Banks' complex B2B payments opens the door for fintechs
As we established in our last blog and PaymentsSource byline, business owners find that setting up bank accounts is often tedious and time consuming. Although businesses trust their financial institutions and value their banking relationships, they often turn toward non-bank providers to provide payment services.
That needs to change. Modern financial institutions have recognized the small business market as an area of opportunity, offering businesses a better way to collect and receive payments. Of these leaders, three Michigan-based institutions have collectively accrued more than $8 million in receivables in their first year in the market. Read about how offering consolidated small business solutions enables institutions to attract net-new customers and strengthen existing banking relationships, in co-founder and CEO Steve Robert’s second PaymentsSource article in the series.