Melio: The Simplest Surefire Payment System for Business Owners in 2021
Melio is a free payment processing service for small companies in the United States that is low cost and simple to use
It was designed to be a straightforward and secure digital accounts payable and receivable solution to assist you in managing payments to customers and suppliers.
When you consider the current situation with the coronavirus, a virtual payment option is helpful beyond just eCommerce businesses. Melio was created to save you time by allowing you to create a bill manually, upload an image or document, or connect via QuickBooks and then easily connect with your vendors.
With Melio, you can choose to pay with your credit card (for which there is a 2.9% cost) or through a bank transfer. Then you also have the option to select your payment delivery. Does your vendor only accept checks? Not a problem! You can have your payment delivered as either a check or a bank transfer. Even better, the recipient doesn’t need to have a Melio account to accept payment either.
This service operates through a simple dashboard that allows you to handle all of your payments. You can also keep track of the money going out and coming in using the online interface.
Once you’ve signed up for Melio and begun to explore the web-based interface, you’ll be able to see how intuitive the system is.
The dashboard area, which has several subsections, is at the core of sending and receiving payments. These subsections include sections for transferring money as well as sections for organizing how to get paid.
In addition to adding contacts, you can customize your profile and change your basic preferences by going to Settings > Preferences > Custom Profile. A simple button in the top left of your screen allows you to select from some essential tasks, such as payment, payment request, and contact choices, all with a single click.
If you’re searching for a solution to implement recurring payments with your business, be sure to read: PayWhirl: The #1 Dynamic App for Implementing Recurring Payments
Also notable is the integration with accounting software in order to optimize your business operations. However, in our situation, the only choice available was the integration with QuickBooks.
There were, however, greyed-out choices for connecting to FreshBooks, Xero, Microsoft Dynamics GP, NetSuite, and Sage Live in the same section of the page.
Simple Signup Process
Melio’s signup process is easy, with a registration page that takes nothing more than a work email address and password to get the ball moving in the right direction.
If you’re a user of QuickBooks, Melio does provide the option of linking the two programs by simply entering your Intuit log-in information into the application.
Once you have received a verification number in your email, you may complete the signup process by entering a few data on the page, such as your company’s kind and geographic area, to complete the process.
Your Melio dashboard, as well as its many features and functionalities, are accessible from this location. Anyone who has already utilized a web-based service will find everything to be effortless to comprehend.
Melio and QuickBooks Integration
Most small companies use QuickBooks to record bills and handle their bookkeeping to keep their books up to date. As a result, they benefit from fast and easy payment processing.
Additionally, QuickBooks customers will now have the ability to pay bills seamlessly using Melio.
There are several benefits that a business gets when they use Melio Bill Pay:
Easy to Use
It is typical for small business owners and especially eCommerce entrepreneurs to be on the go. Therefore, to remain up to date, they must track and monitor payments and transactions on the go.
QuickBooks Online and QuickBooks Mobile are included in the Bill Pay application powered by Melio payments. So every time a business owner has to pay invoices or schedule payments, all they have to do is a few clicks, and the payments are all ready.
A commodity of high value is time. Therefore, shortening the tiresome accounting activities such as recording payments and issuing invoices is critical if owners want to focus on the company’s performance.
Invoices and bills can be automatically captured using Melio payments. This system can automatically collect invoices and statements by digitizing the paper trail and saving time.
It makes it simple to track money delivered so you can track company performance while you’re on the go, whether you’re at the office or using your smartphone.
Extended Cash Flow
There are no additional charges to use the service for ACH and checks. However, you will have to pay a nominal 2.9% tax-deductible cost when using your credit card.
As a business owner, you have the option of expediting payments to the point where you have cash in the bank and yet make timely payments to vendors.
The Bill Pay feature fills payment gaps by offering companies the choice of their chosen payment methods between ACH, credit card, or debit card. Simultaneously they provide suppliers the opportunity to receive their payments in the way of their choosing – whether by check or through a bank deposit. It’s a win-win for everyone!
Melio Payments Are Safe and Secure
It is safe and secure to pay bills with Bill Pay through Melio’s integration with QuickBooks. In addition, Melio’s banking security measures highly protect sensitive information. Cryptographic methods ensure data security, and identifiable personal information is never stored on our systems.
When you are in the main dashboard section of the tool, you will see a support option on the left-hand side of the menu. If you click on this option, you will be sent to the help page. The moment you click on this, Melio payments will provide you with a live chat pop-up dialogue box, which you may use to ask questions and receive answers from a team member.
Melio’s Settings section contains extra contact information for the business, including a phone number and an email address for customer service inquiries.
Melio Payments Pricing
Many users may choose Melio since it offers an entirely free and open approach meaning users can sign up for the service without any registration or membership costs.
Melio also does not impose any fee on the recipient once a transaction has been completed. The current way Melio payments generates money is by collecting a 2.9% fee when you pay with a credit card and defer the payment for up to 30 days.
There are no fees associated with bank transfers. Melio says that this means they can offer free ACH (Automatic Clearing House) payment processing and payouts and receive payments without charging the business for these services.
Melio will meet the needs of many small company owners looking for a relatively simple method of sending and receiving cash. In addition, the service is quick and straightforward to sign up for, and there is no continuing contractual baggage to worry about.
Additionally, the credit card fee option can easily be ignored if you stick with bank transfers instead. Melio has also done commendable work with the dashboard and other built-in tools, allowing you to accept payments without any technical skills. The built-in contacts option is also ideal for setting up recurring payments, allowing you to save time by paying bills to suppliers regularly rather than having to do it manually.
Although various money transfer solutions are available on the market, Melio is a worthy addition to the list!
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Frequently Asked Questions
What is Melio?
Melio is a free and digital alternative to the time-consuming and expensive bill-paying processes that many small companies still rely on today. The goal of Melio’s bill-paying platform is to assist small businesses in paying their bills in a manner that frees up schedules and increases cash flow.
How does Melio make money?
Melio is a free service that is available to small companies. There are no set-up expenses or membership fees to worry about.
Melio only takes a 2.9% fee for the opportunity to defer payments made using a credit card through the company. By charging this charge, they can continue to provide free ACH payments, payment delivery, and payment receipt while also earning income for Melio.
Is Melio payment legit?
Melio has exceeded the expectations of many people in almost every way. Payments are processed quickly and securely, and the process is simple to set up. From our understanding, it is a highly legit service backed by QuickBooks and many large credit card companies.
Is Melio secure?
Yes! Melio is safe and secure. Until the payment is transferred to your vendor, your money is stored in a secure account by their partner bank, Evolve Silicon Valley Bank & Trust, ensuring that your cash is never in danger.