Beware of BILL's small print. My actual cost of money was 273.75%
September 07, 2023

Beware of BILL's small print. My actual cost of money was 273.75%

Anonymous | TrustRadius Reviewer
Score 1 out of 10
Vetted Review
Verified User

Software Version

Corporate

Overall Satisfaction with BILL

I have two customers that use BILL to track their invoicing.

Pros

  • email's the invoices

Cons

  • Misleading offers
  • Poor customer response
  • lack of follow-up
  • After receiving an offer to 'finance' outstanding invoices, I was enticed by the promise of a 3% total cost for a 60-day period, with the possibility of extending the financing for an additional 10 months (for an additional fee). Eager to access funds, I decided to finance an invoice worth $17,160.00. Within 24 hours, BILL deposited $16,645.20 (97% of the invoice amount) into my account.
  • However, when the customer paid their $17,160 invoice four days later, instead of the funds being deposited into my checking account as I expected, BILL chose to retire the loan and retain my $514.80 fee for the 4 day advance period. This unexpected turn of events resulted in an effective interest rate of a staggering 273.75%. It was clear that this arrangement was far from what I had initially understood, and the financial impact was outrageously high.
  • Frustratingly, my attempts to resolve this issue through customer service were in vain, as I spoke with three agents who provided no satisfactory solutions. To anyone contemplating using BILL's services, I strongly urge you to carefully scrutinize the fine print and consider opting for a more reputable finance company."
I don't recommend BILL to anyone

Do you think BILL delivers good value for the price?

No

Are you happy with BILL's feature set?

No

Did BILL live up to sales and marketing promises?

No

Did implementation of BILL go as expected?

No

Would you buy BILL again?

No

Simple, automated transactions.

BILL Feature Ratings

Accounts Payable
Not Rated
Automated Accounts Payable Processes
Not Rated
Vendor Management
Not Rated
Tax Form Preparation
Not Rated
Payment Management
1.0
Customizable Approval Policies
Not Rated
Financial Document Management
1
Payment Status Tracking
1
Payment Audit Trail
1
Duplicate Bill Detection
Not Rated
Advanced OCR
Not Rated
Electronic Funds Transfer
Not Rated

BILL Support

I have made 4 attempts to resolve my problem with zero results.
ProsCons
None
Slow Resolution
Poor followup
Less knowledgeable
Problems left unsolved
Not kept informed
Escalation required
Difficult to get immediate help
Need to explain problems multiple times
Support doesn't seem to care
Slow Initial Response
no, I don't like their customer service
they suck

Comments

  • Jennifer J | TrustRadius Reviewer
    Jennifer J
    commented 2 years ago
    Thank you for providing feedback about our Invoice Financing program. We apologize that you had a frustrating experience with the program. If your customer makes a payment for the invoice through BILL, the payment will automatically be applied to the balance of your loan. If the AP pays the full invoice amount within 2 months, the loan will be closed. Here is the document that goes over the program - https://help.bill.com/direct/s/article/10656399312525. I would like to offer additional support, can you please provide your ticket number from your interaction with our customer support so I can look into this further.

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