Rene Lacerte: Thanks, Ken. Yes, I think, first off, what we’ve seen with businesses already is that this standby mode is impacting how they think about things. So in some ways, I would say that businesses are probably in front of the broader economy. I think the consumer spend is 70% in business is 30%. So we may be seeing it first there. And the levers that we have really do continue to drive the innovation that we’ve been doing across all of our payment products. So obviously, we’ve launched a number of payment products we referenced the instant transfer capability and how that’s informing our ability to do working capital and invoice acceleration for known suppliers in the network. So some of the levers we have are going to continue to work on the transaction monetization across the business and continue to work on the diverse ecosystem that we have to drive customer adoption and make sure that customers know we are there for them when they are ready to make these decisions.
And we see the diversity to system and making a difference in all the different areas that we’ve done over the last few quarters, and we expect that to continue in the near term as well.
John Rettig: And Ken, let me just add a couple of points that you asked about. Our TPV for financial institution customers in the quarter is at $6.2 billion. And as we look at the BILL standalone business, excluding the FI customers, our TPV per customer is about 441,000 in the quarter, which is pretty consistent, I think, flat on a quarter-over-quarter basis.
Kenneth Suchoski: Great. Thank you so much.
Rene Lacerte: Thanks, Ken.
John Rettig: Thank you.
Operator: Thank you. Our next question comes from the line of William Nance with Goldman Sachs. Your line is now open.
William Nance: Hey guys, I appreciate you taking the questions. And also just want to say I appreciate all the enhanced disclosures and the backup presentations, super helpful. I wanted to go ahead and ask a follow-up kind of the customer mix question, I think that Darrin was asking about earlier. The FI channel is obviously now contributing a significant part of your net adds or over half of your net adds on a quarterly basis. I think you guys have been very clear that in the near term, this isn’t going to have a significant impact on the incremental revenue. But I’m wondering if you could kind of look out however long you feel is appropriate and give people a sense for what this channel can sort of do for you over the long term once you kind of get fully ramped up and get through some of these RPOs that you’re under right now.
What is €“ how do you kind of paint a picture for investors of the FI channel contributing significantly more revenue per customer than where it is today? Thank you.
Rene Lacerte: Thank you, Ram, a few points and then John, if you have anything to do that. So the first thing I would say is, we have worked very hard to make sure that the payment products and offerings we are building and innovating on are available to our partners. And so I think in the prior quarters, we announced one of our larger partners and signing up to have the spend management solution that we have at Divvy. We announced today that BMO is going to be enabling virtual cards to the get go. We continue to work on that capability to kind of drive the monetization for the FI channel. But one other note that I would just add is that every customer that joins Bill.com and uses the bill solution is able to really add their network members and suppliers into the ecosystem.
And so the FI channel does also provide that capability for us. So these new ads allow us to grow and scale the network and will allow us to increase the monetization over time as we enable more capabilities across that channel. John?
