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iPay Technologies Biz 2.0 Online Bill Pay
Financial institutions know that small businesses are their most valuable customers. That’s why it’s so essential to make them long term customers. You can do it by offering the online bill pay solution designed specifically for the needs of small businesses. That’s Biz 2.0. from iPay Technologies, the easiest way to become indispensable to your most valuable customers.
Biz 2.0 Bill Pay:
• Provides community banks with the opportunity to capture increased market share of the small business segment. Biz 2.0 allows community banks to compete with larger financial institutions by bringing a product that meets the need of the profitable small business segment to market. A recent study conducted by iPay showed that 37% of small businesses with less than 50 employees would be willing to switch financial institutions if Biz 2.0 were offered.
• Provides community banks with a new revenue source. According to a recent study conducted by iPay Technologies, nearly 40 percent of respondents indicated they would be willing to pay a monthly fee to obtain business bill pay.
• Improves the perception of community banks. The study also found that 60 percent of survey participants would think more favorably of a financial institution that offers a wider range of dedicated small business banking services such as business online bill pay.
• Provides community banks with additional insights and tools to better meet the needs of small business customers. The crossover feature within Biz 2.0 identifies additional business customers that are currently using the consumer bill pay product and recommends switching to the business product. ~10% of all consumer bill pay users with consumer checking accounts are in fact small businesses that financial institutions are unable to identify. Those customers that self-select into the business product essentially raise their hand that they are in fact small businesses, and provide the financial institution with additional opportunities to cross sell other profitable small business products and services.
iPay Technologies
www.ipaytechnologies.com