The effort, called Get Paid with Autobooks, will help SMBs and nonprofits enroll directly with the company to take in card and automated clearing house (ACH) payments online and have them sent directly to their current account at their financial institution (FI).
“Small businesses that typically rely on face-to-face payments are being forced to quickly pivot to receiving customer payments online, and we want to help financial institutions to support them in their moment of need,” Derik Sutton, vice president of Product & Experience of Autobooks, said in the release. “We want to ensure small businesses can Get Paid now, and we will work with the financial institution on deeper integration later.”
Businesses can enroll directly with Autobooks, connect their checking account, and start taking payments “within minutes,” according to the release. SMBs will receive a notification at the time that a payment is received, and funds will be sent directly to an account with an FI that they prefer.
“Small business owners can now keep a finger on the pulse of their business, with up-to-the-minute accuracy to proactively manage their cash flow,” the company said in the release.
As it stands, the company said in the release that SMBs are a key part of the economy and they have almost half of the private workforce of the U.S. in their employ.
In separate news, Xero, the cloud accounting firm, and Square, a payment services company, are teaming to provide a tool for faster invoicing and payments to SMBs, per news in February. SMBs using Xero can email invoices with the built-in Square payment functionality.
Customers can then pay invoices immediately with a debit or credit card, and the transaction is then recorded in Xero automatically as soon as the funds reach a user’s business bank account.