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November 27, 2023

On the web

April 6, 2022

On the wires

Plastiq Launches Plastiq Pay to Help SMBs Navigate Through Skyrocketing Inflation Rates

“Today, Plastiq , a rapidly growing Kleiner Perkins-backed fintech for Small and Medium Businesses (SMBs), announced the launch of its next generation product – Plastiq Pay. Plastiq Pay helps SMBs improve their cash flow at a time when inflation is threatening their very survival, saves teams precious time otherwise spent manually managing vendor payments, and connects SMBs instantly to affordable working capital. A new companion mobile app rounds out the offering, enabling SMBs to run their business finances on the go.”

Raistone Teams Up With Mastercard to Accelerate Working Capital Payments for Small- And-Medium-Sized Businesses

“Raistone today announced a collaboration with Mastercard set to simplify business-to-business (B2B) finance payments and speed up access to working capital for small- and-medium-sized businesses (“SMBs”). Using Mastercard’s virtual card technology, Raistone will tap into secure payment innovation to streamline finance approval processes that can exclude SMBs from accessing essential funds needed to sustain and scale their business. This innovative use of virtual cards promotes diversity and inclusion by extending convenient financial tools to the companies that need them most.”

March 28, 2022

On the wires

JPMorgan Chase Launches Diverse Supplier Grant Initiative to Address Barriers to Opportunity for Underrepresented Businesses

“JPMorgan Chase (NYSE: JPM) launched the Diverse Supplier Grant Initiative, a program aimed at providing Black-, Hispanic-, and Latino-owned businesses with the access to capital they need to secure corporate contracts. Small and diverse businesses often find it cost-prohibitive to meet industry requirements like cyber security, insurance, and bonding when bidding for new corporate business.”

January 10, 2022

On the wires

Uber and Visa Announce Grants For Growth Program, Providing $1 Million in Grants and Resources to Support Small Businesses

“Uber (NYSE: UBER ) and Visa (NYSE: V ) today announced Grants for Growth, a program that will provide $1 million in grant funding to small businesses in 10 U.S. cities that are currently active on Uber Eats. The program will be administered by Local Initiatives Support Corporation (LISC). Focused on restaurant recovery and entrepreneurship, the program was created to support merchants when they need it most.”

December 16, 2021

On the wires

Intuit QuickBooks’ Integrated Small Business Bank Account Is Now QuickBooks Checking

“Intuit (Nasdaq: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, today introduced QuickBooks Checking . First launched in 2020 as QuickBooks Cash, QuickBooks Checking has transformed business banking into an active money-management hub that delivers greater cash flow predictability and financial control for small businesses.”

November 12, 2021

On the web

If You Use Venmo, PayPal or Other Payment Apps This Tax Rule Change May Affect You


“Payment app providers will have to start reporting to the IRS a user’s business transactions if, in aggregate, they total $600 or more for the year. A business transaction is defined as payment for a good or service.Prior to this change, app providers only had to send the IRS a Form 1099-K if an individual account had at least 200 business transactions in a year and if those transactions combined resulted in gross payments of at least $20,000.”

October 19, 2021

On the wires

Intuit Introduces Money by QuickBooks, Mobile Banking Designed for Small Businesses

“Intuit (Nasdaq: INTU) today announced Money by QuickBooks , the latest addition to a comprehensive and ever-expanding suite of QuickBooks offerings that power small businesses with the ability to get paid and manage their cash flow. The Money by QuickBooks mobile app available for free on iOS and Android is designed to give entrepreneurs, freelancers and sole proprietors just starting their business journey complete control over their money with the ability to accept payments and manage expenses with features including debit card and bill payment capabilities.”

October 15, 2021

On the web

JPMorgan Debuts Payments Service Targeting Small Businesses

American Banker

“JPMorgan Chase serves more than 4 million small businesses and in 2020 processed more than 27 billion transactions with a value of $1.4 trillion — but these days, that’s simply not enough. When the actual payment is commoditized, merchants care less about how big their provider is and more about what it can do. By combining Chase Merchant Services with WePay , a fintech the bank purchased in 2017, Chase is pairing its traditional payment acceptance services with newer digital tools that address merchants’ other business needs. The new line of business, called Chase Payment Solutions, launches Thursday.”

August 19, 2021

On the wires

Credit Karma Expands Credit Karma Money™ to Small Business Employees Through Intuit QuickBooks Integration

“Consumers pay more than $30 billion in banking fees each year. Through this integration, Credit Karma and QuickBooks hope to keep more money in the pockets of hard working small business employees, giving them the option to deposit their paycheck into a Credit Karma Money Spend account2. Now, employees paid through QuickBooks Payroll can seamlessly sign up to have their paycheck automatically deposited into a Credit Karma Money account.”

August 12, 2021

On the wires

U.S. Bank to Acquire Small Business Payments Software Company, Bento Technologies

“U.S. Bank has entered into an agreement to acquire Bento Technologies, known as Bento for Business, a fintech company based in Chicago and San Francisco that provides payment and expense management services to small and mid-size businesses. The innovative Bento platform offers businesses simple and easy-to-use tools to better manage card-based payments and other expenses via spend tracking and card transaction controls. The acquisition is part of the vision at U.S. Bank to bring payments and banking services together to simplify cash flow and money management for small businesses. Bento’s accounts payable-based software complements the bank’s existing Elavon and talech accounts receivable software solutions, providing U.S. Bank clients a holistic one-stop experience for both their accounts payable and accounts receivable needs.”

August 10, 2021

On the wires

ZenBusiness Democratizes Small Business Finance With New All-Inclusive Payments App ZenBusiness Money

ZenBusiness , a one-stop business management platform with the mission to make starting, running, and growing a successful business simple and accessible, today introduced ZenBusiness Money, an all-inclusive payments and invoicing app that simplifies merchant services so entrepreneurs can focus on what matters most – running a successful business. ZenBusiness Money allows users to send and customize invoices, accept credit card and bank transfer payments, and manage their income all within an easy-to-use dashboard across their mobile, tablet, and desktop devices.”

July 16, 2021

On the wires

Klarna Announces First Recipients of the Small Business Impact Initiative Grants

Klarna , a leading global retail bank, payments and shopping service, today announced the first group to receive grants from the recently-launched Klarna Small Business Impact Initiative to help SMBs recover from a loss of business due to the pandemic. Recipients will be awarded a portion of $4.5 million in Klarna services, including one year of fee-free payments and $40,000 of free media that extends marketing exposure across Klarna’s ecosystem.”

July 12, 2021

On the web

Shipping Delays and Higher Rates Get Small Businesses Jammed Up

Wall Street Journal

“Long waits for merchandise deliveries and crippling costs are hobbling the efforts of small and midsize businesses across the U.S. to benefit from the economic recovery after a difficult year. With retail giants like Walmart Inc. and Amazon.com Inc. rushing to restock to meet booming demand from U.S. consumers, smaller competitors are battling over dwindling cargo space on boxships coming in from Asia. Those who want immediate shipments often must pay about three times the going freight cost , according to brokers and cargo owners.”

July 2, 2021

On the web

Smaller Is Bigger for Payments Giants

Wall Street Journal

“Digital payments players are going to be competing hard for small businesses as they emerge from the hardships of the pandemic with new ways of selling. It just isn’t clear what game they will be playing. On Wednesday, PayPal Holdings said it was bringing its Zettle product to the U.S. It will offer point-of-sale hardware and related services such as invoicing to the likes of U.S. coffee shops and other small to medium-size physical merchants and likely will compete with what Square, Fiserv ’s Clover and others have been offering. And it isn’t a small market: Bernstein analyst Harshita Rawat estimates that sales by merchants under $100 million in annualized sales are a $4 trillion market with hundreds of legacy payments providers.”

June 29, 2021

On the wires

Deluxe Announces Collaboration With Microsoft to Provide HR, Payroll, Accounting Tools for Small Businesses

“Today, Deluxe (NYSE: DLX), a Trusted Payments and Business Technology™ company, announced a collaboration with Microsoft to bring the Deluxe small business human resources (HR) and payroll solutions to Microsoft Dynamics 365 Business Central. The collaboration brings together two trusted companies, Microsoft and Deluxe, to further accelerate financial and accounting solutions for small businesses. A comprehensive cloud-based business management solution, Dynamics 365 Business Central connects teams across finance, sales, service, and operations within a single easy-to-use application.”

June 14, 2021

On the web

American Express Puts Kabbage Acquisition to Work With Card Company’s First Checking Account


American Express , best known for its array of personal and corporate cards , is making a push into territory held by banks and a growing list of fintech players. The card company is launching its first checking account for small businesses by leaning on technology acquired last year in the acquisition of online lender Kabbage , CNBC has learned.   The product, called Kabbage Checking, is a no-fee digital account that pays 1.1% interest on up to $100,000 in balances. It includes mobile check deposits, a debit card, bill pay and targeted savings features as well as access to a network of ATMs and retail locations for cash transactions.”

May 21, 2021

On the wires

C2FO and Marcus by Goldman Sachs Announce Partnership to Provide Financing to Small Businesses

“C2FO, the largest global platform for working capital, today announced a new partnership with Marcus by Goldman Sachs that will provide unsecured financing to eligible businesses that use C2FO in the United States. This partnership aims to give small and medium-sized businesses a new, fast and efficient way to access working capital. Access to working capital is crucial to the growth of small- and mid-sized businesses, and key to ensuring supply chain continuity in multiple industries. The Marcus-C2FO partnership aims to reduce the barriers to capital, which many businesses have experienced as a result of the COVID-19 pandemic.”

March 22, 2021

On the web

Homebrew Backs Higo’s Effort to Become the ‘Venmo for B2B Payments’ in LatAm


“The B2B payments space has been on fire for a while, and the COVID-19 pandemic has only fueled mass adoption of digitizing finances. In regions like Latin America, the need for innovation in the sector is even more paramount than in the United States with so many people still relying on outdated processes. One Mexico City-based startup, Higo.io , is out to transform B2B payments for SMBs (small and medium-sized businesses) in Latin America, starting with its home country.”

March 10, 2021

On the wires

Veem Releases New Product Package – Veem Local – Now Offering Free Domestic Payments for Small Businesses

Veem , a leading provider of online payment solutions, today announced the launch of Veem Local — a new product package offering that provides a no-fee domestic payment product, including ACH and check payment options for small businesses. As many SMBs continue to face economic stress and uncertainty, the company’s latest offering aims to give back value to small business owners.”

March 1, 2021

On the wires

Visa’s Mission to Digitally Enable Small Businesses Gains Momentum Across Europe

“Visa (NYSE: V) today announced more than 100 partners across Europe have joined the Where You Shop Matters initiative to help small business owners build digital capabilities and continue serving their communities. More than two million small firms across Europe have received support since the launch of the program in summer 2020. The announcement marks a major milestone in Visa’s commitment to help eight million small and medium sized businesses (SMBs) in Europe – and 50 million globally – to get online, adapt and future proof their business.”

February 2, 2021

On the wires

November 16, 2020

On the web

For Small-Business Owners, a Shifting Landscape of Resources


“Small businesses across the country have been pounded by the pandemic. Entrepreneurs have been forced to make drastic cuts and pivot to new business models to keep going. Financial aid, though, is what has kept the lights on. But today, many sources, including private foundations and the federal government, that once offered loans and grants have either closed their financial aid programs or put them on hold.”

October 13, 2020

On the web

Hoping to be LatAm’s Top Digital Bank for SMBs, Xepelin Launches a Lending and Revenue Management Service


“There’s another entrant in the startup race to provide financial services to Latin America’s small and medium-sized businesses. Financial services have been a huge opportunity for startups coming out of Brazil, Colombia and Mexico in recent years, and now Xepelin , a new company from Chile, is looking to join the fray.”

October 1, 2020

On the wires

Is Your Business Ready for the Digital Future? Mastercard Launches Small Business Digital Readiness Diagnostic to Help Businesses Go Digital

“As small businesses accelerate digital transformation efforts in response to the pandemic, today Mastercard is announcing the U.S. launch of the Small Business Digital Readiness Diagnostic , a free online tool to help entrepreneurs future-proof their businesses for a digital world. The new Diagnostic tool is an expansion of Mastercard’s Digital Doors curriculum, which helps to ensure businesses have the right tools to maximize their digital presence.”

March 13, 2020

On the web

SpotOn taps $50M to take on Square and more in payments and financial services for SMBs


SpotOn — which provides point of sale payment solutions, alongside a number of related tools such as marketing, appointment booking and loyalty services — has raised $50 million in funding, a Series B that it plans to use to keep expanding its business after a strong year: in the last 12 months the startup says that it has grown revenues by 150% and in these first couple of months of 2020 has added 5,000 customers to its books. The aim is to grow the company both in the US as well as internationally.”

February 4, 2020

On the web

Kabbage Launches Custom Loans for Small Business

Mobile Payments Today

“Kabbage Inc., a provider of cash-flow solutions to small business, announced the launch of a custom loans program for Kabbage Payments customers. The program allows small businesses to get anywhere from a three-day to 45-day loan that they may repay in full or allocate 100% of Kabbage Pay revenue toward the balance.  Custom loans have a one-time fee starting at  0.1% and pricing is adjusted dynamically, according to a company release.”

September 3, 2019

On the wires

April 18, 2019

On the wires

Visa and Wave Join Forces to Improve Cash Flow Management for Small Businesses

Visa (NYSE:V), and Wave , the financial platform for millions of small business owners, today announced a new, limited release payments solution that aims to transform the way small businesses manage their cash flow and provide merchants quicker access to funds. Utilizing Worldpay’s acquiring platform, Wave’s new Instant Payouts feature integrates Visa Direct, Visa’s real-time1 push payments solution, into Wave’s comprehensive small business financial platform, enabling faster access to money earned.”

March 26, 2019

On the web

Square’s Invoices Service Now Has Its Own Standalone Mobile App


Square is perhaps best known for its app that allows merchants to easily accept in-store card payments through a mobile device, but the San Francisco-based company has been chasing a bigger piece of the small business pie through a bunch of related services.

One of those is Square Invoices, which launched back in 2014 to help merchants send customized bills and collect payment from their customers. Square Invoices doesn’t come with any monthly fees, but the company does, of course, make money on payments it processes, with support for one-time billing or recurring payments.

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