Genesis Bank and Fiserv have formed a new partnership aimed at supporting small businesses in low-to-moderate income (LMI) neighborhoods.
The collaboration seeks to build economic empowerment and create a positive impact in local communities by providing customized access to Clover from Fiserv, the company said in a Tuesday (Feb. 20) news release.
Small businesses in LMI communities served by Genesis Bank in Southern California will now have access to specially designed technology bundles, according to the release. These bundles address the unique challenges faced by these businesses and offer access to select Clover point-of-sale (POS) technology from Fiserv. The entry costs for this technology will be either low or non-existent, and the subscription fees will be “significantly discounted,” Fiserv said.
“We are incredibly excited to be partnering with Fiserv to offer this low-cost retail solutions bundle to small- and mid-sized businesses,” Genesis Bank Chairman and CEO Stephen H. Gordon said in the release. “Genesis Bank recognizes cost burden as being a significant barrier to gaining access to such essential technology, especially for the diverse small business owners and entrepreneurs that have historically been underserved.
“Accordingly, we believe this affordable Clover offering will further support our mission to make an impact in the diverse, entrepreneurial LMI communities we serve across Southern California, extending our collective reach into those businesses in need of such essential technology,” Gordon added.
“By partnering with Genesis Bank, we can support [small business] growth and help maximize their impact by providing critical financial technology resources to the businesses that play a meaningful role in creating the vibrant and entrepreneurial communities that comprise Southern California, the second largest and most diverse demographic in the U.S.,” Neil Wilcox, head of corporate social responsibility at Fiserv, said in the announcement.
The Clover point-of-sale and business management system enables small and medium-sized businesses (SMBs) to accept payments, enhance customer experience and streamline operations.
Fiserv noted during its latest earnings call that Clover-related revenues had grown 30% and that annualized gross payment volume reached $271 billion, an increase of 17%.
“It’s the newest piece of the of the organization. But we’re seeing good growth across the board,” CEO Frank Bisignano said during the call.