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René Lacerte. He’s the founder and CEO of Bill.com, the leading business payments company. He’s a fintech industry vettor and has been working to simplify business payments since 1999, when he founded PayCycle, which was later acquired by Intuit in 2009. Bill.com is now working to help bridge the digital divide between banks and businesses by partnering with 3 of the top US banks and 45% of the top hundred accounting firms. He believes that banks play a critical role in the advancement of fintech. While technology advancement since Silicon startups are divided by or driving much of the industry change, René believes that banks are and will remain the center of the financial universe for quite some time. Famous Five:  Favorite Book? –  The  Advantage What CEO do you follow? – Pete Kight Favorite online tool? — Dropbox How many hours of sleep do you get?— 6-7 If you could let your 20-year old self, know one thing, what would it be? – “Don’t stress over the hard decisions”    Time Stamped Show Notes:  01:22 – Nathan introduces René to the show 02:07 – Andy from Wealthfront disagrees that banks will remain to be the center of the universe 02:27 – Bill.com makes close to $40B a year  02:32 – The average transaction is $1700 to $2000   03:16 – “We make doing business really easy” 03:17 – Bill.com automates the back office of businesses  03:24 – They take all the paperwork, workflow, payments and integration with the accounting software   03:40 – Bill.com charges per seat, per subscription and transaction fees 04:15 – The subscription model is their main revenue stream 04:36 – Bill.com charges .49 cents for every electronic payment and $1.49 for paper 05:30 – The fintech space is a natural viral coefficient space 06:00 – Bill.com had $110M from venture capital 06:12 – René was 32 when he started PayCycle, in 1999 06:20 – René worked in Intuit prior to PayCycle and stayed there for 5 years 06:34 – René had some experience innovating products from Intuit 06:54 – René grew up in a family of entrepreneurs  07:04 – One of René’s grandfather’s businesses is an automatic data processing company 08:26 – René’s father went back to college to understand more about business   09:16 – The idea of Bill.com is that there’s a better way to take advantage of technology to make payroll easier 09:58 – Bill.com helps define and automate the back office 10:06 – PayScale does online payroll and started with household payroll, which Intuit doesn’t want to do  10:47 – PayScale raised $150K 11:23 – PayScale was acquired by Intuit for $170M   12:21 – Average number of paying customers of Bill.com 13:16 – “If we get customers active and get them using it, they don’t churn”  13:26 – They’re active when they already have paid for Bill.com 14:04 – Average customer pay per month is $100 14:15 – You can try it for the first month, for free 15:00 – Bill.com automates some of their tools to make the customer feel that they need the product 15:18 – Bill.com does A/B testing to check how they can get their customers engaged 15:52 – Bill.com is adding thousands of new businesses a month   16:56 – René tracks how many months the payback will be when it comes to CAC  17:23 – Payback target is 10-13 months   18:07 – LTV is around 5 years 18:48 – René has raised $50M 19:39 – René’s strategy is to maintain a strong relationship with VC 19:53 – Team size is 225 20:10 – Bill.com was launched in 2008 21:07 – Bill.com isn’t selling anything and not partnered with anybody, today 22:45 – The Famous Five    3 Key Points:  It is important to engage your customers. Banks are and will remain to be the center of the financial universe. Hard decisions and their consequences will pass, so don’t let them bother you too much.    Resources Mentioned:  The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences Organifi – The juice was Nathan’s life saver during his trip in Southeast Asia Klipfolio – Track your business performance across all departments for FREE Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books Freshbooks – Nathan doesn’t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW  Show Notes provided by Mallard Creatives

<a href="https://www.linkedin.com/in/renelacerte/" rel="nofollow" target="_blank">René Lacerte</a>. He’s the founder and CEO of <a href="https://www.bill.com/homeb/" rel="nofollow" target="_blank">Bill.com</a>, the leading business payments company. He’s a fintech industry vettor and has been working to simplify business payments since 1999, when he founded <a href="https://payroll.intuit.com/" rel="nofollow" target="_blank">PayCycle</a>, which was later acquired by Intuit in 2009. <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> is now working to help bridge the digital divide between banks and businesses by partnering with 3 of the top US banks and 45% of the top hundred accounting firms. He believes that banks play a critical role in the advancement of fintech. While technology advancement since Silicon startups are divided by or driving much of the industry change, René believes that banks are and will remain the center of the financial universe for quite some time. Famous Five: <ul> <li>Favorite Book? – <a href="https://www.amazon.com/Advantage-Organizational-Health-Everything-Business/dp/1491510803" rel="nofollow" target="_blank"> The</a> <a href="https://www.amazon.com/Advantage-Organizational-Health-Everything-Business/dp/1491510803" rel="nofollow" target="_blank"> Advantage</a></li> <li>What CEO do you follow? – <a href="https://www.linkedin.com/in/peter-kight-12617357/" rel="nofollow" target="_blank">Pete Kight</a></li> <li>Favorite online tool? — <a href="https://www.dropbox.com/" rel="nofollow" target="_blank">Dropbox</a></li> <li>How many hours of sleep do you get?— 6-7</li> <li>If you could let your 20-year old self, know one thing, what would it be? – “Don’t stress over the hard decisions”</li> </ul> Time Stamped Show Notes: <ul> <li>01:22 – Nathan introduces René to the show</li> <li>02:07 – <a href="http://nathanlatka.com/thetop498/" rel="nofollow" target="_blank">Andy from Wealthfront</a> disagrees that banks will remain to be the center of the universe</li> <li>02:27 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> makes close to $40B a year <ul> <li>02:32 – The average transaction is $1700 to $2000</li> </ul> </li> <li>03:16 – “We make doing business really easy”</li> <li>03:17 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> automates the back office of businesses <ul> <li>03:24 – They take all the paperwork, workflow, payments and integration with the accounting software</li> </ul> </li> <li>03:40 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> charges per seat, per subscription and transaction fees</li> <li>04:15 – The subscription model is their main revenue stream</li> <li>04:36 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> charges .49 cents for every electronic payment and $1.49 for paper</li> <li>05:30 – The fintech space is a natural viral coefficient space</li> <li>06:00 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> had $110M from venture capital</li> <li>06:12 – René was 32 when he started PayCycle, in 1999</li> <li>06:20 – René worked in Intuit prior to PayCycle and stayed there for 5 years</li> <li>06:34 – René had some experience innovating products from Intuit</li> <li>06:54 – René grew up in a family of entrepreneurs <ul> <li>07:04 – One of René’s grandfather’s businesses is an automatic data processing company</li> <li>08:26 – René’s father went back to college to understand more about business</li> </ul> </li> <li>09:16 – The idea of <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> is that there’s a better way to take advantage of technology to make payroll easier</li> <li>09:58 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> helps define and automate the back office</li> <li>10:06 – PayScale does online payroll and started with household payroll, which Intuit doesn’t want to do <ul> <li>10:47 – PayScale raised $150K</li> <li>11:23 – PayScale was acquired by Intuit for $170M</li> </ul> </li> <li>12:21 – Average number of paying customers of <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a></li> <li>13:16 – “If we get customers active and get them using it, they don’t churn” <ul> <li>13:26 – They’re active when they already have paid for <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a></li> <li>14:04 – Average customer pay per month is $100</li> <li>14:15 – You can try it for the first month, for free</li> <li>15:00 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> automates some of their tools to make the customer feel that they need the product</li> <li>15:18 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> does A/B testing to check how they can get their customers engaged</li> <li>15:52 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> is adding thousands of new businesses a month</li> </ul> </li> <li>16:56 – René tracks how many months the payback will be when it comes to CAC <ul> <li>17:23 – Payback target is 10-13 months</li> </ul> </li> <li>18:07 – LTV is around 5 years</li> <li>18:48 – René has raised $50M</li> <li>19:39 – René’s strategy is to maintain a strong relationship with VC</li> <li>19:53 – Team size is 225</li> <li>20:10 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> was launched in 2008</li> <li>21:07 – <a href="http://Bill.com" rel="nofollow" target="_blank">Bill.com</a> isn’t selling anything and not partnered with anybody, today</li> <li>22:45 – The Famous Five</li> </ul> 3 Key Points: <ol> <li>It is important to engage your customers.</li> <li>Banks are and will remain to be the center of the financial universe.</li> <li>Hard decisions and their consequences will pass, so don’t let them bother you too much.</li> </ol> Resources Mentioned: <ul> <li><a href="http://thetopinbox.com/" rel="nofollow" target="_blank">The Top Inbox</a> – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences</li> <li><a href="http://nathanlatka.com/juice" rel="nofollow" target="_blank">Organifi</a> – The juice was Nathan’s life saver during his trip in Southeast Asia</li> <li><a href="http://nathanlatka.com/analytics" rel="nofollow" target="_blank">Klipfolio</a> – Track your business performance across all departments for FREE</li> <li><a href="http://nathanlatka.com/schedule" rel="nofollow" target="_blank">Acuity Scheduling</a> – Nathan uses Acuity to schedule his podcast interviews and appointments</li> <li><a href="http://www.hostgator.com/promo/nathan" rel="nofollow" target="_blank">Host Gator</a>– The site Nathan uses to buy his domain names and hosting for the cheapest price possible</li> <li><a href="http://nathanlatka.com/audible" rel="nofollow" target="_blank">Audible</a>– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books</li> <li><a href="http://www.nathanlatka.com/freshbooks" rel="nofollow" target="_blank">Freshbooks</a> – Nathan doesn’t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW</li> </ul> Show Notes provided by <a href="http://www.mallardcreatives.com/testimonials/" rel="nofollow" target="_blank">Mallard Creatives</a>

668: Will Bill.com and Intuit Lead Small Business FinTech Space?