Q want to go back guys in this interview and Rene are going to talk about his first success, which was pay cycle, 1999, which he sold to Intuit. But first I want to just tease you a little bit more with what he's currently working on. So Rene, describe kind of the business model at bill.com. What do you do? You mentioned transaction volume and how do you make money?
A So we make, we make doing business really easy. So we automate the back office for, uh, businesses. We automate their payables. We automate their receivables. Uh, and the way we do that is we kind of take all the paper, we take all the workflow, we take all the payments, and we take all the integration with the accounting software, and we put that into a simple, seamless app that's accessible on your phone or, you know, obviously from any web device. So, um, and what that means is we have a subscription model for businesses. So depending on how many users they have, they're going to pay us, A subscription fee, and then they pay us transactional fees for whether it's a paper payment, because believe it or not, they're still, you know, when a customer comes to us, 95% of their payments are paper-based. Uh, and we're able to move that to, you know, probably 35 to 40% over the course of the first six to 12 months. So, uh, electronic payments are cheaper, but we do both paper and electronic payments and have subscription fees.
AI assessment note: “we have a subscription model for businesses... and then they pay us transactional fees”