MyBusiness: Helping SMBs Get Paid Faster while Building Institutional Loyalty

Leverage your Trusted Relationship: Eliminate an SMB’s Worry about Cash Flow and Access to Funds

As a bank or credit union, you've already established yourself as a trusted partner with your SMB account holders - to maintain cash flow and ensure full access to their transaction earnings. In a time of so much uncertainty, eliminate your SMBs' worries about how they'll access their own funds. Keep them close and arm them with MyBusinessan FI-backed e-invoicing and payments tools available through your existing digital banking channel - there's no need to rely on a third-party.

A 2019 survey from Intuit revealed more than 2 in 5 small business owners experienced cash flow issues in the last year. Businesses rely on cash to pay vendors, make loan payments, and pay themselves and their employees. Amidst uncertain times, securing uninterrupted access to funds is critical to stay afloat. 

At the same time, daily operations often exhaust schedules making it difficult for proprietors to bookkeep, manage paperwork, and transact during branch hours. Rather than enjoying a weekend, they often spend Saturdays in the office handling invoices, inventory, and reconciling payments. High demand warrants a digital solution that grants SMBs the ability to complete these tasks on-the-go, alleviates the concern of having access to their collected earnings, and ultimately, gets their Saturdays back.

So, how can banks and credit unions stay relevant with their SMB account holders?

According to Research from Fundbox, the average SMB waits an average of 21 days before receiving payment from their customers – they shouldn’t also worry if that money will be transferred to their account. As the small business banking space becomes more competitive and an increasing number of fintechs emerge, banks and credit unions have the opportunity to provide their own solution and to leverage their existing trusted relationships. Address the needs of SMBs with a secure, FI-backed digital invoicing and payments solution.

Manual business processes take time away from employees and result in an abundance of paperwork. These digital tools, however, enable a new level of convenience and efficiency. The flexibility to create, send, store, and reconcile invoices with the push of a button - on any smartphone or tablet - grants SMBs newfound convenience and peace of mind, as well as a strengthened cash flow. 

What’s more, this functionality extends far beyond payment processing. Other features include seamless integrations with contact databases, inventory management systems, accounting platforms, and reporting dashboards, all designed to save businesses valuable time, while increasing transaction volumes. Studies show 61% of companies around the world reportedly struggle with cash flow. With advances in modern technology, this challenge becomes an opportunity to optimize and modernize processes, fortifying the success of a SMB and stand ahead of third-party competition.

With a minimum technology footprint, banks and credit unions can provide real-time capabilities designed to grow with their account holders through existing mobile and digital banking channels. Greater banking flexibility empowers account holders and increases deposit volumes for the financial institution, and provides insight into big data for cross-selling and expanded business services. As a result, both parties succeed without succumbing to external threats.

Gone are the days of Saturday morning bank-runs to process the week’s deposits. Simple to use, digital invoicing and payment solutions offer high-tech, high-touch capabilities through the FI’s established banking network with 24/7 access, giving SMBs the flexibility to transact on their own terms and remain in control of their money. Meeting demands for greater convenience, increased liquidity, and a faster payments cycle emboldens financial institutions with competitive, reliable services, while increasing institutional loyalty with their business account holders.

Designed for banks and credit unions as a competitive offering for SMBs, MyBusiness is a financial institution-backed, real-time, digital solution that enables anywhere, anytime invoicing and payments collection, including checks. With real-time fraud detection, MyBusiness allows SMBs to collect payments fast, ensuring fluid cash flows and rapid-fire invoicing capabilities. Curb the competition and reduce customer attrition by leveraging your trusted relationship and keeping business users within your payments network. 

Click here to download a use case and learn how your bank or credit union can help its SMB customers succeed with MyBusiness.