That’s why we’re thrilled to announce a new way to improve cash flow and protect your business. Introducing: Invoice2go, a Bill.com company, Money – your own small business bank account with zero-fee bank transfers and its very own business debit card.
Invoice2go Money banking services and FDIC Insurance are brought to you in partnership with Blue Ridge Bank. This feature is currently in beta for US customers – and we’re excited to expand service soon!
How exactly does Invoice2go Money improve cash flow and support your small business? Let's look at 3 key ways:
1. Get paid faster
A major frustration business owners face is chasing down unpaid invoices and waiting for funds to clear. Invoice2go Money allows your clients to pay your invoices directly through secure bank transfers (ACH) online via a streamlined checkout process. Funds typically clear in 3 days.
Giving your customers more ways to pay helps you look even more professional, improves customer service, and gets money into your bank account more quickly. This means you’re less likely to run into the common pitfall of running out of cash and not being able to order inventory, provide additional services, or simply pay bills on time.
2. Avoid fees
“I love fees!” said no one ever. Fees from credit card transactions and online payment services like PayPal add up over the year and can dig into your profit margins.
For example, the average credit card transaction fee is 1.5% - 3.5%, meaning you pay $15 - $35 in fees for every $1,000 you make through this channel. PayPal doesn’t fair much better – their fee is around 2.9% per transaction. These fees alone can add up to hundreds or thousands of dollars a year depending on your revenue.
Invoice2go Money lets your customers pay you via bank transfer without any transaction fees. In addition, you’ll enjoy no minimum deposit fees. You can use your Invoice2go Money business debit card online and in-person purchases and enjoy fee-free withdrawals at 55,000 ATMs nationwide.
3. Simplify your accounting and have everything in one place
Keeping your personal and business finances separate is a wise choice for many reasons. You’ll make managing your accounting much easier, avoid trouble and confusion when doing your taxes, and look even more professional.
Invoice2go Money enables you to view all your business payments, expenses, and purchases all in one place. In addition, your payments are auto-matched to your invoices and estimates, saving you time and effort when it comes to staying on top of your books. In other words, you’ll spend less time on accounting and more time on the work you love.
This is just the beginning. We already have future updates in the works!