Melio is a B2B payment processor that helps companies save money, improve cash flow and manage their vendors. It works with any industry that has invoices to pay. It charges a small transaction fee when paying by card. It also offers payment approval workflows and customer support.
Distributors and vendors get their payments via a customized payment link or trackable payment request for free. They can also receive payments as a direct bank deposit or as a paper check for a 2.9% fee.
Melio has no monthly subscription fees, and it allows you to pay B2B invoices with a debit card for free (except for payments where cards aren’t accepted). You can also pay by ACH bank transfer or fast check. The only fee is a 2.9% service charge when you pay with a credit card, but that usually offsets by the credit card rewards and float.
Additionally, Melio has a dedicated customer support team that’s available to answer any questions you may have. You can reach them via phone or email during operating hours. They also offer an online help center.
Whether you’re in the business of managing inventory, distributing products, or providing services, Melio is a perfect solution for your company. It can help you streamline your accounts payable and receivable processes, reduce manual work, and improve cash flow. It also helps you make payments to local suppliers, contractors, and vendors. Moreover, it also offers a variety of other features to improve your productivity.
Easy to use
Melio is an accounts payable platform that provides an easy way to make and receive payments. It works for a variety of industries, including construction, retail, finance, and manufacturing. Its pricing structure is transparent and simple, with no monthly subscription fees and free ACH bank transfers (when paying by card there is a small payment fee).
Buyers can easily organize, log, schedule, and transfer payments from one dashboard to multiple vendors. They can pay bills using credit cards and ACH bank transfers, or defer payment with a credit card (a 2.9% fee applies). Once a payment is made, it syncs to Xero.
Customers also benefit from premium customer support, which is available by phone, email, and live chat. In addition, users can connect Melio with their QuickBooks account, allowing the system to automatically extract vendor information and smooth the workflow. This saves time and eliminates manual data entry. This helps improve cash conversion cycles and increases visibility into business finances.
Melio is a fintech company that’s reshaping the landscape of B2B payments for small businesses. The platform allows businesses to simplify payments and gain full control of their payment processes from a single dashboard. Its key features include digital invoicing, payment scheduling, and recurring payments. Additionally, the platform offers a wide range of payment options including credit cards and bank transfers. It also supports vendor payment functionality, which is a game-changer for businesses that require them to pay vendors using checks.
The melio platform is secure and uses state-of-the-art cryptographic methods to protect data. In addition, the platform is monitored 24 hours a day and is housed in PCI-certified data centers. The service also provides a variety of check protection features and actively tracks checks from the moment they are issued until they’re delivered or deposited. Moreover, it syncs easily with the leading accounting software such as Xero and Quickbooks. This makes it easy to transfer money between accounts and track the status of all transactions.
While consumer-to-business (C2B) payments businesses like Square and Stripe focus on payment for customers purchasing from the company, Melio is a pure accounts payable (AP) solution. As such, the company’s risk and compliance models are set up differently and the platform is designed to understand how small business owners pay their vendors.
This translates to the ability for businesses to pay by card or other methods, including free ACH bank transfer or fast check, or even through their existing business account (with a 2.9% fee that is usually offset by card rewards). The service also offers shortening the time to collect money (DSO) or increasing the amount of float to improve cash conversion cycles (DPO).
The platform allows businesses to easily sync payments and invoices with the most popular accounting software, including Xero, Freshbooks, and Quickbooks. It also allows users to assign different roles and permissions to their team members to manage a single dashboard. The customer support team is available through online chat and responds quickly to reviews and social media posts.