Boston, July 30, 2014 – Invoicing and collecting payments efficiently is critical to small-business operations, yet many U.S.-based businesses generating less than US$20 million in annual revenue say it's a problem for them. To make matters worse, most bank offerings lack the tools small businesses need to address these challenges. As emerging non-bank players introduce new products and services to address these gaps, banks are steadily losing the loyalty of the small-business segment. What tools can banks offer to win small businesses back? And will they be enough to stem the tide of disintermediation?
This Impact Note, based on the results of a September 2013 online survey of 1,003 U.S.-based businesses generating less than US$20 million in annual revenue, analyzes the key challenges small businesses face in the receivables space. It also sheds light on the ways in which banks can address small businesses' pain points and profiles the type of businesses most likely to need a bank's small-business receivables solution.
This 25-page Impact Note contains 20 figures and two tables. Clients of Aite Group's Wholesale Banking & Payments service can download this report.