Bank of America and Viewpost Free Small Businesses from Crippling Cash-Flow Bottleneck

This week we announced our unprecedented initiative to transform the way small businesses view and manage their cash flow. Currently, small businesses are struggling with the real-time demands of a digital economy while being forced to rely on antiquated paper invoicing and payment methods that burden them with inefficiency, cost and a lack of visibility into when or how much they’ll be paid.

To fix this bottleneck, Viewpost created a secure business network and has teamed up with Bank of America to ensure that the bank’s millions of small business customers can easily join the network to access the information and credit needed to effectively manage business finances online.

Customers wanting this innovative invoicing, payments and cash management solution can visit Bank of America’s online small business offering.

This is an important cost-saving development for small businesses. Bank of America estimates that the costs of processing a single business check range from $4 to $20, inclusive of check stock, stamps, envelopes and the time spent writing, mailing, collecting and reconciling payments. Processing a business invoice is estimated to cost between $4 and $8. In total, businesses in the U.S. spend almost $160 billion a year sending and receiving paper invoices and payments. Collectively, they stand to save tens of billions of dollars by joining the Viewpost network.

“Bank of America and Viewpost are collaborating to help small businesses send and receive invoices and payments as easily as consumers now expect to share pictures and status updates. We’re bringing simplicity and visibility to the otherwise challenging and inefficient administration of finance. Running a small business is difficult, so we believe that billing, payments and understanding cash flow shouldn’t be. Nor should accessing financial products and services, or applying for or obtaining financing from a bank. Viewpost’s integration with Bank of America reinforces our commitment to removing barriers so businesses can thrive. We look forward to bringing our capabilities to a much bigger audience, further accelerating growth already exceeding 150 percent quarter over quarter.”

–Max Eliscu, CEO and founder of Viewpost

Using their Bank of America secure login credentials, small business customers can instantly connect any of their bank accounts to Viewpost to instantly create and send electronic invoices, as well as send or receive electronic payments. As a result of this direct connection, business customers can reduce the time and cost of managing their finances.

“I was introduced to Viewpost through Bank of America online banking and signed up right away. I trust the bank’s endorsement. I’ve been extremely impressed with all facets of Viewpost, from the ease of invoicing and receiving payment deposit right into my bank account to the responsiveness of customer support. I’m saving about $300 a month on invoicing alone. And now when I’m traveling, I won’t have checks waiting in my mailbox for my return.”

–George White, Owner Operator, George White Productions

Bank of America chose Viewpost to deliver an integrated business solution to its more than three million small business customers after a comprehensive selection process. This is the first integration of its kind between a third-party vendor and a major bank to offer authenticated access to electronic invoicing, payments and real-time cash management services directly from small business online banking accounts.

See the full press release

 

Share:

You Might Also Like

4 Best Practices for Small Businesses

There are more than 23 million small businesses in the United States. Not surprisingly, business advice is just as diverse as the range of companies. How do you prioritize time, money, strategies, and solutions to know which answers are the right ones? Start with a few rules of thumb. Read More

3 Accounting Systems That Could Improve Your Small Business

Neglectful accounting practices can lead to several major problems for your small business, including legal concerns, damage to business reputation, and inability to fund operations. Though many business owners understand the importance of sound accounting practices, not all have the knowledge or time to handle accounting tasks. Luckily, various tools exist to help you get a grip on your business finances, improve cash flow and grow your company. Read More

A Guide to Small Business Loans

Small business loans don’t have to be as complicated as some people anticipate. Whether you’re starting a small business or running an existing one, securing financing is a major factor, especially for businesses that are attempting to grow. Read More

View All Articles