Podcast
Questions and Answers
What is the benefit of BILL's unlimited online document storage for companies?
What is the benefit of BILL's unlimited online document storage for companies?
- It reduces manual filing (correct)
- It allows for cross-border payments
- It increases payment limits
- It enables international check payments
What is BILL suitable for?
What is BILL suitable for?
- High-growth small businesses with complex global payment processes
- Large enterprises with multiple entities
- Slower-growth small businesses with low payment volumes and simple domestic-only remittance (correct)
- Businesses with a few suppliers to pay and no need for financial controls
Why is BILL's wire payment method prone to fraud?
Why is BILL's wire payment method prone to fraud?
- Because it is a wire payment method (correct)
- Because it is prone to hacking
- Because it marks up FX fees instead of charging a transaction fee
- Because it is only available in 137 countries
What is a key advantage of Tipalti over BILL?
What is a key advantage of Tipalti over BILL?
What is the funding currency supported by BILL for international payments?
What is the funding currency supported by BILL for international payments?
What is the limitation of BILL's payment amounts?
What is the limitation of BILL's payment amounts?
What is a benefit of Tipalti's automation of the entire payables workflow?
What is a benefit of Tipalti's automation of the entire payables workflow?
What is a strength of BILL?
What is a strength of BILL?
Why do payees have to wait for several days for funds to clear?
Why do payees have to wait for several days for funds to clear?
What is a feature of Tipalti's service?
What is a feature of Tipalti's service?
What is the revenue earned by BILL from interest earned on customer funds held in trust?
What is the revenue earned by BILL from interest earned on customer funds held in trust?
What is a limitation of BILL for mid-sized clients?
What is a limitation of BILL for mid-sized clients?
What is a common issue mentioned in many online reviews about BILL's support?
What is a common issue mentioned in many online reviews about BILL's support?
What is a key difference between Tipalti and BILL?
What is a key difference between Tipalti and BILL?
What is the exchange rate markup used by BILL for international payments?
What is the exchange rate markup used by BILL for international payments?
What is a feature of Tipalti's payables workflow?
What is a feature of Tipalti's payables workflow?
Study Notes
Global Payment Systems
- Tipalti is suitable for businesses with complex global payment processes, financial controls, tax, and regulatory compliance, and a multi-entity environment.
- BILL is limited for slower-growth small businesses with low payment volumes and simple domestic-only remittance.
Domestic Payment Systems
- BILL is suitable for slower-growth small businesses with a few suppliers to pay.
- Tipalti is suitable for businesses with hundreds of suppliers, offering automation of the entire payables workflow, mass batch payments, and financial, tax, and regulatory controls.
BILL's Strengths
- Recognizable brand presence, especially among SMBs and bookkeepers/accountants.
- 2.5M+ network members, 100K+ customers, and $120B+ payments per year.
- Integrations with NetSuite, QuickBooks, Xero, and Intacct.
- Low cost, with pricing by users and transactions.
- Free trial and self-guided tours.
- AP/AR & Connect platform supports both, with access to BILL functionality from online banking portals.
- Licensed in all 50 states, with a mobile app for iOS and Android devices.
- Unlimited online document storage.
BILL's Weaknesses
- Limited cross-border payments, with a maximum of 137 countries via wires, prone to fraud.
- "Free" wires in local currency, but with marked-up FX fees instead of a transaction fee.
- No international check payments, and no longer supports PayPal as a payment method.
- International payments only for US-based companies with a US bank account, supporting only USD as funding currency.
- Payment limits, with individual payments capped at $15,000, and no fee splitting.
- Slow payments, with delays due to ACH pull, and a minimum of 7+ days for funds to clear.
- Poor support, with lack of phone support and inexperienced associates.
- Float revenue of $114M for FY2023, earned from interest on customer funds held in trust.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz compares payment systems, such as BILL and Tipalti, for small businesses with low payment volumes to those that can handle complex global payment processes, financial controls, and regulatory compliance.
