BoA enhances online payment options for small businesses

Source: Bank of America

For the first time, small business owners can manage invoices and pay vendors online, as a result of Bank of America's industry-leading enhancements to its online small business financial management service the company announced today.

Bank of America now offers an even broader range of capabilities to improve money management processes for time-constrained small business owners:

Accounts Receivable

  • Generate electronic and/or paper invoices with easy-to-use templates
  • Manage outstanding invoices with automatic e-mail payment reminders and past due notices

Accounts Payable

  • Make online deposits
  • Make accelerated payments to vendors, including next-day service

Account Management

  • Grant varying degrees of online account access to other users to view accounts or transact business
  • View accounts for multiple related business entities
  • Sign-on to a single page for personal and business accounts - including accounts from other financial institutions
  • Integrate with QuickBooks and Quicken

"Bank of America designed these tools to provide a constantly evolving set of internet-based solutions for small business owners," explained Joe Helweg, Small Business e-Commerce executive, at Bank of America. "Our enhancements are all designed and implemented to help free up our customers' time and enable them to focus on the core nature of their businesses. Small business owners told us they want to be able to handle more of their financial management needs for their businesses online, securely and quickly, and we're delivering."

Bank of America also offers SiteKey to its small business customers, which provides an extra layer of security with two-way authentication.

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