Banks can maximize their small and medium business relationships by offering a complete suite of payment services
Fundtech, a market leader in global transaction banking solutions, today released a white paper titled "Winning Small and Medium Businesses: The Payments Advantage." It provides a roadmap for ways in which banks can effectively win small and medium-sized business market share through delivery of integrated payments solutions.
Small businesses number an estimated 27 million in the United States. They must offer their customers multiple payment options and support multiple payment types, but have little time to manage multiple payment applications and track down unpaid bills. Given the sheer number of small and medium businesses (SMBs), this market represents a significant revenue generation opportunity for banks that already have the relationships with these customers but need to find a better way to offer treasury services, merchant processing and remote deposit in an integrated way that simplifies and automates payments processing for these firms. Through such an offering, small and medium-sized businesses will save time, money and have more transparency into their business; and banks will deepen their relationships with their business customers.
“Banks are in a strong position to leverage existing relationships with SMB customers, but time is running out as new, non-bank competitors enter the market,” says Danne Buchanan, Executive Vice President, Merchant Services, Fundtech, and author of the white paper. “Banks that move quickly to offer simple, automated, integrated payments solutions that are interoperable with the bank’s portal will appeal to SMB customers, strengthening the bank’s relationships with these customers and increasing bank revenues.”