Small Business Banking Made Better

Detroit, Mich. //

Sparta, Mich.-based ChoiceOne Bank, which has a strong focus on small business banking, was one of the first institutions to launch Autobooks, a small business payment and accounting platform integrated within a financial institution’s digital experience.

“Before Autobooks, small business accounting was saturated with single-purpose, expensive and complicated solutions,” said Adom Greenland, chief operating officer at ChoiceOne. “Autobooks introduced us to a simpler way to run a business, which our customers needed. Most of our clients operate their business from the field and need flexible solutions. Autobooks helps us become that one-stop digital destination for small business owners, supporting the backbone of our local economy.”

Autobooks’ insight into small business performance seeks to provide FIs with growth opportunities. For instance, electronic invoicing provides banks with a look into their customers’ cash-flow and future creditworthiness. Small businesses accepting payments with Autobooks have increased their deposits by an average of 18 percent, the firm stated in a release.

Rob Bava, president and CEO of Community Choice Credit Union, Farmington Hills, Mich., another Autobooks customer, said, “Integrating small business receivables, payables and accounting into our digital offering is a strategic, progressive way to grow new membership and deposits. And with Autobooks, we are helping our small business members gain a competitive advantage by bundling and automating financial instruments backed by a credit union they know and trust, rather than third-party solutions such as Square, QuickBooks or PayPal.”

The platform aims to provide contextual insights to help businesses proactively manage their cashflow, with personalized recommendations, best-practices and automated alerts, sending customers payment reminders or automating late fees. It also leverages partnerships with industry leaders like Microsoft to stay at the forefront of predictive business intelligence tools.

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