For small businesses, getting paid is a pain, and its causing widespread problems. Most (60%) say they regularly struggle with cash flow, and many (40%) say it has limited their growth, according to a Bank of America survey. Now, through technology partnerships with fintechs, banks and credit unions are easing that pain and challenging competitors like Square and PayPal as a result.
In July, nbkc bank announced businesses could begin taking cashless and cardless payments directly through its mobile banking app using Apple’s Tap to Pay on iPhones.
With that expanded offering, they now provide small businesses with seamless and automated tools to manage their revenue: invoicing, payment, bookkeeping, and banking. And, through an integration created by Q2 and its Innovation Lab, it’s all done while avoiding challenges that often hinder institutions from launching new technology.
Small businesses investing in payments
The most unwanted “hat” in business owners’ repertoire is the list of minutiae required to get paid. Almost every step is manual. Even where software takes on work, the systems don’t talk to one another. These idiosyncrasies result in cash flow struggles for small businesses.
continue reading »