December 12, 2011

Bill.com vs Online Banking

Bill.com is a nice online service to make payments and get paid. With it, you can invoice your customers, get paid and pay vendors. Bill.com also compares itself with online banking. A look at Bill.com vs online banking.
 

Bill.com makes it easy to manage your receivables, payables and track all the transactions in accounting software such as QuickBooks, Peachtree, Intacct and NetSuite. While this provides great convenience, the fly in the ointment is that Bill.com not only charges a monthly fee but also a per transaction fee e.g.

$0.49 per electronic transaction – to send or receive funds
$0.99 per invoice or check sent via mail

Compare this with online banking, where most banks provide e-bill and electronic payment service for FREE and provide the ability to download your transactions to your accounting software.

Another alternative to Bill.com (for making payments) includes Dwolla, which has a flat $0.25 fee for making payments, and is a full cloud-based service.