Overview

Small business owners are turning rapidly toward digital banking channels, allowing banks to profitably serve a large, new subset of businesses. But that will depend on the development of appropriate digital features, and bill pay will constitute a crucial part of that strategy. Many small businesses today are stuck between bill payment services designed for consumers and those designed for larger corporations responsible for paying dozens or hundreds of suppliers. This report examines the bill pay habits and attitudes of small business owners, and explores how bankers can design a bill payment offering within their online and mobile banking platform that will increase customer engagement and help banks serve as a vital partner in the success of their small business customers.

Key questions discussed in this report:
  • How many and what type of bills are small business owners responsible for?
  • Through which channels to businesses typically pay their bills?
  • How do business owners view the strengths and weaknesses of bank vs. biller direct vs. offline channels?
  • How can banks encourage businesses with legacy check-heavy practices to pay online?
  • What features can banks build around bill payment to encourage engagement and start conversations through online and mobile channels?
Companies Mentioned: Bank of America, Capital One, Citibank, JPMorgan Chase, PNC, US Bank, Wells Fargo

Methodology

The small business data in this report are based on information collected in a random-sample panel of 1,000 small and micro businesses in a February 2017 online survey. Javelin defines microbusinesses as those with annual revenue between $100,000 and $1 million and small businesses as those with revenue between $1 million and $10 million.

Learn More About This Report & Javelin

Related content

October 08, 2024
Identifying ‘Killer Use Cases’ in Small-Business Instant Payments

Instant payments are proliferating, and business bankers are searching for a set of “killer use cases” to drive widespread adoption. Many businesses are experimenting with instant ...

August 20, 2024
Credit Unions in Business Banking Part 2: The Path to Digital Maturity

Credit unions setting their sights on small-business banking face many obstacles, including the need to upgrade digital banking to serve the money management and financial health n...

August 13, 2024
Credit Unions in Business Banking Part 1: An Industry Eyes Opportunities to Grow

Credit unions stand at a crossroads in business banking. As their consumer membership base gradually erodes, many are turning to business services as a lifeline for growth. But can...

Make informed decisions in a digital financial world

Let's Connect