Contactless card payments, digital banking, and Business Bill Pay can help streamline your banking, allowing you to work efficiently and effectively from your desktop or mobile device, almost anywhere.
As small business owners adapt to a stronger emphasis on remote transactions and an increased reliance on digital platforms, banks are working to meet their changing needs. Small business owners can take advantage of convenient banking features to help maximize their time and meet their business needs.
Accepting new payment types makes it easier for your customers and faster for you to access your funds
The pandemic accelerated consumer adoption of card payments — particularly contactless and digital payments. Research from a McKinsey & Company study found that 76% of consumers used a new payment method in the last year, and 75% say they’ll continue to use these new methods. In addition, a study from the Strawhecker Group found that 26% of consumers said they wouldn’t rely on cash as much as they had pre-pandemic. As a result, accepting contactless payments can help position your small business to make it more convenient for your customers to pay. Plus, it’s a faster way for you to get paid.
By accepting card payments, you can receive those funds in your account as soon as the next business day1, while cash and checks must be deposited at the bank. Getting paid quickly allows you to allocate those funds right away to critical areas of your business, such as payroll, inventory, rent, and more.
Last, by using the latest payment technologies such as virtual terminals and all-in-one point-of-sale (POS) systems, you can access helpful tools, including:
- sales analytics and data
- customer information collection
- payroll tools
- inventory management
- tax reports
- and more
These payment systems can be linked to your devices so you can manage them almost anywhere, anytime.
Align your banking with the shift toward convenience
The COVID-19 pandemic has built momentum for remote working, which seems to be here to stay for many small businesses. In response, ACH transfers and online options for business payments like Business Bill Pay can help keep things running smoothly, allowing you to do business from almost anywhere. Use Business Bill Pay to pay your suppliers, utilities, or other bills.
Additionally, Business Bill Pay can provide reminders and options for auto payments. Transfers are quick and easy, typically clearing in minutes, which can save a lot of time and hassle. The Bureau of Fiscal Service notes that a paper check is 125 times more likely to have a problem than an electronic payment, in addition to the added time to process the check and the costs involved in obtaining checks to send to your suppliers. Accepting transfers will help prevent added stress and the troubleshooting sometimes needed when accepting and sending checks.
By shifting to online banking and cashless payments, you can do most of your banking from your desktop or mobile device2, allowing you to work efficiently from anywhere you have an internet connection.
Staying up to date is smart business
Times, needs, and regulations are changing rapidly, and we’re here to help. Wells Fargo is keeping up to date with the Small Business Association and COVID-19 regulations to provide guidance and solutions that address the changing needs of our small business customers.
It’s time to change the way you manage your business so you can meet the evolving needs of your customers and the marketplace. Contactless transactions and robust POS solutions, can help you better serve your customers and give you tools to help you improve your cash flow. Mobile and online banking options and Business Bill Pay can streamline your business operations and save time.
And as 2021 unfolds, you can continue to find resources, up-to-date information, and virtual support as we help you meet the needs of a changing small business landscape.
- When depositing into a Wells Fargo business deposit account. Please refer to the Merchant Services Terms and Conditions and Operating Rules or Program Guide for additional information.
- Availability may be affected by the coverage area of your mobile carrier. Your mobile carrier’s message and data rates may apply.