Banks are ignoring the faster payment needs of small businesses
Analysts and industry leaders are calling for financial institutions of all sizes to invest in small business banking services. Despite the rising demands of the small business market, many financial institutions are ignoring the call – placing their business relationships in further jeopardy while non-bank providers like Square, PayPal and QuickBooks continue to advance their strategies. The window of opportunity is slim for financial institutions to gain market share.
Those who have realized the growth potential of this market are offering innovative payment services for their business customers. This allows business owners to focus on their passions instead of getting bogged down in managing their finances with multiple solutions or paper-based alternatives. Steve Robert, co-founder and CEO, urges banks and credit unions to start actively putting plans in place for small businesses in this PaymentsSource article .
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