Chase Offers Small Businesses More Credit Insights

Chase has introduced new tools for small business in its Chase for Business mobile and online hub.

The updates, announced Tuesday (June 9), include the debut of Business Credit Journey, a tool that helps owners monitor and strengthen business credit, and greater availability of Customer Insights, an analytics offering providing visibility into customer and local market trends.

“Small business owners are making important decisions every day, and innovation should deliver practical solutions – not just new features,” Jameson Troutman, head of product for Chase for Business, said in a news release.

“With Business Credit Journey and other tools in Chase for Business mobile and online, we’re giving owners clearer visibility into their business so they can plan ahead, respond to change, and grow with confidence.”

The release cites a survey by Chase of small business owners showing that less than half had checked their company credit score. This underlines the need for tools to better help owners understand and manage their operations, the release said.

Business Credit Journey, Chase added, lets owners track changes to their credit over time, while giving access to two business credit scores from Dun & Bradstreet. It also notifies owners via email when their scores change, and includes educational guides on how to establish and improve credit.

In other small business news, PYMNTS wrote recently about research showing that for many small and medium-sized businesses (SMBs), the shift away from cash will center less on digital enthusiasm and more on “whether new payment tools can feel as simple, immediate and reliable as cash itself.”

That is the larger story within “Ready for Change: Why Nearly Half of SMBs Want to Ditch Cash and Checks,” a PYMNTS Intelligence report produced in partnership with Mastercard.

The study found many SMBs want to lessen their reliance on cash and checks, but still have practical reasons for holding onto legacy payment methods.

These methods are woven into the businesses’ day-to-day operations, supplier relationships, bookkeeping habits and cash-flow needs. The research also suggests that business cards have room to grow, particularly when they are positioned as tools for control, visibility and working capital and not simply payment products.

“The most revealing finding may be that cash-heavy firms are not necessarily the least ready to change,” PYMNTS wrote. “In many cases, they are among the most interested in doing so. That creates an opening for banks, card issuers and payments providers, but only if they solve for the reasons cash still work.”

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