From invoicing to getting paid: Reaching more SMBs with a streamlined experience

Erin Erhardt

Executive VP of Strategy and Product

• 140+ Enrollment in first two months of offering Autobooks
• 120+ Small businesses received a payment within 4 months of launch

Midwest BankCentre is redefining payment acceptance for their small business customers, making it easier for customers to boost cash flow while continuing to provide expert guidance.

Midwest BankCentre

• $2.4 Billion
• St. Louis, MO
• Erin Erhardt, EVP of Strategy and Product

Midwest BankCentre has been a mainstay of the greater St. Louis community banking scene since 1906. The bank employs about 280 staff across 17 branches and one loan production office, with assets exceeding $2.2 billion and deposits of more than $1.7 billion. The bank has been recognized for its commitment to diversity and inclusion, receiving the 2019 Community Commitment Award and the 2018 National Community Bank Service Award.

The Partnership

• Launched January 2022
• Digital Banking: Banno from Jack Henry
• Autobooks Embedded Client

Midwest BankCentre partnered with Autobooks in January 2022 to launch integrated invoicing and online payment acceptance features available through the Banno Digital Banking Platform. They also offer an upgrade option for accounting and reporting, designed to work seamlessly within the platform.

Erin Erhardt

Erin Erhardt is the Executive VP of Strategy and Product, having joined Midwest BankCentre in 2016 with over 15 years of banking experience, including 11 years at PNC Bank. She is passionate about the bank's commitment to its customers and community.

According to Erin, small businesses have evolved, making it harder for banks to meet their unique needs.

"If you think back to traditional small business banking, it was just a smaller version of commercial. Now there are many smaller businesses operating from homes or online, which are more unique."
"What we found, because we had such a strong commercial focus, is that we actually had a lot of smaller business customers that really weren't being serviced by anyone outside of just the branch managers."

To address this, they partnered with Autobooks in January 2020 to support receivables.

"I think the pandemic gave a lot of people the time and opportunity to start things up that maybe they didn't have before. But we didn't have many product offerings catered to small businesses."

Midwest BankCentre decided to partner with Autobooks to enable their customers to thrive during this tumultuous period, using simple plugins through their digital banking platform.

"When we found out that the Autobooks solution was going to be an option through Banno, that was very exciting for us."

After launching, the bank saw over 140 enrollments within two months, with over 120 customers continuing to use the tools month-over-month.

Erhardt praised her teams for their preparedness in handling customer queries and ensuring everyone understood the Autobooks solution.

So far, the integration has received positive feedback, and the bank is optimistic about future growth in small business banking.

"Yeah, we are looking forward to it. It has given us an edge and we're definitely always looking for those fintech partners that can play well with the providers that we already have."