Melio Payments is a free money transfer service for small businesses in the United States. Melio offers the convenience of no sign-up costs or continuing subscription fees. It’s a simple and secure digital accounts payable and receivable system that can assist you with payments to vendors and suppliers. Given the current situation with the coronavirus, this is quite useful. Melio is designed to save you time. It allows you to manually type a bill, upload a picture or document, or link with QuickBooks and then sync with your vendors or payments.
Want to checkout Melio? Check out their site here.
Features of Melio Payments –
1. Free to Use –
Melio’s free-to-use concept may be appealing to some. This implies that you can sign up for the service without paying anything. You don’t have to pay anything either during registration or through a monthly membership fee. Melio also doesn’t impose any fees on the recipient after a transaction.
Even if the vendor only accepts checks, making a payment by bank transfer is free. A bank transfer and payment using a debit card is completely free of charge.Melio allows you to pay using your credit card (for a 2.9 percent cost) and defer payment, and it rewards you for doing so. The service operates through a simple dashboard. This dashboard allows you to manage all your payments. It also keep track of money going out and coming in.
How Melio makes money? Melio currently makes money by charging a 2.9% fee if you pay by credit card. According to Melio, this 2.9% fee on credit cards allows the company to fund ACH (Automatic Clearing House) electronic payments, payment delivery, and payment receipts for free while still generating income.
Once you’ve joined up for Melio and started exploring the web-based interface, there’s not much to uncover. The dashboard area comprises a number of subsections including spaces for transferring funds and scheduling how to get paid. It is crucial for sending and receiving monies.
Adding contacts and changing options, such as personalizing your profile or tweaking basic preferences, are both available. A simple icon in the top left corner allows you to access basic features such as payment, payment request, and contact choices.
It’s also possible to connect to accounting software to streamline your business operations. Though we only had the option to connect to QuickBooks in our situation. However, options for connecting to FreshBooks, Xero, NetSuite, and Sage Live were greyed out in the same section.
2. Easy to signup & Use
Melio is easy to sign up for, with a signup page that only requires a work email and password to get started. If you’re a QuickBooks user, Melio allows you to connect to the accounting software by simply entering your Intuit log-in credentials.
After receiving a verification number in your email, you can complete the sign-up process by entering a few facts on the screen, such as your business type and location. You may then access your Melio dashboard and its numerous features and functions from there. Anyone who has used a web-based service before will find everything quite straightforward.
3. Help and Support
You’ll notice a help option on the left-hand side of the menu once you’re within Melio’s main Dashboard area. When you click on here, you’ll be taken to a live-chat-style pop-up dialogue window where you can ask a member of staff questions. Melio’s Settings section contains extra choices for contacting the company, including a phone number and a support email address.
Final Conclusion –
Melio will appeal to many small business owners looking for a simple way to transmit and receive money. The service is simple to sign up for, there are no long-term contracts to worry about, and you can opt-out of the credit card fee option if you don’t need it. Melio also did a good job with the dashboard and other built-in tools, which allow you to accept payments without any technical knowledge.
The built-in contacts option is also ideal for setting up monthly payments, allowing you to save time when paying invoices to suppliers on a regular basis. There are numerous payment transfer options out there on the market, but Melio makes a decent addition to the ranks.
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