DETROIT, May 18, 2021 — Autobooks, the emerging leader in embedded invoicing and payment acceptance for financial institutions, today announced they have crossed a milestone of partnering with over 100 financial institutions.
The Detroit-based fintech partners with banks and credit unions to integrate digital invoicing and online payment acceptance directly within the financial institution’s existing digital banking channels.
“Enabling small and micro businesses to accept online payments directly into their checking account is similar to a consumer establishing direct deposit — it helps to ensure primacy,” says Derik Sutton, vice president of marketing at Autobooks. “We help financial institutions stay ahead of the competition, increasing engagement by becoming the back office for their customers.”
2020 represented a dramatic shift from accepting payments in person to online. Businesses have recognized the need to modernize the file cabinet and that, by embracing online payments, their customers pay them much faster. Challenger fintechs have taken notice, and are leveraging the growing online trend to steal small business relationships away from financial institutions.
Autobooks has proven to help financial institutions increase small business product mix, reduce attrition and displace usage of challenger products. In addition to invoicing and online payment acceptance, Autobooks offers cash flow management, accounting, and financial reporting tools as part of its full product suite. With Autobooks, financial institutions can deliver contextually relevant services that serve their clients needs while increasing engagement, loyalty and profitability.
Recognizing the need to better support small businesses, 46 financial institutions partnered with Autobooks in 2020 — 250% more than the previous year. Growth has further accelerated in 2021, as Autobooks is now being deployed into more than 5 financial institutions each month, including its 100th client, Susser Bank.
“Small businesses need solutions and ideas that will drive their success,” said Carl Cravens, Chief Lending Officer at Susser Bank. "Our partnership with Autobooks is another opportunity to deliver real value and help solve what’s next for our clients. In addition to the technology being best in class, Autobooks has a great team in place that will help us launch this service in July, so our clients can focus on their growth.”
Turn-key integrations enable financial institutions to focus on delivering value. “Since launching Autobooks we’ve seen first-hand rapid adoption of eInvoicing from our small businesses - outpacing prior product rollouts,” says Evan Ashcraft, VP of product strategy at nbkc. “Even receiving multiple instances of unsolicited positive feedback from customers saying things like, 'this is a game changer'.”
Launched in 2017, Autobooks recently announced a $25M Series B round, led by MissionOG, on the heels of a record-breaking year. In just a few years, Autobooks has built integrations and forged partnerships with all major core and internet banking providers making it easy for financial institutions to unlock new potential. The fintech has partnered with Microsoft Financial Services to deliver its solution on Azure, which provides best-in-class data storage, security, and insights to financial institutions of all sizes.
“As an early adopter, we’ve been an advocate of Autobooks for a long time. We’re always looking for opportunities to support our local businesses,” said Rob Bava, CEO at Community Choice Credit Union. “Offering this tool gives owners time back in their busy schedules to focus on serving their customers, growing their business, or getting in some extra family time. We feel good about helping our business members save time and money.”
About Autobooks: Detroit-based Autobooks is a provider of small business banking solutions that include digital invoicing, online payment acceptance, cash flow management, automated accounting and financial reporting. Autobooks offers pre-built integrations to industry leading core and merchant processing solutions as well as dedicated go-to-market support, allowing financial institutions to launch on average within 90 days.
To learn more, ask your technology provider about Autobooks or visit www.autobooks.co to schedule time with the Autobooks team.