Invoice to pay for SME customers

Worldwide, SMEs produce about $850 billion of annual revenue for banks, through deposits, lending, overdrafts, and payments. That is about 20 percent of all banking revenues.¹ The global market is expected to grow by around 7 percent annually over the next seven years.

As per a Mastercard report, the number of freelancers is expected to grow to approximately 915M by 2023.

This work paradigm is fuelling innovation to efficiently manage the invoice to cash cycle as these digital native SME customers expect customer experience akin to their retail banking/fintechs.

How can your bank serve the needs of burgeoning digitally savvy SME banking customers?

Banks can deepen the relationship with the SMEs, Gig economy workers et al by going deeper in the value chain and offering embedded finance products.

While there is a clear need for a comprehensive CX enhancement, banks can enhance their product portfolio with digital value-add offerings which help manage cash flows, invoicing, payment cycles, tax preparation, etc to help SMEs with their day to day work and also offer data based recommendations.

BankBuddy Invoice to pay platform helps your SME customers save 30-40% of time and effort by shortening the cash conversion cycle with electronic invoice presentment , tracking of receivables & payment and preventing errors and associated delays.

While making payments, the business will have one single dashboard of all their AR and AP data for efficient cash management, with the option to choose their preferred payment/FX provider and funding account via open banking or their Payment service provider (PSP).

Financial institutions can create an ecosystem for SMEs and their customers with participation from various FinTech players for downstream products like working capital management, advisory services, supply chain finance etc.

Cash Management
Business Onboarding
Create Invoice

Benefits -

  1. Drive viral digital sales- to SME customers & non-customers by offering a one-of-a-kind cash management and invoicing solution.
  2. Enhance digital engagement, increase customer LTV by at least 30%, and ensure churn prevention with micro-targeted offers and recommendations based on unique client needs.
  3. Gather valuable business insights from customer AR and AP data and leverage them to strategically segment clients, map credit and risk scores
Read more about how we helped CannyPay launch a cross border SME solution for embedded finance