pay system.
Furthermore, automated or manual control is possible with online bill payment for businesses, making financial management simpler. Services for paying business bills can be quite advantageous because they combine all payments into one simple method.
When it comes to managing cash flow, keeping track of different expenses, and making sure that all invoices are paid on time to prevent penalties or late fees, a bill payment service can be helpful. Because it offers convenience, efficiency, and ease of use, a bill pay platform can be an essential tool for businesses looking to manage their finances effectively.
How to Compare Bill Payment Services
There are a number of important things to take into account when comparing bill payment options. The first is usability. The bill pay platform should have an easy-to-use interface that makes it simple for users to manage business bill pay and access its many features.
Other important features to look for are the option to set up automatic payments, receive payment confirmations, and receive reminders for approaching due dates. The kinds of bills that can be paid through the service and the variety of bill payment choices the platform provides should also be taken into account by businesses.
While some business bill payment methods only permit payments to be sent, others could permit payments to be received as well. It is imperative to confirm that the service is in line with the business’s fundamental requirements as certain platforms might target particular industries or payment methods.
The security precautions that a bill-paying service provider uses should also be taken into account. To safeguard all transactions and company information, a reliable small business bill payment service should place a high priority on data protection.
In order to make sure the bill pay system is the best financial choice for the company, particularly in terms of cash flow and expenses, it is also crucial to take into account the cost and other fees related to it.
Best Bill Payment Services
If you’re looking for a bill payment service to use, here are the top options to consider:
Wise Business
Wise Business is an international money transfer service that makes domestic and cross-border transactions simpler, faster, and more affordable for businesses.
Wise Business offers a wide variety of advantages for companies operating in multiple countries with minimal fees involved. It provides transparent currency exchange fees and features for multi-currency transactions to help businesses send and receive payments globally.
Wise Business provides businesses with an easy-to-use bill pay platform. With the platform, businesses can send payments worldwide in multiple currencies. Using Wise Business, you can pay international suppliers, employees, and contractors easily with its straightforward and easy-to-use interface.
Wise Business also includes features such as batch payments, which allow you to pay 1,000 invoices in one click.
Read Also: Types of Digital Wallets
So you can easily send multiple payments in one go. Wise Payment offers more robust features like a Wise API to automate payments. These features ultimately enable businesses to gain greater oversight of business transactions.
The service also offers the ability to receive payments in local currencies and convert payments across different currencies.
With Wise Business, you can have local bank details for significant currencies like USD, EUR, GBP, AUD, and NZD, but more are available depending on needs. This makes receiving payments from customers or clients in multiple currencies as you can have the necessary local bank details.
Wise Business has minimal fees for its services, and the exact amount charged will vary based on the currencies involved and the amount being transferred. The fees are significantly lower than most traditional banks, and Wise Business also offers a mid-market exchange rate for conversions, meaning there are no hidden charges or markups.
QuickBooks
QuickBooks is a comprehensive financial solution for small businesses and includes a bill paying system. QuickBooks is an accounting software designed to manage and streamline financial operations for businesses, including bill payments. It offers many features, including invoice generation, tax calculations, payroll management, and a bill payment service. With QuickBooks, businesses can simplify their financial processes, manage bill payments, and achieve greater transaction efficiency and accuracy.
QuickBooks allows businesses to send payments directly through its platform. Its “Pay Bills” function lets users select which bills to pay and provides full control over outgoing payments. Additionally, it can manage recurring payments, making it ideal for subscriptions and ongoing service fees. These transactions can then be recorded and tracked within the software, providing an integrated and organized system for financial management.
QuickBooks also includes the ability to receive payments directly from customers if necessary. By creating and sending invoices within the platform, customers can pay quickly using multiple methods, including credit cards and bank transfers. QuickBooks then automatically records these payments and links them to their corresponding invoices, simplifying the process of managing and reconciling incoming payments.
QuickBooks has a tiered pricing model depending on the business size and needs. The tiered pricing ranges from a simple version for small businesses to advanced options for larger organizations. Each tier includes essential features like income and expense tracking, invoicing, and receipt capture. However, the bill pay system functionality may come at an additional charge or as an integration depending on the plan and business location
PayPal
PayPal is a major online payment system offering a range of services for both individuals and businesses. PayPal facilitates domestic and international transactions and can support small business bill payment needs globally.
With PayPal, businesses can send payments quickly and securely to anyone with an email address or mobile number all in one place. PayPal also supports multiple currencies, so international payments are an option using the bill pay platform. Its “Mass Payments” feature can be particularly useful for businesses, allowing them to send payments to multiple recipients simultaneously, streamlining the process.
PayPal can also be used to receive payments. Businesses can also receive payments directly to their PayPal account. Payments can be received by sending a payment request or using specific PayPal functionalities. Customers and clients can pay quickly and securely.
PayPal’s fee structure is based on the transaction type and whether PayPal checkout is used. For online transactions within the US, there is a standard fee of 2.9% plus a small fixed fee based on the currency of the payment. For PayPal checkout, the platform charges 3.49% of the transaction price plus fees.
Payoneer
Payoneer is a global payment platform for businesses, online sellers, and freelancers looking to send and receive payment. Payoneer is an efficient, cost-effective, and secure bill pay system with various features available.
Payoneer enables businesses to send payments to their international partners, vendors, and service providers through its bill payment services. Payment options are available for Payoneer and non-Payoneer customers, and different methods are available depending on needs. Additionally, Payoneer’s platform allows for batch payments, making it simpler to pay multiple recipients simultaneously.
Businesses can also receive payments through Payoneer from domestic and international clients. You can receive payments in multiple currencies, making it simpler to do business with clients worldwide. Payoneer also offers receiving accounts via its Global Payment Service, which lets you receive local bank transfers from companies in several countries.
- Pricing for service
Payoneer’s pricing structure varies depending on the transaction. Receiving payments from another Payoneer customer is free. For payments received through the Global Payment Service, the fee is typically 3% depending on the currency. Fees for withdrawing funds to a bank account depend on the currency and method of withdrawal. There is also a small annual maintenance fee for keeping the account open.
Revolut is a digital banking platform with a commitment to simplicity and transparency. Revolut offers a wide range of services, including business bill pay options, currency exchange, prepaid debit cards, multiple payment methods, and more for businesses.
Revolut allows businesses to send domestic and international bill payments in different currencies. Payments can be made directly from the Revolut app, simplifying the process, and businesses can typically make faster transactions. The platform also offers batch payments, enabling businesses to pay multiple recipients simultaneously, which is beneficial for payroll and supplier payments.
Revolut offers local banking details in multiple currencies provided through the platform, so businesses can receive payments from anywhere in the world, and there are a range of features designed to help businesses manage incoming and outgoing payments.
Revolut operates on a tiered pricing mode for businesses, offering a range of packages to cater to different business needs. These packages vary in price and the number of free transactions they offer before charges apply. In addition, foreign exchange transactions are subject to nominal fees that may apply depending on the transaction.
Plastiq is a unique bill payment service that allows businesses and individuals to pay virtually any expense by credit card, even when card may not be accepted. This service allows users to manage cash flow and earn credit card rewards by simplifying payment methods.
With Plastiq business bill payment services, businesses can send payments for various bills, including rent, utilities, and suppliers, using a credit or debit card. Plastiq facilitates the transaction, paying the recipient through a method they accept, including bank transfer, check, or wire.
While Plastiq’s core service revolves around enabling card payments to various recipients, it does not primarily function as a platform for businesses to receive payments. However, if your business receives a payment through Plastiq, you’ll receive the payment directly to your bank account or by check, depending on your preference.
Plastiq has a tiered pricing model for businesses, with various features available depending on the size and need of the business.
Braintree
Braintree is a comprehensive payment platform that is part of the PayPal network. It allows businesses to accept and process payments in many ways, including credit cards, debit cards, and PayPal, across different platforms, such as online and mobile.
Although Braintree is primarily focused on enabling businesses to receive payments, it offers the ability to pay service providers. Businesses can send payments to service providers or sellers through Braintree Marketplace on their platform.
Braintree is primarily designed to receive payments, which differs from a bill paying service business. With Braintree, payments can be received from credit and debit cards to digital wallets like Apple Pay, Google Pay, and PayPal; Braintree accommodates a broad range of payment types.
Braintree employs a straightforward pricing model. Braintree charges a standard fee of 2.59% + $0.49 per transaction for the basic service of processing card payments. There are no minimum monthly fees and no costs for setup or termination. However, additional features, like Braintree Direct, Marketplace, or premium fraud management tools, may come with additional charges.
Square is a well-known financial services and mobile payment company that provides a broad suite of business tools, including bill payment systems. Known for its signature small, square credit card reader, Square offers a range of solutions, including point-of-sale (POS) systems, payroll services, business bill payment, and online payment processing.
While Square focuses primarily on facilitating the receipt of payments for businesses, it offers Square Payroll, a service that allows businesses to pay their employees and contractors easily. This service enables businesses to send payments directly to their employees’ bank accounts, handle tax filings, and manage benefits.
Square provides a versatile platform for businesses to receive payments in various ways, including in-person using their POS system and card readers, online through their integrated online payment system, or digitally via invoices. It supports all major credit and debit cards and mobile payment solutions like Apple Pay and Google Pay.
The Square reader or POS system has a tiered pricing model for card-present transactions, including transaction fees. Other services, like invoicing or using Square for retail or restaurants, have their pricing structures.
Wise Business customers can start an account for free with a one-time fee to get local account details.
Square customers can either connect their POS account directly to Wise or transfer funds from their Square Checking account into their Wise Business account.
