Bill.com balance is a new way to pay! Pay bills of any amount by the next business day with no additional fees. 1
This feature is being released in phases and may not be available on all accounts. If you don't see it, stay tuned!
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- What is Bill.com balance?
- How does balance work?
- Why should I use Bill.com balance?
- How do I add funds to my balance to make payments?
- How do I make payments using my balance?
- Can I schedule a payment in advance using my balance?
- How long do payments sent from my balance take?
- How much do payments made from my balance cost?
- Does my vendor pay a fee to receive payments from my balance?
- How will it appear on my statement when I add funds to my balance?
- Are there limits to the amount I can have in my balance?
- Are there limits to the amount I can send to a vendor from my balance?
- Are there limits to the amount I can withdraw from my balance?
- Are my funds safe in my Bill.com balance?
- Can I pay any vendor with my balance?
- Are there any other restrictions on payments using my balance?
- Where can I see the history of transactions made using my balance?
- Can I cancel a payment made from my balance?
- Which users can schedule payments using balance?
- Can I use my balance for international payments?
- Can I route my incoming receivables payments to my balance?
- How will my balance transactions sync over to my accounting software?
What is Bill.com balance?
Bill.com balance is a new way to pay! You can use your balance to store money to pay vendors overnight with next-day ePayment speed, no unexpected delays, and no additional fees.
For example, if you scheduled an ePayment to a vendor before 5 pm Pacific Time (PT) and use funds from your balance, we'd deposit the payment the next business day instead of 2 business days (or more depending on the amount).
This feature is being released in phases and may not be available on all accounts. If you don't see it, stay tuned!
How does balance work?
Once balance is turned on for you, get your vendors paid faster in just a few steps.
Why should I use Bill.com balance?
How do I add funds to my balance to make payments?
You can add funds to your balance using any verified bank account on your Bill.com account. The transfer can take 3-4 business days depending on the amount, but once transferred, you can pay vendors via ACH ePayment in one business day.
Also, if you are connected to any of your customers through our Network, any payments they send to you will automatically go to your balance so you can decide to pay other bills or withdraw those payments.
How do I make payments using my balance?
Using your balance to pay bills gets funds to your vendors faster—within one business day. You can pay a single bill, multiple bills, or send a payment without a bill.
Can I schedule a payment in advance using my balance?
Currently, payments you make using your balance process immediately, deliver to the vendor the next business day, and can't be scheduled for a later date. We may allow scheduling advanced payments in the future, stay tuned!
How long do payments sent from my balance take?
- Payments you send to network-connected vendors via ePayment, who already have a Bill.com account and use Bill.com balance will be nearly instant.
- Payments to other network-connected vendors via ePayment will be deposited the next business day.
- Payments sent to a vendor via paper check will be mailed the next business day; the delivery timing for USPS First-Class mail can take up to 5-7 business days.
How much do payments made from my balance cost?
Payments you send to network-connected vendors via ePayment, who already have a Bill.com account and use Bill.com balance will be at no cost to you or the vendor.
Paper check and ePayments sent to other vendors are subject to standard transaction fees— no additional fees for using balance.
Does my vendor pay a fee to receive payments from my balance?
No additional transaction fees for your vendor.
How will it appear on my statement when I add funds to my balance?
The transfer transaction in your bank statement will be described as "Bill.com deposit."
Are there limits to the amount I can have in my balance?
Minimum: None
Maximum: $ 10,000,000.00 USD
Are there limits to the amount I can send to a vendor from my balance?
Minimum: None
Maximum: $ 10,000,000.00 USD
Are there limits to the amount I can withdraw from my balance?
Minimum: None
Maximum: None
Are my funds safe in my Bill.com balance?
Do my funds have the same FDIC protections (250K) as my bank account? If the banking system that's moving money has an issue, will my funds be protected?
The stored funds in the Bill.com wallet balance will be stored in our existing FBO accounts with Chase and SVB (these are Bill.com payment processing partners). An FBO account means “for benefit of” and signifies that funds are received by Bill.com and held for customers use only (money sent per customer payment instructions). FBO accounts typically offer FDIC pass-through protection. This insurance protects against the banking system's loss of funds.
Specifically, for purposes of pass-through FDIC insurance, Bill.com is the “agent” or “custodian” and the owners of funds in the pooled deposit account are the Users who have the Bill.com wallet balance. Funds held meet the following requirements
The deposit account holding Bill.com wallet funds shows agency/custodial relationship: “Bill.com acts as agent/custodian for the benefit of the customer acting for themselves and others.”
Bill.com maintains accurate records in the ordinary course as to the identity of each customer holding funds in the Bill.com wallet balance, including at all times the user’s current balance. The terms of Bill.com agent/custodian agreements with the customer of the Bill.com wallet balance are clear that funds held in the balance are owned by the individual, and not the agent/custodian.
This FDIC pass-through protection is for 250K and is in line with standard banking pass-through coverage.
If Bill.com has an issue will my funds be protected?
Bill.com is registered and licensed in 47 US states and territories for a money transmitter license (MTL).The federal government, forty seven states, and the District of Columbia all require licenses for money transmitter businesses. The federal license is administered by FinCen, the Financial Crimes Enforcement Network of the United States Department of Treasury.
In order to receive and maintain these licenses in all states and districts across the US, Bill.com must hold aside bonded money, pass state and federal audits to ensure financial strength, as well as provide net worth and regulatory data to MTL agencies to be approved to continue to operate and scale. Currently, Bill.com has been approved to transact high-volume payments, exceeding over $100B annually.
Further, Bill.com has clear treatment of customer funds in the wallet balance. Bill.com will not mix your funds with Bill.com’s corporate funds. The customer funds will be held in pooled bank accounts with the funds of other Bill.com wallet balance customers. These funds will not be used for any Bill.com corporate purpose, nor will Bill.com voluntarily make your funds available to its creditors in the event of bankruptcy.
What future roadmap items is Bill.com working on to provide more insurance for money stored?
Bill.com is investigating offering higher FDIC insurance limits for customers that require up to a million dollars of liability protections. Feedback from customers will dictate how much this option is pursued.
Can I pay any vendor with my balance?
Yes, you can pay any US vendor using your balance once balance is enabled on your account.
Are there any other restrictions on payments using my balance?
You can only pay US vendors with balance funds at this time.
Where can I see the history of transactions made using my balance?
You can view the history of your balance from the Overview page, including pending transactions, money transferred from your bank, payments to vendors, and payments from customers.
Can I cancel a payment made from my balance?
Payments you send from your balance to network-connected vendors via ePayment, who already have a Bill.com account and use Bill.com balance can't be canceled as they are delivered to the vendor's balance nearly immediately.
Paper check and ePayments sent from your balance to vendors without balance can only be canceled before 5 pm Pacific Time (PT) on the day you schedule them. If you schedule a balance payment after 5 pm Pacific Time (PT), you can't cancel that payment as processing begins immediately.
Which users can schedule payments using balance?
During the initial rollout, we will enable one user to use balance. As we continue the rollout, Administrator users will be able to control user permissions related to balance.
Can I use my balance for international payments?
You can only pay US vendors with balance funds at this time.
Can I route my incoming receivables payments to my balance?
Yes - if balance is enabled on your account, any payments from customers you're connected to via the network will automatically route to your balance, getting your funds to you faster than ePayment.
How will my balance transactions sync over to my accounting software?
Balance transactions will sync very similarly to payments you initiate from your bank account. There will be a new sync preference called GL account for Bill.com balance which you'll need to set before using your balance and syncing transactions.
Note: Currently, balance syncs with QuickBooks Online, QuickBooks Desktop, Oracle NetSuite, and Sage Intacct. We’ll add more accounting software types in the future. If you use different accounting software, you’ll need to enter balance transactions manually there.
1. Standard disbursement fees may apply.
2. Excludes international payments.
3. Payments may still be delayed due to our risk and compliance rules that are meant to mitigate payment fraud.
4. ePayments made with Bill.com balance funds, which are submitted by 6 pm COB, will be received by your vendor by 9 a.m. local time the following business day.
5. Incoming wire: Same business day if you submit by 3 PM PT. ACH: 3-4 business days.
