Small Business Transfers FAQ
Market Drivers
- How do small businesses decide where they bank?
According to Celent (2007), small businesses are increasingly making decisions of where to bank based on the features and usability provided by online banking technology.
- Do small businesses value the ability to handle their cash management activities online?
Yes; In fact, Aite Group (2007) estimates that 25% of small businesses will adopt electronic invoice presentment and payment over the next four years, and, by 2010, these services could generate $705 Million in fee-based revenue for banks.
About Small Business Transfers
- Are the small business products sold separately?
Yes, all three services in the TransferNow® for Small Businesses Product Suite are stand-alone modules and are available for individual purchase. However, when all three modules are implemented together, financial institutions are able to provide their small business customers with a complete and compelling offering for online accounts payable and receivable management that will generate additional subscription and transaction revenue and help create lasting relationships with these attractive customers.
- How does a small business receive electronic payments from customers?
Small Business Invoicing and Payments allows small businesses to create and send electronic invoices. When a customer receives the invoices, they are directed to a website that enables them to make payments on that invoice. Customers can use a credit card or initiate an account-to-account funds transfer to pay the invoice. CashEdge refers to this payment website as a payment hub, and it is branded with the financial institution's graphic identity.
- What types of payment options are available to the small business for making vendor and employee payments?
Both the Vendor Payments and the Employee Payments modules offer one-time, recurring and future-dated payments to meet each business' individual needs. The modules also enable small businesses to make next-day payments, allowing businesses to hold onto their money longer and replacing the need to send checks via overnight delivery.
Risk Management & Security
- How do you guarantee safe online transfers for small businesses?
All of CashEdge's small business services are supported by the Company's risk management capabilities that leverage comprehensive, proprietary technology, and the insights gathered from managing risk for the world's largest financial institutions, helping institutions mitigate risk and decrease fraud exposure for all online transactions including those of small businesses.