Streamlining ACH and Payroll within your Digital Banking Platform to Attract and Retain SMB Account Holders

What’s the connection between small-to-medium business owners (SMBs) and new customer acquisition challenges at financial institutions? The U.S. Chamber of Commerce reports that there are 33.2 million small businesses in the U.S. today, which combined account for 99.9% of all businesses. More than half of these organizations partner with fintechs to meet at least one financial need, while others report not using a bank or credit union at all. Research suggests outdated technology and limited supportive services – like those specific to businesses and their unique needs - are a few of the top reasons.

So, what do SMBs want from their primary financial institutions? This gap in capabilities leaves an opportunity for traditional banks and credit unions who may see success by focusing on commercial banking solutions. Delivering better services to a seemingly “underserved,” yet significant market segment, can strengthen institutional loyalty and present the opportunity to gain a steady engagement. 

While it’s important for banks and credit unions to invest in mobile and online banking technology, implementing convenient tools and scalable services designed specifically for SMBs is a significant piece of the mix – specifically offerings that improve convenience and efficiency around making and receiving payments.

Seemingly small to some, the automation of ACH debits or credits, as well as payroll functionality, is a cost and time saver for SMB owners. Manual invoicing is burdensome. Automating any payment-related task is significant to the business, especially when considering teams that are staffed by only a few employees. 

The NXT Difference. With NXT, Alogent’s unified digital banking platform, financial institutions benefit from integrated business banking capabilities, including built-in features specific to payments, fund transfers, and payroll. With a streamlined user journey and delivering a value-add to SMBs, business users can create and manage ACH batches directly within the platform. Running receivables digitally, through ACH, speeds how fast an organization receives funds, directly impacting their cash position and bottom line.

NXT’s business banking capabilities also allow payroll to be routed through the primary business account digitally, enabling direct deposit capabilities and streamlining payroll management from within the platform. For business account holders utilizing third-party software or services, files can be imported into NXT, initiating ACH and payroll through the financial institution’s ACH origination process. 

With security always at the forefront, NXT’s dual control features allow business owners to create the appropriate checks and balances for their business. Employees are assigned individualized permissions to make payments, transfer funds, and manage users and billing receipts with ease. Role-based access within NXT allows an SMB added security and flexibility to run their business.

Delivering convenience and value is easy with NXT’s unified online, mobile, and digital banking platform.  Offering consumer and business banking capabilities under the same product solution, individuals and SMBs benefit from a streamlined user journey inclusive of analytics, seamless add-ons, and other tools that keep users in-solution and engaged.

Specific to corporate banking, the platform’s customization capabilities allow businesses to insert specific services based on their unique needs, scaling and flexing as the organization grows. 

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Solution eBook: Learn more about the consumer & business banking features of NXT

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