B2B Payments

First Bank Implements Autobooks To Boost B2B For SMBs

Missouri-based First Bank will now be using Autobooks to help clients such as small- to medium-sized businesses (SMBs) boost their banking experiences, according to a press release.

Among the new features will be the ability for customers to get paid at a distance and monitor cash flow in real time, the release states.

Before Autobooks, First Bank would recommend quality accounting software to clients, but clients often found it cumbersome to download transactions and work with financial information, according to the release. Autobooks' invoicing, accounting and payments tech "will enable small businesses to conduct their financial activities in one place.”

Steve Robert, co-founder and CEO of Autobooks, said it would now be easy for SMBs to "enroll and receive online payments in minutes, saving hours each month through our automated payment reconciliation and accounting functionality," according to the release.

Jon Moen, director of Product at First Bank, said the bank is still committed to working with smaller firms.

"Partnering with Autobooks reinforces our commitment to becoming trusted advisors for our small business customers, especially during times like these," he said.

Autobooks recently put into place its Get Paid with Autobooks feature to help SMBs receive payments online. By letting SMBs sign up with the company, the SMBs can then access in-card and automated clearing house (ACH) payments that go straight to their financial institution (FI).

The process can be completed within minutes, and Derik Sutton, vice president of Product & Experience of Autobooks, said the solution will be a boost for SMBs used to relying on face-to-face transactions. With the pandemic, Sutton said those businesses have had to quickly reinvent themselves, and Autobooks' solution could "support them in their moment of need."

Sutton also said there could be deeper integration with FIs later on.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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