You already know that your bank's services need to provide your commercial clients with lasting value. But your bank could benefit by offering them more comprehensive EBPP solutions. Comprehensive billing and payment solutions should do more than process payments. They should contribute cost savings directly to your commercial customers, allow them to accept new payment types, and provide them with services that they can't find at other banks.
Use Solutions that Serve Both Commercial Clients and Their Customers
When considering how to best serve your commercial clients, you also need to consider their own customers. U.S. banking and spending habits have changed dramatically. Your commercial clients' customers want to view invoices and pay bills online.
Your clients will seek to provide this service directly through an electronic bill payment and presentment (EBPP) provider if they can't get it through their bank. In order to avoid losing business to a digital payment solution provider, you can partner with an EBPP provider who can furnish you with these types of comprehensive services. You can then adopt their solutions and implement them through your own channels to earn new revenue.
With new and innovative solutions available, you'll provide business owners with new ways to avoid high payment processing costs. You can offer them additional features that provide them with more ways to reinvest in their own business, such as business debit processing and the ability to settle funds onto their own business credit card.
To retain and attract new commercial clients, you need to solve commercial clients' business problems. Most businesses struggle with issues relating to cash, borrowing, and resource management. 51% of commercial banking customers around the world expect their banks to help them solve specific problems within their business, while only 20% view their banks simply as 'advisors.'
Increase Commercial Client Retention with Sticky Services
Competition for commercial banking customers has increased since the rise of disruptive non-bank entities, like PayPal and others. Your EBPP partner's comprehensive solutions should increase your retention of commercial clients by providing them with valuable services and cost savings year after year.
Tech-based nonbank competitors offer high uptimes for their services. Their solutions are designed to operate 24 hours a day, every day of the year. Nonbank entities also spend a significant portion of their resources on research and development. Look for an EBPP solution provider that reinvests in their own technology and maintains near-100% system uptime. You'll always have new and updated services to offer your commercial banking clients and your solutions will never waver.
Offer Commercial Clients Services Unlike Anything Else in the Market
If your current digital payment and EBPP solutions don't sell to specific types of commercial clients, you may want to search for a payment framework that can be customized for any type of client. For example, a brick and mortar merchant may have different payment needs than a wolesaler, but that doesn't mean they couldn't benefit from the same payment platform.
An EBPP partner that offers comprehensive solutions will provide you with a payment platform that can be customized, configured, and rebranded for different types of commercial clients. They should provide you with add-on features that could benefit those clients. A brick and mortar merchant could stand to benefit from a payment platform that enables them to accept new payment types, but they may also benefit from a solution that lets them settle a portion of funds onto their business credit card.
In this way, you'll be able to offer multiple solutions that add up to a whole which surpasses all expectations, differentiating you from any other bank in the market. Beginning with a billing and payment platform, you should be able to include these additional features at the time of implementation or later. Each additional feature will offer cost savings to both your bank and your commercial clients. They will also allow your commercial clients to manage funds more effectively, so they can solve their most demanding business problems.
Implement Flexible Solutions Quickly
Through the rapid implementation and frictionless onboarding of new clients and their customers, you can offer services faster than your competitors. If your current provider's solutions take months to implement, you may want to search for a provider whose implementation rates are calculated in days and hours. You should also consider a partner who is flexible with implementation. Flexibility allows you to implement solutions yourself if you see fit to do so.
Your solutions should be flexible when it comes to branding as well. Your commercial clients will want to maintain the branding of their website in any online payment portals. You may also wish to white-label and rebrand your partners solutions so that you can sell them to commercial clients yourself.
How Banks Benefit
By offering more comprehensive EBPP solutions to your commercial clients, your bank will receive a number of key benefits. You will increase client retention and attraction by offering sticky solutions that are unlike anything else in the market. You'll provide lasting value and satisfaction to your commercial clients by granting them significant cost savings and a reliable payment system uptime.
And by choosing a comprehensive EBPP partner, you'll bring a host of new, competitive offers to the market immediately. During implementation, you can decide your own level of involvement. You may wish to implement solutions for your clients on your own, or allow your provider to do it for you. An array of comprehensive EBPP solutions will be an effective means of swaying clients away from your competitors and a key tool for growth.