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The BBVA Compass' Small Business Mobile App occupies space
The BBVA Compass has developed a Business Mobility Bundle that offers a range of functions to the smallest companies it refers to as "micro-enterprises" that it expects to address: free on-line and portable banks with one tray, no subscription fees, secure cheque deposits and a credit cards scanner. Microenterprises are seen by the EIB as an undeveloped part of the overall economy.
"Considering that nearly 95% of small companies in our nation have less than $500,000 in revenues annually, and about two-thirds of them cover their commercial needs through their individual bank account, it's crying out that there's a loophole in the products that is making them resort to their individual account," says Lonnie Hayes, head of the Small Account division at BBVA Compass.
Investigation explained to the bench that precise body part commerce businessman often insight commerce finance request unanswered. "They are looking for an account that is simple and based on the needs of smaller volumes," says Hayes. "BBVA Compass' current account has been equipped with either a subscription charge or a minimal credit amount. "As Hayes notes, the smallest company is highly vulnerable to charges and costs.
"We let shopkeepers adopt different behaviours to keep cost under control," says Hayes. A gift is given by the store to any Samsung Galaxy 3 customers who sign up for a Samsung Galaxy 3 tray during the two-month introduction. This is a key market sector for on-line and wireless banks. "Number one thing these people tell us is that they don't have much spare moment to go shopping, let alone to the store," he says.
"Everything we can do to enable them to prolong their bank holidays is appealing. This is what is done by our on-line bank. "Since many small businesses travel a great deal, it is important to be able to perform bank duties on a portable machine. This account comes with wireless telepayment capabilities for smart phones and tables, an important function for small businesses who end up making personal payments to the store every day.
In addition, a portable credit and debit cards scanner (offered in cooperation with Payware) for the acceptance of MasterCard and Visa payment is included. Heyes sees the smartphone as the way BBVA Compass competes directly with Square. One of BBVA's advantages is that the readers are pre-integrated with the customer's current account and on-line financial management tool.
Trying to give its Small Biz application a similar look and feel compared to its Consumers one. "Small companies and even small and midsize companies not only ask you to help them run their operations, they also ask you to run their lives," says Hayes. "Our goal is to make the difference between the small office application and the small office one.
" There is no account maintenance fee and no need for a credit card account, but the cost to the account is low. Merchandise purchases are restricted to 50 articles or less per months, with up to five payouts at the store or cashed cheques. The BBVA Compass expects the new account to result in greater relations with small shopkeepers and a greater stake in wallets.
In the second stage of this range of products, the EIB is constructing a resources centre for its on-line financial clients. It is planned to combine the functions of consumers and businesses for very small businesses in the near term.