Trying to juggle incoming and outgoing payments continues to be a struggle for businesses. Founded in 2006, Bill.com aims to make that a thing of the past. Sitting between banks, accountants and businesses, the firm says 600,000 network members are now processing more than $19bn worth of payments per year.
During an interview in the Finetics™ Studio by The Bancorp at Money20/20 in Las Vegas, CEO and founder Rene Lacerte talked about why his first hand experiences with B2B payments as an entrepreneur with his first company led him to create the business and the state of enterprise payments today.
“My dad and grandad were both entrepreneurs with five or seven businesses each and as a kid I’d go in with them on weekends and watch them pay the bills and collect the receivables,” says Lacerte. “When I started my first company trying to work out who to pay and who to collect from was very painful. That need to dramatically simplify how a business pays and gets paid was very real.”
Access more insights on ‘B2B Payments Trends’ from Chris Byrd and Steve Kirsch on The Bancorp’s Finetics blog.
The Emerging Payments Association discuss the impact of Brexit on the fintech industry at the latest payments industry event.
Jonathan Quin, co-founder and CEO of World First, explores how established financial institutions and newer fintech disruptors stand to benefit from collaborating with one another in the fast-moving financial services sector.
With advancements in technology and the subsequent availability of data, it seems surprising that banks seem to know less about their customers than ever before.