Are you a Canadian business or independent contractor who got an invitation to join Bill.com to receive payments? We'll answer some questions you may have here in this article.
Note: Subscription-free Basic Receivables accounts for users in Canada are currently in beta. Keep an eye out for your invitation soon!
- What is Bill.com?
- Why should I sign up for Bill.com?
- How do I sign up?
- What can I do with my Bill.com account?
- Why is beneficial ownership info required?
- What do you do with beneficial ownership info?
- When can I withdraw my funds from Bill.com?
What is Bill.com?
Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses. Our mission is to make it simple to connect and do business.
- Over 80% of the top 100 US accounting firms user Bill.com.
- Partnered with leading US financial institutions, Bill.com moves over $100 billion annually for the millions of businesses we serve.
- Bill.com automates manual work to help businesses pay domestic and international bills more efficiently. Our customers report saving on average 36 business days annually.
Why should I sign up for Bill.com?
Simplify getting paid with a Bill.com Subscription-free Basic Receivables account.
Automation Send invoices electronically, automate reminders to your customers, track incoming electronic payments, and manage withdrawals, all through an intuitive dashboard.
Control Take control of how you receive funds into your account and manage currency preferences for payments from your U.S. customer. Withdraw your funds from your Bill.com account in either CAD or USD, quickly and easily.
Security Your bank account information is not shared with your customer and is protected with your privacy in mind, to help guard your money and sensitive information.
Plus, you can use our iOS and Android apps to do it all on the go!
How do I sign up?
Your US customer will send you an email invitation to get started setting up your subscription-free Basic Receivables account (transaction fees may apply).
You simply select Accept invitation in the email invitation, create your account by adding your contact and business info, add a valid bank account, and you are ready to get paid with more visibility and control!
What can I do with my Bill.com account?
- Create professional invoices and send them to your customer electronically.
- Easily track the status of invoices with your connected customers, every step of the way.
- Set automatic reminders to help get your payment in on time.
- Send invoices to any customer, even outside of Bill.com. You can manually mark payments received outside the account.
- Save time sending invoices by creating a list of standard items that can you can select on invoices to automatically populate their details.
- Easily track the status of payments from your connected customers, every step of the way.
- Monitor the payment balance in your Bill.com account.
- Choose how and when you want to withdraw your balance directly into your bank account.
- Withdraw any amount of your balance in CAD or USD (transaction fees will apply).
- View a complete transaction history of any funds in and out of your Bill.com account.
- Have visibility to rate trends right on your dashboard (coming soon!).
Why is beneficial ownership info required?
As a licensed Foreign Money Service Business (FMSB) in Canada and Money Services Business in Quebec, Bill.com Canada LLC is required to collect beneficial ownership information under the requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). By collecting beneficial ownership information and confirming its accuracy, Bill.com is performing an important step to reduce the risk of money laundering and terrorist activity financing, and ultimately, to protect the integrity of Canada's financial system.
What do you do with beneficial ownership info?
Per Canadian law, Bill.com Canada screens beneficial owners to prevent dealing with sanctioned individuals/entities. Bill.com Canada is also required to maintain a record of the beneficial ownership information for 5 years after the day of the last transaction.
When can I withdraw my funds from Bill.com?
- Sole proprietor and Independent Contractor
Withdraw as soon as you receive funds, if you have already added a valid bank account.
- Businesses (corporations, partnerships, privately-held trusts, public trusts, etc)
Canadian laws require Bill.com to collect additional information about your beneficial owners. You'll need to provide that information before you can withdraw funds.
Beneficial owners are the actual individuals who are the trustees and known beneficiaries and settlors of a trust, or who directly or indirectly own or control 25% or more of a corporation or partnership.
You'll see a banner on your Overview page letting you know we need the info, and the withdraw button will be disabled until your info is updated.