Lacerte: Bill.com retains over 90% of customers who complete their activation
René Lacerte · 668: Will Bill.com and Intuit Lead Small Business FinTech Space? · May 24, 2017 · at 13:36
René Lacerte, CEO of Bill.com, outlines customer retention rates and activation milestones (bill payment, document upload, or accounting sync) to Nathan Latka.
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“And when I say the most part, I mean like well over 90%, right? If they sign up and then they don't do any of those things, and in particular if they don't get the sync done or don't get a payment done you know, then within 90 days, you know, we might lose 20% of them.”
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More from René Lacerte
Lacerte: Bill.com is embedding its product directly inside Intuit's QuickBooks Online
“Also in addition to banks, we have a great partnership with Intuit where we are just in the process of becoming embedded inside of QuickBooks Online.”
Lacerte: Bill.com processes $40B annually with a $1,700 average transaction size
“We do close to forty billion dollars a year in money movement, and the average transaction is 1700 to 2000 dollars”
Bill.com reduces customer paper payments from 95% to 35% in one year
“When a customer comes to us, 95% of their payments are paper-based. And we're able to move that to, you know, probably 35 to 40% over the course of the first six to 12 months.”
Lacerte: Bill.com charges $0.49 per electronic payment
“We charge 49 cents for an electronic payment period.”