Do you have a small business, and you need some help with your payments or invoices? Have you tried using an accounting software product? Dealing with bills has never been easy if you own a business or if you’re an entrepreneur. That’s why today, I want to show you a great solution for all your payments and cash flow. Let’s find out Melio payments and how you can use this fintech solution to manage all your payments.
Ease of use
Value for Money
Pricing Model: Free Plan
No free trial
Yes, has free version
- Easy to use
- Integration with Quickbooks
- No registration fees
- Unlimited clients or companies
- Tax forms
- Customer support needs improvement
- No integration with Zapier
- No vendor management
- Small business
- Cloud, SaaS, Web-Based
Melio was found back in 2018 in New York and is a fintech company. Their product is meant to help small businesses and entrepreneurs a great solution to manage their payments, invoices, or bills. Besides this, with Melio, you’ll save time to focus on the customers and your business, but it will significantly improve your cash flow. But, don’t go anywhere. Let’s find out what is Melio exactly and how you can use the product to keep your business in business.
What is Melio?
Melio is a simple U.S based solution for you to pay your contractors or to get paid. It works both ways and is a free customized pay page for receiving business payments digitally. So, instead of spending too much time accounting and using the traditional checks, you can try Melio payments and see how it works for you. Melios is designed to be a great solution for multiple case studies like:
- Vendors & Contractors
Moreover, this is what you can do with Melio:
- Pay your bills online, print receipts, and get paid
- Payroll processing and automatic invoice uploading
- Automated payment processing with minimal human interaction
Thus, in my opinion, Melio is the simplest way to pay vendors and contractors. With Melio, you can transfer and receive payments faster and more efficiently than traditional methods like checks. I think is a great service to use for small businesses and entrepreneurs if you don’t want to complicate your life with accounts or other more complex tools. What I really like about this service is the fact that it is so easy to use and quite intuitive. In addition, you won’t have to spend all your business money on one complex service to pay vendors or contractors. Thus, if you need U.S-based accounts payable solution, Melio is the one you need to try.
How do Melio works?
Do you know what is great about this tool? That you don’t have to watch thousands of tutorials to understand how it is working. Or how you can get started. First of all, you have to know that Melio is web-based, so as long as you have a laptop with an internet connection, you can start working with Melio. Secondly, currently, Melio only supports payments from one US business to another US business. No payments outside the US are supported, and only U.S.-based credit cards are accepted.
- Add vendor and build details using their secure service
- You can enter the invoice manually, upload a file, take a photo using your phone or even sync your QuickBooks online account
How to pay by credit card or bank transfer payments with Melio?
Regardless of what payment methods your vendor accepts, you get to decide what’s most convenient for you. Then schedule when your payment will be deducted from your account. That way, you’ll always pay on time. From there, Melio will take care of sending the payment to your vendor on your behalf. They don’t even need to sign up to Melio, making the whole process fast and straightforward.
Is that simple! Not to mention that Melio is free; you will be charged only a transaction fee every time you receive or send money. In addition, Melio gives you the option of tracking your payments and making decisions based on real-time information by using your credit card your payments and improve your cash flow.
The platform offers a lot of great features for each user. So, let’s dive into them and discover how many things you can automatize regarding payments.
- ACH payment processing
- Billing & invoicing
- Approval process control
- Online payment processing
- Check to process
- Debit/credit card processing
- Duplicate payment alert
- Fraud detection
Melio Payments Benefits
- Payment Options
With Melio, you have several payment options. These include bank transfers (ACH), debit cards, and credit cards. Payments made via bank transfers are free, while credit card payments will have a 2.9% transaction fee. Moreover, you can choose to use your credit card for vendors or stores that do not accept card payments. Vendors do not need to have a Melio account to receive your payment.
With this payment scheduling feature, you can avoid late payments and penalties. This is especially important when paying utilities, insurance, taxes, or rent/lease. You will also better manage your cash flow, making sure that you don’t pay too early and all your suppliers or vendors are happy when they receive their payments on time, every time.
- No maintenance costs
Melio enables your customers or clients to pay you by bank transfer or card at no cost to you. You sign up to get your own payment link, which your customers will use to send payments without needing your bank details. Your customer pays using their bank or card. They do not need to have a Melio account to send their payment. Payments are deposited directly into your bank account in two business days without charges or fees.
Specially created with small businesses and freelancers in mind, Melio offers its accounts payable platform for free. There are no monthly subscription fees that can take a significant chunk of your budget and no delivery fees when you send checks to vendors.
If you are wondering how much money this platform will cost you, you’ll be amazed. But, for all these features, Melio is free. A free platform that will make the process of payments much easier and enjoyable. And even for accountants will be much easier to have all their clients invoices and payment in one place that will automatize it.
Pricing Model: Free Forever
2.9% fee applies for payers
And this is not all. Melio still can amaze you. The service can be integrated with some of the US banks and Quickbooks. Once you’ve connected Melio with QuickBooks, the platform will extract vendor information from QuickBooks. This will smooth your workflow, so you don’t have to enter any vendor details. All you have to do is select one from a list or start typing and have vendors auto-completed. Then, once you’ve completed a bill payment in Melio, your QuickBooks account is updated with the payment’s details.
Melio is a great service tailored for small businesses and accountants. It is free and a big plus in front of other competitors from the same market. Yet, maybe you need something more complex than can offer more features for your business model. So, I’ve prepared a list with some of the best Melio alternatives to choose from:
Melio Payments Review Conclusion
In the conclusion of the Melio Payments review, I can really say that it’s worth trying, especially that it is free. It’s a great fintech service designed for small businesses, freelancers, and accountants. The last ones can manage all their clients from one platform and automatize their invoices or payments by integrating Melio with Quickbooks. Moreover, the tax forms are also handled by Melio. Thus, if you find it hard for you or your business to keep up with your payments, even if there are one-time or recurrent payments, Melio could be the easiest solution for you.