Freedom Bank Adds Digital Invoicing and Payments Tools to Platform

The Freedom Bank of Virginia has deployed FinTech company Autobooks’ tools to add digital invoicing and payments solutions for the bank’s business clients.

With this new collaboration, Freedom’s small business clients can generate invoices that include a “pay now” button and send them directly to their customers’ inbox, the bank said Monday (Nov. 28) in a press release.

“Freedom Bank is thrilled to add these new digital and payment services to our robust suite of digital banking solutions,” Freedom Bank President and CEO Joe Thomas said in the release. “We pride ourselves on offering our clients online access to critical money management tools one would only expect at a larger bank.”

The new services are integrated within the bank’s online and mobile banking platform, making them readily available to its small business clients, according to the release.

With them, the small businesses can generate professional looking invoices quickly and easily, and their customers can use the “pay now” button to use a credit card or ACH to make the payment safely and securely, the release said.

Clients pay only the merchant fees for the payments, as there is no monthly cost for the service, per the release.

“At Freedom, we combine a technology forward focus business owners need with a more personalized relationship and advice small businesses want,” Thomas said in the release.

PYMNTS research has found that 64% of financial institutions are “very” or “extremely” willing to adopt new technologies to facilitate the consumerization of B2B payments.

They are doing so to meet a glaring need. Although 66% of financial institutions perceive the ability to offer clients digital payment solutions for addressing B2B payment frictions as “very” or “extremely” important, only 30% say their current solutions are “very” or “extremely” effective in addressing B2B payments frictions, according to “The New User Experience,” a PYMNTS and FIS collaboration.

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