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Bank of America Teams With Viewpost to Free Small Business Cash-Flow Bottlenecks

August 30, 2016, 06:59 AM
Filed Under: Industry News

Viewpost announced an 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.

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,” said Max Eliscu, CEO, Viewpost.  “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.”

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.

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.

In a recent interview, Will Barr of Bank of America shared how Viewpost helps serve their small business customers: “Their solution provides the capabilities our three million small business customers tell us they need to manage their businesses. It’s modern, it’s intuitive and it’s got a flexible architecture. We believe it complements our digital experience and integrates very easily into our banking platform. In addition, we believe Viewpost’s network strategy offers benefits across and between companies of all sizes, regardless of where they happen to bank.”

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