B2B Payments

Autobooks Enables SMB Payments Via Accounting Portal


To help small- to medium-sized businesses (SMBs) receive payment online, SMB payment and accounting platform Autobooks unveiled the rollout of a new initiative, according to a press release.

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.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.