Small Business Vendor Payments
Small Business Vendor Payments, part of the TransferNow® for Small Businesses Product Suite, allows business owners to easily make payments from their business accounts directly to the accounts of other businesses, including vendors, suppliers and service providers, via electronic transactions. Small Business Vendor Payments provides a superior solution to online bill pay, offering direct account-to-account transfers from small businesses to their vendors.
By providing small business customers with a simple and secure business-to-business payment service, financial institutions can attract new customers, generate new subscription and transaction-based revenue streams, and strengthen relationships with existing customers.
Key Features:
- Simple Vendor Payments: Enables small businesses to make payments from their business accounts directly to the accounts of other businesses held at more than 23,000 institutions, the broadest coverage possible.
- Convenient Payment Options: Offers one-time, recurring and future-dated payments to meet each business's individual needs, and provides email messaging capabilities to notify vendors of payments in process.
- Next-Day Payments: Gives small businesses the opportunity to make next-day payments, allowing businesses to hold onto their money longer and replacing the need to send checks via overnight delivery.
- Real-Time Payment Tracking: Enables small businesses to track payment history in real time to better manage accounts payable and cash flow.
- Optimized Payments Operations: Handles all aspects of ACH processing, including exceptions, resubmissions and inquiries, and features five daily ACH submissions and the latest ACH deadline in the industry.
- Regulation-Compliant: Complies with all applicable regulations, including Regulation E, NACHA, GLB, FCRA, and U.S. Patriot Act.
- Comprehensive Risk Management: Leverages CashEdge's industry-leading risk management expertise to provide robust identity and account verification, and configurable options for account and transaction monitoring.
Benefits to Financial Institutions
- New subscription and transaction-based revenue streams
- Enhanced offering to attract new small business customers
- Differentiated services for an underserved market
- Increased small business customer satisfaction
- Robust risk monitoring capabilities
- Heightened knowledge of small business customers' habits, providing better opportunity for marketing and cross-selling
Benefits to Small Business Customers
- Secure transfers to a vendor's account without sharing account information
- Improved accounts payable management
- Multiple payment options, including one-time, recurring and future-dated
- Faster payment/settlement time compared to checks
- Real-time tracking of payment history
- Decreased time and cost associated with administrative tasks and paper checks
- More environmentally friendly approach to cash management
- Next-day payments, replacing overnight delivery expenses
- Integrated email messaging to alert vendors of payments and invoices
Frequently Asked Questions
Better Than Bill Pay: Small Business Vendor Payments provides a superior solution to online bill pay, offering direct account-to-account transfers from a small business to its vendors - eliminating the need and costs associated with paper checks and postal delivery.