Melio, a leading accounts payable and receivable platform, announced multiple new features for small and medium-sized businesses and accountants to automate processes, boost control of payments, and improve cash flow management.
These features enable accountants, bookkeepers, and financial advisors to improve clients’ cash flow with faster domestic and international payments, provide greater control through custom approval workflows on both desktop and mobile, and save time with automatic sync to accounting software and AI-powered bill capture.
“This is Melio’s most extensive product upgrade since the company’s founding and is part of our continuous effort to translate our customers’ needs into valuable new features. Melio is committed to continually creating more value by tackling more of the daily challenges that SMBs and accountants face,” said Matan Bar, Melio’s CEO and co-founder. “Our goal is to empower business owners and accountants by providing advanced payment features that support their growth and productivity.”
To access these new features, Melio designed tiered plans for every business type – offering a free option for smaller companies with fewer payment needs and premium plans with more robust features. All plans offer accounts payable and receivable options, fast and deferred payments, and flexible payment options.
The premium plans enable businesses to invite an external accountant at no extra cost to handle their bill pay as well as standard two-day delivery for ACH payments and live human phone support. Accounting firms do not have to pay to access these plans for the benefit of their clients.
Streamlining Independent Contractor Payments
On Melio’s platform, one out of three paid vendors is a contractor. According to a study published by the U.S Government Accountability Office (GAO), 33% of companies use contractors and according to another survey 15% of workers in the U.S. are classified as independent contractors. With Melio’s new premium features, businesses can streamline W-9 collection and automate 1099 generation, helping them achieve seamless compliance with the Internal Revenue Service (IRS) and save significant time and effort. This enables SMBs to focus on core business activities.
New Foreign Exchange Payments
With global commerce as a major revenue driver for SMBs, Melio now enables payors to make international payments in leading currencies. Melio users already had the capability of paying vendors globally in dollars.
These new features come on the heels of Melio’s rollout of other advanced payment solutions to customers, including real-time payments, which allows payors to make instant payments to vendors, and Pay Over Time, which enables eligible SMBs to pay vendors in installments while the vendor receives the full payment immediately.
