Upgrade Small Business Banking
Upgrade small business banking.
Stay ahead of the competition.
Small business is becoming big business.
There are about 32.5 million small businesses in the U.S. — roughly 26.4 million of them are non-employer firms. In addition, there are 64.6 million independent workers — adult Americans of all ages, skills, and income levels — who work independently. These groups make for a powerful economic force. However, more than 50% of them don’t think their financial institution understands their needs.
- 32.5M Small Businesses
- 64.6M Independent Workers
Transactions are moving from in‑person to digital
Small businesses are turning away from accepting cash and checks in person, to accepting in-app and online payments via card.
73%
of small businesses said new forms of digital payments are fundamental to their growth.
59%
plan to shift to using only digital payments within the next two years, or are already cashless.
The Small Business Banking Challenge
Small businesses need serious help with cash flow
The primary need of a small business is to manage cash flow — including the ability to invoice and receive payment. According to a 2016 report from Chase, the median small business owner only had 27 days of cash in reserve. Also, there is a tight correlation between daily inflows and outflows of cash.
This means that any disruption in consistently bringing in cash can have a catastrophic impact on the health of a small business.
- 27 days — median number of days before a small business runs out of cash reserves.
- 25% of small businesses have less than 13 days of cash reserve.
Most financial institutions are not in a good position to help small businesses
When it comes to managing cash flow, small business owners are stuck between two offerings within a bank: Consumer products that are too basic, and commercial/treasury services that are too complex and costly.
Realizing this disconnect, small business owners and independent workers are quickly turning to digital-first challengers for the help they desperately need.
Digital-first challengers are winning over small businesses
Small businesses, for their part, have become receptive to the many solutions now easily available to them. And clearly, they are willing to pay to find relief, whether to streamline existing processes or find better ways to manage finances.
As challengers introduce more services available with a few clicks of a button, financial institutions become less relevant to the day-to-day needs of small businesses. As a result, small businesses are slowly but surely leaving their banks and credit unions behind.
It’s time to upgrade small business banking.
We make it easy to offer Autobooks to your small business customers — right inside your digital banking channels.
Accept digital payments, including all major credit cards.
Send professional invoices, with the ability to customize them.
Get paid directly into their account, where they can access funds easily.
Manage cash flow, automate reporting and bookkeeping, and more.
By upgrading small business banking, you’re helping your financial institution stay ahead of the competition.
Increase Deposits, Reduce Displacement
When a small business owner gets paid through Autobooks, the payment is deposited at your financial institution rather than a virtual wallet or outside account.
Generate Non-Interest Fee Income
Every time a business owner accepts payments through Autobooks, your financial institution receives a share of the interchange revenue.
Increase Small Business Primacy, Engagement, And Loyalty
Provide business owners with the tools they need to better manage their cash flow. Accepting payments directly into their account establishes a sticky, "direct deposit" type relationship.
Stay Ahead of the Competition
Digital-first challengers are aggressively marketing to small businesses, using online and in app payment acceptance as their foot in the door. Stand out from competitors by making embedded payment acceptance standard features of your digital banking experience.
Adom Greenland
ChoiceOne Bank
We know we can't do everything that a big technology player can do, but with some ingenuity and a good partnership with a company like Autobooks, we feel that we can compete. With Autobooks, we can offer payment acceptance right alongside our bank accounts — and knowing that we're going to be able to fight this battle on the payment front, and that we're going to keep that checking account and that relationship, that means a lot. What I love is once customers sign up for Autobooks, their reliance on other payment systems just goes away.