Revolut launches bill payment service for businesses

Revolut has recently launched a new feature aimed at businesses, called BillPay.

The feature is integrated with major accounting softwares, including QuickBooks, Xero, and FreeAgent, and is being pitched as a useful time-saving tool when managing and paying bills to over 150 destinations.

The company claims that this new feature will “shave hours off closing the books, cut down the manual data entry, automate approvals, and pay suppliers at speed.”

Revolut said business owners’ payments are protected “by built-in scheduling, spend controls, and approval rules, so your money only lands in the right places”.

“From day one, we wanted to build a product that worked for businesses of all shapes and sizes, and not just focus on one segment” said James Gibson, partner at Revolut.

“As we’ve grown, so have the needs of the businesses we serve – and we’ve expanded these product areas considerably. For example, when making payments, you can now send via many payment routes and rails, schedule and track payments, send through our API, and add expense details. And you can accept payments via invoices, payment links, QR codes, local account details, and our application programming interfaces (API)”, he added.

Revolut remains an exceedingly useful tool on the island, for individuals and businesses alike. Just last month, Revolut’s head of growth for Southern Europe told a Times of Malta journalist that seven out of 10 people in Malta use the app. A more recent statement by Revolut affirmed the company’s intention to beef up its business banking capabilities to boost revenue, which also revealed that as of 4th September, monthly processed transaction volumes reached €296 million – a hefty sum.