Paying the Bills: Small-Business Preferences for Bill Pay Channels

Like consumers, small businesses have bills to pay. Bills can be for indirect spending such as utilities, maintenance, office supplies, marketing, and software and direct spending such as procurement of materials, service costs, and labor. Understanding how and where companies pay their bills—whether through their bank’s bill pay platform, a vendor’s website, an accounting software integration, or a third-party bill payment aggregator—provides critical insight into the broader biller market. This market is vast, comprising hundreds of payment and invoicing providers, each competing to capture transaction volume by offering differentiated features such as payment posting, data-rich invoicing, workflow automation, or integration with vertically focused management systems.

Companies Mentioned: 

Bill.com, Melio, Oracle, QuickBooks, Toast, Xero