New Payments Solution Targets Small- to Medium-sized Companies
CashPro BillPay is fully integrated with CashPro Online, BofA Merrill’s client access channel designed to deliver the firm’s power through convenient access, with robust security features, to a broad range of comprehensive capabilities. It complements BofA Merrill’s existing payments products designed for clients ranging in size from large corporations to small businesses. CashPro BillPay is provided by BofA Merrill through a relationship with Bill.com, a leading business payments network company in which Bank of America has a partial ownership interest.
“With CashPro BillPay, small- to medium-sized companies now have an easy-to-use payments application that integrates seamlessly with most widely used accounting packages,” said Cindy Murray, head of Global Treasury Product Platforms and eChannels for BofA Merrill. “Instead of asking our clients to change the way they work to fit in with us, we are integrating our payments channels into the workflow in which they already operate.”
CashPro BillPay can make it easier for companies to move toward a more efficient, paperless operation by eliminating manual invoice processing and in-house paper check production. Through this tool, companies can easily upload invoices into the application, route them for approvals and schedule both electronic and paper payments. In addition:
- All check production is handled by BofA Merrill, eliminating the need for physical signatures, check printing equipment, mailing and storage.
- A document repository provides a central place to digitally store important items such as past invoices, monthly bills and related contracts, all easily accessible to a company’s multiple users and locations.
- All clients will have access to a large vendor directory, allowing them to instantly link with vendors for electronic payments without the need for bank account information.
- A comprehensive fraud management program for paper checks is integrated directly into the system.
“When our clients utilize CashPro BillPay, they are able to spend less time managing their manual accounts payable and payments processes and more time focusing on growing their business,” said Galen Robbins, head of Global Commercial Banking Transaction Services for BofA Merrill. “CashPro BillPay makes it easier for them to manage their routine payments, be more efficient and leverage their existing accounting packages. We can help our clients spend less time managing internal processes and more time growing their business and serving their clients.”
CashPro BillPay is being piloted with select clients and will be phased in on a state-by-state basis, with completion throughout the U.S. planned by year-end 2015.