REUTERS/Shannon Stapleton This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . Over 3 million Bank of America small business customers can now directly enroll in Viewpost’s digital invoicing network to securely exchange electronic invoices and payments at no or low cost, according to the Orlando Business Journal . Bank of America and Viewpost initially partnered in late 2015, but only added a direct enrollment option, which will help onboard customers faster, this week. Bank of America is Viewpost’s third bank partner, following Fifth Third Bank and US Bank, but the first to offer direct enrollment. The addition of simple, digital B2B payment options solves small business pain points.Most small businesses don’t use advanced accounting software or send out electronic invoices, Viewpost CEO Max Eliscu told BI Intelligence , Business Insider’s premium research service. That’s likely because full-service solutions are often too expensive for smaller platforms to use, which pushes them to other options that tend to be time-consuming and limit payment visibility and transparency. Viewpost’s platform helps resolve many of those issues, which in turn makes it easier for small businesses to focus on other things. Investing in these types of services ultimately helps Bank of America. Adding these services meets customer needs. Small businesses are interested in electronic options to better understand invoicing, payments, and other critical functions, according to Eliscu. Meeting these needs pleases customers, which in turn could make them more loyal and reduce churn. Banks can turn that satisfaction into revenue. Platforms like Viewpost also gives banks better access to information about their customers’ needs in real time, Eliscu told BI Intelligence. Banks can then leverage that knowledge to offer specific products, like loans or consultative advice, in a targeted way so that […]
