Understanding Bill.com Clearing Accounts

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Bill.com Payments and Your Bank Account

When you pay bills through ScaleFactor Bill Pay, powered by Bill.com, funds are transferred from your bank account into a Bill.com bank account. Payments are then sent to your vendors from the Bill.com bank account (this is part of what makes our payments process so secure; your bank account is never exposed on checks, or in payment information). On the Process Date, the total amount needed for payments is withdrawn in a lump sum. When you review your account details or bank statement, you will see the batch withdrawal(s), not separate withdrawals for each bill payment. 

 

Why the Clearing Account Helps

After your bills are paid, ScaleFactor and Bill.com will sync the bill payments back to your accounting software, and link them to their bills. By syncing them to the Clearing Account, rather than your bank account register, Bill.com allows us to reconcile easily, without having to match the lump sum withdrawal to multiple transactions. 

 

 

Additional Resources: 

Learn more about Understanding Bill.com Clearing Accounts in the Bill.com Help Center

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