Chase introduced a series of payments-oriented tools aimed at small- to medium-sized businesses (SMBs).
The new tools include offerings to help SMB owners electronically create and send invoices and gain better insight into customers, the banking giant said in a Wednesday (May 1) news release.
“Today many small business owners have to manually create, send and reconcile their invoices,” Chase said in the release.
To remedy that, Chase is offering a digital invoicing solution that lets businesses create and send invoices via text or email and gives customers options to pay, such as via check or through Zelle, according to the release.
In addition, Chase plans to introduce Customer Insights, a business intelligence platform that helps business owners more effectively reach their customers and make better decisions, the release said. The platform is available now for customers who use Chase to accept credit card payments.
The bank also recently debuted an online payments hub that, among other things, lets businesses send large sums of money quickly and securely, write and mail fewer checks, and choose from delivery methods like standard, same-day or real-time, according to the release.
Earlier this week, PYMNTS examined the importance of payments for SMBs.
“Offering multiple payment options and ensuring a smooth payment experience contributes to customer satisfaction, and satisfied customers are more likely to return and recommend a business to others, fostering loyalty and generating repeat business,” the report said.
Because 80% of younger consumers would rather use digital wallets and contactless alternatives than traditional payment methods, digital payments are seeing a surge in popularity. This makes embracing and offering them a must for SMBs, especially older ones that may be more reluctant to invest in new payment offerings.
PYMNTS Intelligence found that SMBs that have been in business for more than two decades are declining in growth compared to younger businesses.
“Shoppers’ payment preferences are evolving rapidly, and the lack of growth among more mature small businesses suggests there is room for them to learn to innovate to attract more consumer spending and mirror the trajectory of younger businesses — and providing more payments optionality is a great strategy to do so,” PYMNTS wrote.
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