Global transaction banking solutions specialist Fundtech has released a white paper titled
‘Winning Small and Medium Businesses: The Payments Advantage’
. The publication offers a roadmap for ways in which banks can effectively win small and medium-sized business (SMB) market share through delivery of integrated payments solutions.
Fundtech adds that small businesses number an estimated 27m 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 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, SMBs 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 (EVP), 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.”
A complimentary copy of the Fundtech white paper can be downloaded by visiting http://www.fundtech.com/library/white-papers/.
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