How Melio Benefits Small Businesses

Melio is a unique payments platform that simplifies the entire A/P process for businesses and accountants. They offer multiple funding options including debit cards and ACH bank transfers.

Buyers make payment requests for invoices from their centralized dashboard. Payments are made for free by ACH or debit card and can be sent via a paper check (2.5 percent fee offset by card rewards). Keeping track of payment statuses is simple and intuitive.

Streamlined Payments

Truly small businesses (sometimes referred to as ‘Mom-and-Pop’ shops) often have minimal flexibility when it comes to making business payments. They are typically only able to pay their suppliers and vendors using paper checks or ACH payments.

Melio offers a much more flexible way to manage your accounts payable with its B2B payment platform. It enables you to streamline your payment processes, pay multiple bills at once, and send customized messages to your vendors or suppliers. It also lets you add a memo that will be sent along with your payments for additional information if needed.

Moreover, it helps you save time with its easy setup and seamless integration with Quickbooks Online. Lastly, it offers you more ways to make payments through its debit card and ACH bank transfer options. It also eliminates dual data entry by syncing your payments and invoices in real-time. It’s a perfect fit for freelancers and small businesses alike. Moreover, you can invite accountants and other users within minutes to set up their roles and permissions.

Vendor Payments

In addition to credit card payments, Melio also supports ACH bank transfers that can be paid to any vendor or contractor. This option can help businesses avoid having to reveal their internal banking details and provides an alternative way for business customers to pay their bills.

The company also offers a variety of tools for tracking invoices and payment statuses, which helps businesses stay on top of their receivables. For instance, it offers a dashboard that shows if an invoice has been viewed or paid by a business customer. Its account syncing features also make it easy for businesses to sync their payment data with their accounting software, which can help streamline the bookkeeping process.

Lastly, Melio supports international payments, which can be made through its dashboard and the recipient doesn’t need to have a Melio account to receive a payment. This can be beneficial for businesses that make payments to foreign vendors and contractors on a regular basis.

Payment Scheduling

Keeping track of invoices is an important aspect for business owners and Melio does a great job at this. The platform allows businesses to keep track of incoming payments through an intuitive dashboard. This helps to eliminate a lot of the guesswork that can come with managing receivables.

Moreover, it gives users a clear view of when their payments will arrive at the recipient. This can help them to avoid overdraft fees by ensuring that the payment is made closer to its due date. It can also be useful for negotiating with vendors to extend payment terms and hold on to cash longer.

Besides, it provides multiple ways to pay business expenses through ACH bank transfers or credit card payments (with a 2.9% fee). Additionally, it can be used to pay any vendor that does not accept cards as it issues a paper check on the company’s behalf. In addition, it also syncs with accounting software to ensure that all payments are recorded correctly.

Credit Card Payments

If you’re familiar with Plastiq, a service that allows individuals to pay expenses on their credit cards, the Melio business version offers all the same features but for businesses. This allows a business to make payments to vendors, suppliers, contractors, or rent exactly how they want – including with a credit card.

The company also helps to simplify accounting and payment processes with a suite of features for accountants, bookkeepers, and small businesses. They’re focused on helping business owners improve their cash conversion cycle and spend time on what matters most.

The service charges a 2.9% transaction fee for credit card payments to vendors but this can be offset by using it to meet minimum spending requirements on new credit cards or to earn big-spend bonuses (like free hotel nights or elite status). This is a great way to take advantage of rewards on business purchases while still managing your business cash flow and accounting process with Quickbooks integration included.