Jack Henry & Associates (Nasdaq: JKHY), a leading provider of computer systems and electronic payment solutions primarily for financial services organizations, today announced that its iPay Technologies division has introduced Biz 2.0 Crossover.
The new bill payment service identifies small business customers that are using a financial institution's consumer online bill payment product, but would realize greater benefits from a bill pay solution designed exclusively for small business needs.
Biz 2.0 Crossover is part of iPay's strategy to help financial institutions best serve small business customers while ensuring that those relationships achieve their greatest profit potential.
According to Bill Ready, president of iPay Technologies, "Today, small businesses need to optimize operating efficiencies and cash flow, simplify funds management and effectively control delegated tasks. However, most of them are not achieving these basic goals if they are using a consumer online bill payment product. The tendency to use a consumer bill pay solution typically stems from familiarity with the platform and its functionality, and many small businesses simply are not aware that dedicated online bill pay solutions are available to them. We believe financial institutions and their small business customers can both realize tangible, ongoing benefits from a more sophisticated bill pay solution."
By automatically tracking transaction volumes and types, iPay's Biz 2.0 Crossover allows financial institutions to identify which customers are using a consumer bill pay platform for their business payments. Biz 2.0 Crossover then uses that account insight to deliver a series of professional communications to small business customers to help them recognize the benefits of converting to iPay's small business bill pay solution, Biz 2.0. The messages can be presented as banner ads on a financial institution's consumer bill pay homepage during a user's online session, on interstitial Web pages or via e-mail correspondence. Each communication includes an enrollment prompt that enables small business customers to instantly and effortlessly enroll online for Biz 2.0, eliminating the manual conversion process.
iPay's Biz 2.0 provides small businesses anytime access and greater control and flexibility. It provides the functionality to meet billing and payroll needs without consolidating orders or using spreadsheets. It also enables small businesses to delegate tasks like scheduling payments and it simplifies account-to-account transfers. The solution supports direct deposits, the management of payday schedules and the generation of advance reminders.
Ready added, "As valuable as small business customers are, banks and credit unions must proactively communicate the benefits of a full online financial management platform. Biz 2.0 Crossover is an automated way to simplify these communications and ultimately support financial institutions' strategic goals of attracting, retaining and growing their small business customer base and incrementally increase the related revenue."