- author: Bradley Schnitzer
Managing payments — both incoming and outgoing — occupies significant time for many small businesses. And if they miss any outgoing payments, they could incur late fees and damage their relationship with suppliers or vendors.
If they could structure and automate these processes, they’d have more time to invest in core business operations.
Melio was designed for this reason. It enables small businesses to streamline their payment sending and receiving processes — and gives them more payment options with vendors who don’t take credit cards.
What is Melio?
Melio is a free online payment solution that lets small businesses efficiently manage their accounts payables and receivables. It was founded by Matan Bar, Ilan Atias, and Ziv Paz.
Plans & Pricing
Melio is a free solution. No sign-up or monthly subscription fees for you (the accountant), your client, or their payment recipients. Pay with a bank transfer for free, or with a credit card for a 2.9% fee.
Features and Functionality
Payment Scheduling and Management
Businesses juggling multiple vendors run the risk of missing payments — especially if they forget to set themselves a reminder. However, paying too early reduces your cash flows.
Melio lets you schedule numerous payments ahead of time to happen automatically. You can pick a date for each payment to occur, and it’ll inform you when the payment will be delivered to its intended recipient.
Permissions and Roles
Melio users can free up even more time by inviting other users — such as employees or their accountant — and set up permissions and roles for payment scheduling. You can control the approval of each transaction with ease using this feature.
Credit Card Payments
Do you have any vendors or suppliers that don’t take credit cards? Since you pay Melio with each transaction — then Melio remits the appropriate amount of money to your payee — you can use your credit card anyways, earn rewards, and maximize cash flows.
Ease of Use
Melio is quite easy to use. Signing up takes only seconds, and it doesn’t take much longer to add details for your vendors.
Add-ons and Integrations
Melio only integrates with Quickbooks at this time. This integration lets you automate some of your bookkeeping by syncing your payments with your accounting records.
Unfortunately, Melio doesn’t currently integrate with other bookkeeping software platforms.
Pros & Cons
- Free for payer and payee — you only pay for credit card transactions
- Can schedule multiple payments ahead of time
- Quickbooks integration makes for easy bookkeeping
- Can pay with a credit card (and extend cash flows) even if payee doesn’t accept credit cards
- UI is simple to navigate
- Only integrates with Quickbooks
- Hard to find their phone support number
- Doesn’t support payments outside of the US
Melio offers support via the phone, live chat inside your Melio dashboard, and email. Most other online reviewers say their support is relatively responsive, but there have been complaints about support not being very helpful at times.
- Phone support — Melio offers live phone support. You can find their support number by click Settings in your dashboard, then Support.
- Live Chat Support — Use the messenger pop-up box in the Support tab in your Melio dashboard to contact a live chat agent.
- Email Support — You can contact Melio support via email at firstname.lastname@example.org if you have any questions.
- FAQs — Melio has a FAQ page with some general questions and answers, as well as a more extensive library of FAQs with in-depth answers to more specific questions. FAQs in this library are grouped into categories for easier browsing.
- Blog — Melio’s blog covers various topics pertaining to bookkeeping, payment processing, and small business.
Phone SupportMelio offers live phone support. You can find their support number by click Settings in your dashboard, then Support.
Live Online ChatUse the messenger pop-up box in the Support tab in your Melio dashboard to contact a live chat agent.
FAQMelio has a FAQ page with some general questions and answers, as well as a more extensive library of FAQs with in-depth answers to more specific questions. FAQs in this library are grouped into categories for easier browsing.
BlogMelio’s blog covers various topics pertaining to bookkeeping, payment processing, and small business.
Melio is excellent for accountants and small businesses that need to squeeze more time out of their day but are running on tight budgets. It helps you schedule payments ahead of time so you can save time without missing a payment. It also syncs with Quickbooks to streamline your bookkeeping.
In addition, you can leverage your business credit card when paying vendors to earn rewards and boost cash flows — even if the vendor doesn’t take cards. The best part is, you only pay for these credit card transactions. Everything else is free. If you’re looking to cut costs in your small business but make your payment processing more efficient, Melio could be worth a look.