There is a strong desire among small
businesses to accelerate and simplify current payable and
receivable processes, says a survey by payment services company
CashEdge.
The 2011 Small Business Payables and
Receivables Survey also details a willingness to adopt new
e-payment solutions to support faster alternatives to manual
payable/receivable processes and with the majority of small
businesses reporting strong loyalty to their banks, the area is
said to represent a key opportunity for banks to provide these
payment services.
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“As we’ve seen with consumer banking, there is
a strong, growing desire for more electronic P2P payments solutions
among the small business segment,” said Neil Platt, SVP and general
manager for banking and payments at CashEdge.
“Small businesses are looking for faster,
simpler and more efficient options for both payables and
receivables. We see this as a tremendous opportunity for banks to
strengthen key small business relationships by providing more
electronic payment options – such as Popmoney and TransferNow for
Small Business – to their small business banking customers.
Survey respondents reported that while most
still rely on manual, spreadsheet and paper-based systems for their
account payables and receivables processes, 60% said they would use
an automated clearing house (ACH) receivables service to get paid
electronically if it did not require sharing account
information.
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