Is it Time to Review your SMB Product Strategy? Tips to Get your Small Businesses Paid Faster
Many new market entrants and third-party SMB apps have taken the market by storm, competing for the business of your existing account holders. Days, nights, and weekends can be difficult for these small and micro-business owners, especially those in the field and constantly on the go. Aside from their day-to-day responsibilities serving customers, they must also juggle administrative tasks like inventory management, invoicing, and collections. As such, these small businesses and in-field proprietors are turning to their trusted financial institutions for support – for tools that make their days easier.
With institutional loyalty on the line, banks and credit unions must answer the call for better offerings. Is your institution doing enough to keep your SMBs loyal and mitigating the risk of third-party attrition? The Alogent team put together 3 tips to consider around your SMB product strategy, to ensure your account holders get paid faster:
- Understand Their Needs, Look for Gaps: What are third-party apps offering that your institution is not? Losing customers or members to these market challengers means your account holders are constantly moving between platforms and placing their trust in other organizations. The various solutions may not integrate either, forcing additional work and gaps in productivity. By incorporating the newer capabilities into your existing digital banking platform tailored to this niche market, your mobile app becomes a one-stop-shop for SMBs.
- Give Them Tools that Work in the Field: Very few micro-business owners spend their days behind a desk. These proprietors seek tools that work on-the-job and make doing business in the field easier – ultimately saving them the time spent at nights and on weekends doing bookkeeping, inventory management, and more, just to stay afloat. Empower these in-field businesses with digital tools that work wherever they are, whenever they need.
- Money Talks, Get Them Paid! Every SMB has struggled with the phrase: “the check is in the mail.” Cash flow is both a top priority and primary concern for many business owners. These proprietors need tools that enable faster payments and allow them to digitally invoice and collect payment from their customers at the point of sale – cash, check, and more. Closed invoices and funds in the bank is what every business owner wants to hear.
MyBusiness is a scalable real-time e-invoicing and payments tool that seamlessly adds-on to your existing mobile and digital banking platform. By reducing customer attrition and solving SMB liquidity problems by eliminating collections, MyBusiness empowers SMBs with the ability to generate invoices and collect payment at the time of service. No more late nights and lost weekends to reconcile and sort through paperwork. Contact databases and inventory systems can also be integrated to make operating on-the-go even easier, while the bank or credit union gains access to an abundance of new data and habits of their SMB clients for improved segmentation and personalization.
Click here to connect with one of Alogent’s product experts to learn more about incorporating SMB tools into your digital ecosystem.