To chase introduced a series of payment-oriented tools destined to small and medium-sized businesses (SMBs).
New tools include offerings to help small and medium business owners create and send electronically invoices and earn better customer insightsthe banking giant said in a press release on Wednesday (May 1).
“Today many small business owners need create manuallysend and reconcile your invoices,” Chase said in the statement.
To remedy this, Chase is offering a digital invoicing solution that allows businesses to create and send invoices via text or email and offers customers payment options such as check or via Zelleaccording to the statement.
Additionally, Chase plans to launch Customer Insights, a business intelligence platform that helps business owners reach their customers more effectively and make better decisions, the release states. The platform is available now to customers using Chase to accept credit card payments.
The bank also recently launched an online payments center that, among other things, allows businesses to send large sums of money quickly and securely, issue and send fewer checks, and choose delivery methods as default, same-daily or in real time, according to the release.
Earlier this week, PYMNTS examined the importance of payments to SMEs.
“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, promoting loyalty and generating repeat business,” the report states.
Because 80% of younger consumers instead of use digital wallets and contactless alternatives to traditional payment methods, digital payments they are seeing an increase popularity. That makes adopting and offering them a must for small and medium-sized businesses, especially older ones who may be more reluctant to invest in new payment offerings.
PYMNTS Intelligence found that small and medium-sized businesses that have been in business for more than two decades are decline in growth compared to younger people business.
“Consumer 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 provide more options payment is a big advantage. strategy for doing so,” PYMNTS wrote.
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