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Small businesses will benefit from faster paychecks and supplier payments, easier expense reconciliation. On the other hand, the near-immediate payments processing eliminates float, meaning no more taking advantage of a few additional days of interest income on idle cash. Such factors will force small businesses to manage their cash more carefully.
This is an area where banks can and should step in to help and support these small business customers. Historically, small businesses have grappled with fragmented financial solutions to manage their finances, cash flow and payments, leading to incomplete financial views and operational inefficiencies. Recognizing this, banks have a unique opportunity to provide comprehensive financial management tools, supporting a critical segment while generating new sources of revenue. From data integration for better insights to automated bookkeeping capabilities, banks can empower small businesses to navigate the complexities of modern finance with confidence.
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