The three main issues facing small business owners are revenue growth, hiring, and cash flow. For this reason, Chase is launching new capabilities that will enable owners of small businesses to prepare and send invoices electronically, leverage consumer data more effectively, and expedite the payment process.

Ben Walter, CEO of Chase for Business, stated, "We want to be good partners to our business clients, and that means listening to them and creating products and services that meet their needs." Our clients frequently inform us that they want more from their bank than just standard transactional support. They want top-notch technology that works in the background and they want to collaborate with amazing individuals. We are in a unique position to offer both.

Generate and Forward Electronic Bills

A lot of small company owners these days still have to create, send, and balance their bills by hand. Chase is providing small business clients with an easier way to bill their customers so they can get paid faster starting in May with their digital invoicing service. Customers of Chase Business Complete Banking are the only ones who can access it for free.

Using the Chase Mobile® app or chase.com, they can:

Make professional-looking invoices quickly and easily, then send them via email or text.
Provide their clients with other ways to pay, such as checks or Zelle®
Additionally, users of Chase QuickAccept® benefit from greater daily acceptance limits, automated online invoice updates, same-day deposits, and a simple and safe way to accept credit card payments.

Sending and receiving bills promptly is vital, according to 86% of small business owners surveyed by Chase for Business.

Just 14% of respondents said their bills are paid in real time, while 48% said it currently takes more than three business days to get paid.
Half of respondents indicated they would switch banks to one that offered free digital invoicing.
Obtain Utilizable Knowledge

Additionally, Chase intends to launch Customer information, a potent business intelligence tool that offers clear, practical information to assist entrepreneurs in reaching clients more successfully, operating more profitably, and formulating wiser strategic strategies.

Customers that use Chase to process credit card payments can already access the portal.

Customers of Chase for Business will receive free access to aggregated, anonymized data on companies similar to theirs, including average ticket amounts, typical customer profiles, and peak shopping hours.

Businesses who utilize Chase to process credit card payments will receive transaction-based data along with useful insights:

Based on sales data, recommendations for marketing and loyalty programs
Recommendations for staffing given periods of high transaction volume
Opportunities for growth depending on consumer ZIP codes
Co-owner of Meredith Jaye and M and Em's stores in Chicago, Cullen Fuller, states that "Customer Insights has been an absolute godsend." It has aided us in identifying our target market. Data that would practically cost me thousands of dollars to obtain elsewhere is now available to me. It generates positive margins, increases my income, and is cost-free.

According to Terica Gatewood, co-owner of Play It Again Sports in Topeka, Kansas, "I would just target my social media campaigns for 35 miles around my store before Customer Insights." With the ZIP codes of my regular clients, I can target my marketing and stretch my budget farther. Additionally, it enables me to measure my campaign's performance against the reports from my marketing agency.
82% of small business owners who participated in the Chase for Business study stated they planned to use data when making decisions for their companies.

Data for competition analysis is of interest to 64% of respondents.
59% are looking for information to better understand the purchasing patterns of their customers.
Pay Quicker

Recently, Chase unveiled an online payments hub that provides company owners with a selection of safe, instantaneous choices for paying suppliers and staff.

Clients in business can:

Transfer big amounts of money swiftly and safely
Cut back on check writing and mailing
Select whether you want standard, same-day, or real-time delivery.
As opposed to a fixed monthly charge, pay as you go (per payment).
One of the first banks to provide regular ACH (electronic payments) without a fixed monthly fee is Chase, which offers same-day, real-time payment options. 83% of small business owners stated in the Chase for Business poll that they would rather pay their vendors electronically.
31% of people would rather send a check on paper.
54% of respondents indicated they would switch banks to one that processes electronic payments in real time or on the same day.
Using an iPhone, accept contactless payments

One of the first American banks to provide Tap to Pay for iPhone was Chase last year. Only business clients who accept payments through Chase QuickAccept are eligible for it. With just an iPhone and a compatible iOS app, businesses can easily and securely accept contactless payments; no extra hardware is required. All contactless payment methods, such as Apple Pay, contactless debit and credit cards, and other digital wallets, are supported with this functionality.

"I can take my business to more events with Tap to Pay on iPhone and the Chase app," explains Eunji Lee, the owner of the Lysée pastry boutique in New York. "It's a fantastic chance for me to grow outside of my shop."