Why not take a page from your competitors and offer your small business accountholders the digital payment acceptance capabilities they so desperately need?
Based on the information found in part one of this blog post (which can also be accessed in our Small Business Data Report), coupled with the fact that third-party competitors have been successful in gaining market share through an aggressive acquisition strategy, the path forward seems clear.
Discover best practices to help you combat the threats and trends impacting the small business banking space below.
Jack Henry expanded its relationship with Autobooks in 2021 to embed payment and invoicing capabilities into the Banno Digital Platform™.
Through this collaboration, more than 500 community banks and credit unions and over 7.3 million registered users of the Banno Digital Platform have received complimentary access to an upgraded set of digital payment acceptance tools.
With this relationship, Jack Henry™ is the first major financial technology provider to democratize receivables tools and make these tools a standard part of the digital banking experience.
This integration is a highly competitive addition for banks and credit unions as third-party apps attempt to eliminate small business banking relationships from financial institutions.
By empowering business owners to accept digital payments, both you and your business accountholders will attract new relationships and establish primacy, increase deposits, reduce displacement from competitors, generate non-interest fee income, and surface new lending opportunities from existing relationships.
The Banno payment acceptance modules are easy to find (with prominent placement in the main banking dashboard) and just as easy to use.
To get paid, users can simply click Send an Invoice or Accept Payment Now from the online or mobile banking dashboard. All first-time users must agree to the terms and conditions and enter any requested key information. For most users, this will likely be a handful of personal questions that can be answered in just under five minutes.
After enrolling, your users have the opportunity to brand their invoice templates with their specific branding before sending invoices off via email.
Users who initially clicked on the Accept Payment Now feature will be taken to a screen showcasing several options to choose from when accepting a payment. For example, users may opt to take a payment on the spot by manually entering a customer’s payment details, sharing a link to their payment form via text so the customer can enter their own details, or even downloading a QR code to print and share with customers later.
No matter the exact method chosen, the goal is to help your accountholders quickly and easily get paid through a card or ACH transfer and with payments sent directly to their accounts. Furthermore, accountholders won’t have to rely on any competing third-party apps to receive these crucial payments.
The importance of getting paid promptly cannot be overstated.
A U.S. Bank study indicates the reason small businesses fail has to do with overwhelming and critical cash flow issues. In fact, a staggering 82% of SMBs fail for this very reason.
This automated, seamless experience can increase cash flow while unlocking access to working capital.
Autobooks discovered 95% of their users’ digital invoices are paid within five days – reducing days sales outstanding, which is critical for any business owner.
Businesses and nonprofits can now self-enroll directly inside your online and mobile banking platforms to easily accept card and ACH payments. Additionally, accountholders can send and receive invoices within their existing bank accounts through any device – enabling them to run their businesses anytime, anywhere.
After your financial institution launches the payment acceptance modules, you’re able to easily track your usage online.
Furthermore, you’ll gain access to a complete online platform that serves as a direct connection between your financial institution and your small business accountholders – allowing you to anticipate the needs of your accountholders, tailor targeted messaging, and provide relevant support.
The online platform (powered by Autobooks) allows users to log in at any time to access a variety of updated, on-demand reports that focus on your small business accountholders and their ongoing activity. Users can select reports from a list of on-demand, weekly reports (payment reports, small business reports, and monthly revenue reports) organized to quickly provide any information needed.
As a financial institution, you can access competitor intelligence reporting to quickly identify and contact accountholders who rely on third-party payment providers.
Users can also download a variety of marketing and training resources designed to help launch and support the payment acceptance modules with additional access to a variety of training modules and supporting articles, plug-in widgets, templated website copy, and targeted email and social media campaigns.
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Ready to help your small business accountholders get paid directly from your Banno-supported, digital banking channels?
Discover how you can launch the Banno payment acceptance modules below.
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