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An all-in-one billing and payments platform could be a game-changer for small businesses

Imagine you are a small business owner. Your customers are your No. 1 priority, but a close second is all the back-office work you have to manage. Your resources are stretched thin, and you wish your trusted community bank or credit union could provide more support, particularly with cashflow and managing incoming and outgoing payments.

Small business payment needs have historically been underserved, and manual and paper-based processes are still commonly used. Existing capabilities are often fragmented, with most small businesses using two to four tools and providers to manage billing and payments – which can be time-consuming, inefficient and error-prone.��

To make matters worse, vendors often set their own rules for invoicing and payment acceptance. Small businesses can end up using their financial institution’s online bill pay service, direct billing to one or more credit cards, vendor payment portals, accounting software with payment features, paper and email invoicing, checks and more. Each of these may have its own unique interface, or website, or mobile application. Companies with large finance and accounting teams may be able to manage the potential confusion, but you have to feel for the small business trying to handle it all.

In addition, small business owners need real-time optics into how their business is doing financially. Most small business owners worry about running out of cash and need extra money to reinvest back into the business. Providing small business owners with rich “money in” and “money out” data will improve their financial insight as well as help financial institutions understand and offer them the appropriate lending solutions.

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