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Accounting · head to head

Bill.com vs Modern Treasury

Bill.com logo

Bill.com

Accounting

Automate your financial workflows

From
Free
Rated
-
Full reviewWebsite
Modern Treasury logo

Modern Treasury

Accounting

Payment operations and ledger infrastructure that sits between your product and your own bank accounts

From
On request
Rated
-
Full reviewWebsite

The short version

  • Only Bill.com has a free tier, so it costs nothing to try first.
  • Each has a real cost: Bill.com limited customization of approval workflows and user permissions for complex business needs; Modern Treasury you must already have or be able to obtain your own bank accounts with the right connectivity, so early stage companies without a banking relationship cannot use it and are pushed towards a sponsor bank model instead.
  • They diverge on capability: Bill.com covers AP automation, Modern Treasury covers Multi-rail payment initiation.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

Only the attributes on which Bill.com and Modern Treasury actually diverge.

Attributes where Bill.com and Modern Treasury differ
AttributeBill.comModern Treasury
Starting priceFreeOn request
Pricing modelUnknownquote
Free tierYesNo
Founded2006Unknown

Identical on both: platforms (Web), user rating (Not yet rated), category (Accounting).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Bill.com

  • AP automation
  • AR automation
  • Payment processing
  • Document management
  • Vendor management
  • Cash flow insights
  • Mobile approvals
  • QuickBooks

Only in Modern Treasury

  • Multi-rail payment initiation
  • Bank connectivity
  • Ledgers
  • Automatic reconciliation
  • Virtual accounts
  • Compliance tooling
  • Return and exception handling

Both cover

  • Approval workflows

What people use each for

The jobs each tool is most often brought in to do.

Bill.com

  • Invoice processingnot Modern Treasury
  • Bill paymentsnot Modern Treasury
  • Vendor paymentsnot Modern Treasury
  • Cash flow managementnot Modern Treasury
  • Financial automationnot Modern Treasury

Modern Treasury

  • A marketplace paying out to thousands of sellers that needs a ledger its application can trust rather than reconciling a payments dashboard by handnot Bill.com
  • A lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accountsnot Bill.com
  • A company that wants to move off a banking as a service provider and hold its own bank accounts after seeing sponsor banks offboard fintech programmesnot Bill.com
  • An insurer handling premium collection and claims payment across several rails with approval controls and an auditable trailnot Bill.com

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Bill.com

  • Limited customization of approval workflows and user permissions for complex business needs
  • Limited international payment capabilities compared to specialists like Tipalti
  • Customer support response times are slow, with agents often lacking product expertise

Modern Treasury

  • You must already have or be able to obtain your own bank accounts with the right connectivity, so early stage companies without a banking relationship cannot use it and are pushed towards a sponsor bank model instead.
  • Pricing rests on an annual minimum commitment, and companies that miss their volume forecast pay the minimum regardless, which makes the headline per-transaction rate close to irrelevant in year one.
  • Supported bank connectivity is a finite list, so if your bank is not on it you are either waiting for an integration or changing banks, which is a far larger project than adopting the software.
  • It is software over banking, not banking, so it does not solve card issuing, deposit accounts or the licensing questions that a company embedding financial products still has to answer elsewhere.
  • The ledger is genuinely good but adopting it properly means making it the source of truth for balances in your product, which is a significant application change rather than a payments integration and is where implementations run long.

Pricing, plan by plan

Bill.com

Free
  • Essentials$49/month
    • Core AP and AR functionality
    • Manual CSV import/export
  • Team$65/month
    • Automatic 2-way sync with QuickBooks Online, Xero
  • Corporate$89/month
    • Procurement features
    • Custom approval policies
    • Sync with NetSuite, Dynamics

Modern Treasury

On request
  • Modern Treasury Platform$undefined/year
    • Platform access fee covering API, dashboard, infrastructure and support
    • Usage-based fees across ACH, wires, RTP, FedNow, push to card, cheques and stablecoins
    • A single annual minimum commitment that both platform and usage fees count towards

Which should you pick?

Choose Bill.com if

  • You need ap automation.
  • You want to start without paying.
  • You also want ar automation.
Bill.com review

Choose Modern Treasury if

  • You need multi-rail payment initiation.
  • You also want bank connectivity.
Modern Treasury review

Questions people ask

Is Bill.com or Modern Treasury better?
Neither clearly leads. Bill.com starts at Free and Modern Treasury at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Bill.com or Modern Treasury?
Bill.com has a free tier; the other does not. Paid plans start at Free for Bill.com and On request for Modern Treasury.
Does Bill.com or Modern Treasury run on more platforms?
Both run on Web, so platform support will not decide this one for you.
Can I use Bill.com for free?
Yes. Bill.com has a free tier, so you can try it without paying. Modern Treasury starts at On request.
What is Bill.com best used for?
Bill.com is most often used for invoice processing, bill payments, vendor payments, cash flow management. Of those, invoice processing and bill payments are not what Modern Treasury is typically brought in for.
What can Bill.com do that Modern Treasury cannot?
Bill.com covers AP automation, AR automation, Payment processing, Document management. Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation. Both handle Approval workflows.

Answered from the vendors’ own pages

Bill.com: What payment methods does Bill.com support?

Bill.com supports ACH transfers, checks, corporate cards, and international transfers. ACH payments cost $0.59 per transaction, checks cost $1.99, and card payments incur a 2.9% fee.

Source
Modern Treasury: Is Modern Treasury a bank or a banking as a service provider?

Neither. You hold your own bank accounts and it is software over them. That avoids sponsor bank concentration risk but means you need the bank relationship yourself.

Bill.com: Does Bill.com offer a free tier?

Yes. Bill.com offers a free Spend & Expense plan for access to credit lines from $1,000-$5M with corporate cards, budgets, and expense tracking.

Source
Modern Treasury: What does it cost?

Not published. A platform access fee plus usage fees across rails, on an annual term with a single minimum commitment. Negotiate the minimum, not the per-transaction rate.

Bill.com: Which accounting systems does Bill.com integrate with?

Bill.com integrates with QuickBooks Online, QuickBooks Enterprise, Oracle NetSuite, Sage Intacct, Microsoft Dynamics, and Xero, with automatic two-way syncing on most plans.

Source
Modern Treasury: Which rails are supported?

ACH, wires, RTP, FedNow, push to card, cheques and stablecoin payments, subject to what your bank supports.

Modern Treasury: Do we still need our own compliance programme?

Yes. KYB, KYC and transaction monitoring are included in the platform, but you are the one holding the accounts and the regulatory obligation sits with you and your bank.

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