TD Bank, America's Most Convenient Bank® announced today that it has expanded its collaboration with Autobooks to add invoicing as a feature to its TD Business Simple Checking, making it easier for small and micro businesses to process invoices and get paid faster.
With this collaboration, TD Bank is one of the first major financial institutions to provide this tool and make it a standard part of the digital banking experience.
"Probably the greatest pain point for small businesses is actually getting paid for the services they provide," said Jo Jagadish, Head of Corporate Products and Services for TD Bank. "The new tool will make things easier, faster and enable our small business customers to get paid, almost immediately in most instances, when the process previously could take up to a week or longer."
The digital invoicing and payment acceptance capabilities were developed by Autobooks. TD Bank and Autobooks had previously collaborated to develop TD Online Accounting, a full accounting and cash flow management suite made available to TD small business customers.
This most recent effort makes digital invoicing and online payment acceptance standard features of TD Business Simple Checking. Small and micro business customers can now accept credit card and electronic payments that directly settle in their TD account, improving cash flow and liquidity.
“Small businesses account for 99.7% of all companies in the country, and they all need banking and payment services built for them,” said Steve Robert, CEO of Autobooks. “We are thrilled to collaborate with TD to reimagine their clients' small business banking experience – starting with making it easier for small and micro businesses to get paid directly into their TD Business Simple Checking account.”