BILL Expands on Its Commitment to SMBs Impacted by SVB Events

Rhea-AI Summary

BILL (NYSE: BILL), a leader in financial automation software for small and midsize businesses, announced new offerings to assist SMBs affected by Silicon Valley Bank (SVB) events. The company is enhancing its services to help businesses access and manage funds, offering programs like BILL balance for secure fund storage, pre-approval for a Divvy line of credit, and the ability to connect SVB debit cards to BILL's payment platform. Additionally, a 3-month free trial for the BILL platform is available, enhancing financial operations for any business. BILL aims to support SMBs during this challenging time with innovative financial solutions.

Positive

• Launch of new offerings to support SMBs impacted by SVB events.
• BILL balance allows secure fund storage and faster payments with no fees.
• Pre-approval for Divvy line of credit provides quick access to funds.
• 30 days of fee reimbursement on SVB debit card transactions.
• 3-month free trial offered for businesses to improve financial operations.

Negative

• None.

Company Unveils Four New Offerings to Help SMBs Access and Move Capital

SAN JOSE, Calif.--(BUSINESS WIRE)-- BILL (NYSE: BILL), a leader in financial automation software for small and midsize businesses (SMBs), today announced new offerings for businesses impacted by the Silicon Valley Bank (SVB) events.

As part of its ongoing commitment to stand with impacted businesses and support SMBs, BILL is expanding its offerings to help them stay fully operational. With these new programs, BILL is helping businesses not just complete payments, but also move and manage funds, and quickly access credit so they can confidently focus on their business needs.

“BILL has, and always will, stand by our customers. That’s what being a champion of SMBs is all about,” said BILL CEO and Founder René Lacerte. “For over 16 years, we’ve built a platform that enables customers to automate their financial operations with agility. Last week, we quickly guaranteed all transactions processed by BILL through SVB would be processed successfully before we had guidance from the government. We’ve worked tirelessly since our announcement to honor that promise. We’re now turning our attention to help even more SMBs access and move capital,” Lacerte said.

New Offerings to Enable Business Continuity

For existing BILL customers who are also SVB customers we are announcing:

1. BILL balance: We are making available a product that customers have already used to transact over a billion dollars. It is a secure and convenient place to store and move funds in order to make faster vendor payments to any bank in the US with no additional fees.

○ To learn more about using BILL balance

2. Pre-approval for a Divvy line of credit*: For BILL customers who need fast access to credit, this program will allow small businesses to quickly pay bills using a new or existing Divvy corporate card.

○ To sign up for Divvy from BILL

3. Connect your SVB debit card to your BILL Pay By Card: You can access your funds immediately and use them to make payments to your vendors. We will reimburse all pay-by-card transaction fees made with your SVB debit card for the next 30 days beginning March 14.

○ To learn more about using BILL Pay By Card

In addition to the above three programs designed to support those impacted by SVB events, we are announcing a new 3 month free trial to use the BILL platform for any businesses looking to improve efficiency, control and visibility of their financial operations.

○ To sign up for the 3 month free trial

“What I’m hearing from SMBs impacted by the current situation is that they’re focused on keeping their business running, accessing their cash, and increasing visibility,” Lacerte said. “Our platform was designed to enable financial automation and control, and we are bringing the best of our capabilities together for SMBs in this important time of need.”

Core Products and Services to Keep SMBs Operational

BILL’s core products and services can also help SMBs streamline financial operations, provide better financial controls and visibility, and give users access to capital. On the BILL platform, SMBs can:

• Drive efficiency and control in day-to-day financial operations by automating payables and receivables workflows on one platform.
• Manage cash in and out and meet business demands with a portfolio of fast and secure payment offerings including ACH, card, international transfers and more.
• Access business credit and control expenses with Divvy’s Spend and Expense Management Platform.

All of these are a part of BILL’s ongoing commitment to automating the future of finance so businesses can thrive.

*While anyone may apply for a line of credit from Divvy, you must be an existing SVB customer to be eligible for a pre-approved credit line. Your actual credit limit may vary. Other terms and conditions apply.

About BILL

BILL (NYSE: BILL) is a leader in financial automation software for small and midsize businesses (SMBs). As a champion of SMBs, we are dedicated to automating the future of finance so businesses can thrive. Hundreds of thousands of businesses trust BILL solutions to manage financial workflows, including payables, receivables, and spend and expense management. With BILL, businesses are connected to a network of millions of members, so they can pay or get paid faster. Through our automated solutions, we help SMBs simplify and control their finances, so they can confidently manage their businesses, and succeed on their terms. BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. BILL is headquartered in San Jose, California. For more information, visit https://www.bill.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005895/en/

IR Contact:

Karen Sansot

ksansot@hq.bill.com

Press Contact:

John Welton

john.welton@hq.bill.com

Source: Bill.com

FAQ

What new offerings has BILL introduced for SMBs affected by Silicon Valley Bank?

BILL has introduced offerings such as BILL balance, pre-approval for a Divvy line of credit, and the ability to connect SVB debit cards to its platform.

How can SMBs access the new BILL offerings?

Existing BILL customers who are also SVB customers can access the new offerings, including a 3-month free trial of the BILL platform.

What is the benefit of the BILL balance feature?

BILL balance allows users to securely store and move funds quickly for vendor payments without additional fees.

When does the fee reimbursement for SVB debit card transactions start?

The fee reimbursement for pay-by-card transactions using SVB debit cards begins on March 14.

What is the significance of the pre-approved Divvy line of credit?

This program provides SMBs with quick access to credit, allowing them to pay bills efficiently.