Jack Henry & Associates (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for financial services organizations. Its iPay Technologies division announced today that Michigan-based Community Choice Credit Union has selected its Biz 2.0 small business online bill pay platform.
Community Choice Credit Union places a high priority on its small business members and offers several products and services for their unique requirements. The credit union wanted to also provide these members with tools that can generate operational efficiencies and more effective cash flow management - two primary concerns for most small businesses. Biz 2.0 offers payments capabilities designed specifically for small businesses that are not traditionally part of consumer online bill pay solutions. These features include customizable user entitlements, accounts payable and accounts receivables functions, electronic invoicing, custom audit reports, and person-to-person (P2P) payments, all accessed through a single sign-on solution that is fully integrated with online banking platforms.
Dan Munro, senior vice president for Community Choice Credit Union, said, "Last year, the credit union identified our commitment to small business relationships as a key value proposition for banking with us. We wanted to fortify our product offering along with that commitment to ensure our goals were met for business growth and member service. By offering iPay's Biz 2.0, we are supporting small businesses with a robust solution to gain control over and satisfy many of their transactional requirements."
iPay's Biz 2.0 is nimble enough for businesses with monthly transactions ranging from 10 to several thousand. Post implementation, iPay offers each financial institution comprehensive training and marketing support to help optimize end-user awareness and maximize adoption. For Biz 2.0, this also means helping Community Choice Credit Union and other clients identify businesses using traditional consumer bill pay solutions that would realize greater material benefits by transitioning to the small business solution. iPay backs its payment solutions with a full service call center, branded for each credit union or bank client, to facilitate all frontline member/custtomer support.
According to Greg Adelson, group president of iPay Technologies, "Credit unions' penetration among small businesses is still fairly low, but that is rapidly changing as they recognize the opportunities residing in this lucrative market segment. Our Biz 2.0 solution is ideal for any credit union or bank looking for ways to strengthen their small business relationships by being a partner to enable future growth."