Chase today announced a series of new product innovations designed to help small business owners overcome some of their biggest challenges.
Some of the biggest concerns for small business owners include cash flow, staffing and sales growth. That’s why Chase is introducing new services that enable small business owners to create and send invoices electronically, better leverage customer insights and speed up the payment process.
“We want to be good partners to our business customers, and that means listening to them and developing products and services that meet their needs,” said Ben Walter, CEO of Chase for Business. “Our customers consistently tell us that they expect more from their bank than just traditional transaction support. They want to work with great people and they want great technology running in the background. We are uniquely positioned to offer both.”
Create and send invoices electronically
Today, many small business owners have to create, send and reconcile their invoices manually. Starting in May, Chase will offer a digital invoicing solution that offers small business customers an easier way to invoice their customers so they can get paid faster. It is available exclusively to Chase Business Complete Banking customers at no additional cost.
Through chase.com or the Chase Mobile® app you can:
Easily create professional-looking invoices that can be sent via SMS or email
Offer your customers payment options, including by Zelle® or check
Additionally, with Chase QuickAccept®, customers can also easily and securely accept credit card payments and receive same-day deposits, automatic online billing updates and higher daily acceptance limits
In a recent Chase for Business survey, 86% of small business owners said it was important to send and receive invoices quickly.
48% said it currently takes more than three business days for invoices to be paid. Only 14% say their bills are paid in real time
50% said they would switch banks to one that offers free digital billing
Get actionable insights
Chase also plans to launch Customer Insights, a powerful business intelligence platform that delivers simple, actionable insights to help business owners reach their customers more effectively, operate more efficiently and make better strategic decisions.
The platform is already available to customers who use Chase to accept credit card payments.
Chase for Business customers have free access to aggregated, anonymized data about businesses like theirs, such as average customer profile, average ticket amount and busiest shopping times.
When they use Chase to accept credit card payments, they receive transaction-based data paired with actionable insights:
Marketing and loyalty program suggestions based on sales trends
Staffing recommendations based on peak transaction times
Suggested expansion options based on customers’ zip codes
“Customer Insights has been an absolute godsend,” says Cullen Fuller, co-owner of Chicago boutiques Meredith Jaye and M and Em’s. “It helped us define who our customer is. I receive data that would cost me thousands of dollars to obtain elsewhere. It makes me more money, ensures positive margins and is free.”
“Before Customer Insights, I simply targeted my social media campaigns within a 35-mile radius of my store,” says Terica Gatewood, co-owner of Play It Again Sports in Topeka, Kansas. “Because I have zip codes of regular customers, I can focus my marketing and expand my budget. It also helps me check the effectiveness of my campaign and compare it with reports from my marketing agencies.”
In the Chase for Business survey, 82% of small business owners said they would likely use data to make business decisions.
64% are interested in data for competitive analysis
59% are interested in data that helps them understand customers’ spending habits
Send payments faster
Chase recently launched an online payments hub, giving business owners a choice of secure, on-demand options for paying suppliers and employees.
Business customers can:
Send large amounts of money quickly and securely
Reduce check writing and mailing
Choose your delivery method (Standard, Same-Day or Real-Time)
Pay as you go (per payment) instead of a flat monthly fee
Chase is one of the first banks to offer real-time, same-day, standard ACH (electronic) payments with no flat monthly fee. In the Chase for Business survey, 83% of small business owners said they would prefer to pay their suppliers electronically.
Only 31% prefer to send a paper check
54% said they would switch banks to one that sends same-day or real-time electronic payments
Accept contactless payments via iPhone
Last year, Chase became one of the first banks in the U.S. to offer Tap to Pay for iPhone. It is only available to business customers who use Chase QuickAccept to accept payments. Businesses can accept contactless payments seamlessly and securely with just an iPhone and a supporting iOS app – no additional hardware required. The feature accepts all forms of contactless payments, including Apple Pay, contactless credit and debit cards, and other digital wallets.
“With Tap to Pay on iPhone and the Chase app, I can expand my business to more events,” says Eunji Lee, founder of Lysée, a pastry shop in New York. “It’s a great opportunity for me to expand beyond my business.” ”