Bill360, a provider of accounts receivable (AR) automation software for small- to medium-sized businesses (SMBs), announced significant upgrades to its platform on October 21st. These enhancements focus on streamlining the invoice process, bolstering security against credit card fraud, and simplifying payment options for buyers. The improvements are designed to benefit both accountants utilizing the platform and their SMB clients.

The company's CEO and founder, Paul Hunter, highlighted the platform's success since its 2023 launch. "Bill360 has achieved the goal of creating a solution that produces financial results and ease of adoption," he stated in a press release. "We are connected to more than 50 software applications for payments with AR automation and have grown to thousands of users since our 2023 launch." This rapid growth demonstrates the market demand for efficient and user-friendly AR solutions.

Improved Invoice Email Management:

One of the key enhancements is the introduction of bulk email notification capabilities. Previously, users had to send individual email notifications for each invoice. This new feature allows accountants to select multiple invoices and send them in a single batch, drastically reducing the time and effort required for invoice distribution. This efficiency gain is particularly impactful for businesses with high invoice volumes. The number of invoices that can be sent in a single batch is not limited, allowing for scalability regardless of business size.

Furthermore, the platform now offers customizable email templates. This means clients can brand their invoice notifications with their company logo and other identifying details, reinforcing their brand identity and professionalism. The ability to personalize these messages allows for a more tailored and engaging communication with buyers, potentially improving payment response times. The platform offers a variety of pre-designed templates, and users can also create their own custom templates using a user-friendly interface.

Enhanced Fraud Prevention Measures:

Addressing the growing concern of credit card fraud, Bill360 has introduced granular control over credit card payments. Clients can now manually enable or disable credit card payments on a per-invoice or per-customer basis. This level of control enables businesses to assess the risk associated with each transaction and adjust their payment acceptance policies accordingly. Additionally, clients can set threshold amounts for credit card payments. This means they can define maximum payment amounts for individual invoices or customers, mitigating the potential financial impact of a successful fraudulent transaction. This functionality provides a multi-layered approach to fraud prevention, tailored to each client's specific needs and risk tolerance.

Simplified Buyer Payment Process:

The platform's updates are also focused on improving the buyer experience, recognizing that ease of payment encourages timely settlements. Buyers can now add one-time payment methods, allowing them to use a card or bank account without storing their information long-term. This flexibility accommodates different payment preferences and encourages wider adoption of the system.

The platform offers buyers multiple payment options, including the client portal and direct payment from invoice emails. This allows buyers to choose their preferred method, enhancing convenience and usability. By offering a choice, Bill360 accommodates varying levels of technological proficiency among buyers. The option to pay directly from an invoice email removes the need for buyers to navigate to a separate portal, streamlining the process.

To further simplify the process, buyers now have the ability to download a PDF version of their invoice directly from the email notification. This eliminates the need to log into the platform, thereby improving user experience and providing quick access to crucial invoice details. This feature also allows for easy record-keeping on the buyer’s side.

Positive Impact of Automation:

The enhancements made to the Bill360 platform directly address the needs of SMBs and the accountants who serve them. A recent industry report highlighted the significant positive impact of AR automation on midsized firms. The report indicated that 83% of executives surveyed reported that AR automation resulted in more efficient, accurate, and streamlined processes. A considerable 75% reported improved cash flow, cost savings, and contributions to overall business growth as a result of implementing AR automation systems. These statistics underscore the value proposition of platforms like Bill360 in driving business success. The improved efficiency, reduced errors, and improved cash flow all contribute to a healthier financial bottom line for businesses of all sizes.

Bill360's Commitment to Innovation:

Paul Hunter's statement emphasizes the company's dedication to continuous improvement: “We are committed to delivering the best AR automation on the market by regularly enhancing the Bill360 platform with new features and functionality to meet the needs of our clients at a rate of innovation only a B2B-architected platform can achieve.” This commitment to ongoing development and adaptation to evolving market demands is crucial for maintaining a competitive edge in the rapidly changing technology landscape. Regular updates ensure that the platform remains relevant and effective in addressing the needs of its users. This dedication also indicates a long-term vision for the company and its ongoing investment in the improvement of its services.

The new features introduced by Bill360 represent a significant step forward in AR automation. The combination of improved email management, enhanced security measures, and a streamlined buyer payment experience positions the platform as a comprehensive and powerful tool for SMBs looking to optimize their accounts receivable processes. The platform's focus on both efficiency and user experience makes it a valuable asset for businesses seeking to improve their financial operations and achieve sustainable growth. The success of the platform, as evidenced by its thousands of users and integration with over 50 payment applications, highlights its effectiveness in solving real-world challenges faced by businesses. The company's dedication to continual improvement suggests that further advancements can be expected, making the platform even more robust and efficient in the future. The positive impact reported in the industry report further underscores the significance of these upgrades and their contribution to positive business outcomes.