When it comes to financial matters, small and medium-sized business (SMB) customers have a variety of challenges to overcome.
Cash Flow Management
According to U.S. Bank, 82 percent of startups and small businesses fail because of poor cash flow management.1 The businesses lack access to the tools required to provide an accurate view of their business health.
According to the Association of Certified Fraud Examiners, businesses lose almost five percent of their annual revenue to employee and executive fraud.2
Managing Employee Access to Financial Accounts
Unlike big companies, SMBs don't often have the resources to monitor the use of company funds by their employees. As a result, they're usually faced with two choices. They can deny employees access to company funds and accounts, forcing the owners of the SMBs to take on more basic and time-consuming duties. The second choice is to grant employees access to unburden the owners, which sooner or later produces more opportunities for employees to commit theft or fraud.
Controlling, Tracking and Reporting Expenses
Being able to monitor and control expenses, especially when multiple employees are authorized to spend on behalf of the SMB, is the most common challenge faced by SMB owners when attempting to control their cash flow. Additionally, according to Ondot internal research, 76% of the owners don't feel they have the financial acumen required to manage the tracking and to monitor expenses across categories, much less keep track of the receipts their accountants will need to prepare their taxes.
Lack of Time
No one opens a small business to spend hours a day attempting to assess the financial health of the organization. Customers are the priority for these entrepreneurs who wear multiple hats in their effort to please those who support their businesses. The only new products and services they're interested in are those that give them more time to grow their business. Of particular interest are the products and services that improve expense control while streamlining business processes.
The Ondot mobile-based card application gives your financial institution the tools to help your SMB customers meet their challenges.
Consolidated Financial Views
The Ondot application provides a consolidated, accurate view of all of a SMB's card accounts on a single dashboard. The application also allows a SMB owner or designated employee to drill down and view most recent transactions and deposit histories.
Real-Time Visibility and Instant Action Alerts
With Ondot's mobile card application, your SMB customers get real-time visibility into the purchase activities of their payment cards. By utilizing a fully customizable set of alerts, they can be notified when their cards and their employees' cards are used by transaction type, merchant type, location and threshold amounts. In addition, they can receive instant action alerts for immediate response to a notification when you suspect fraudulent activities related to a customer's cards or when balances are insufficient to permit a transaction.
Pro-Active Controls over Payment Instruments, Accounts and Purchases
Ondot's features allow your customers to give their employees a company debit card that has been configured with controls and alerts that allow each employee to use the card without exposing the company to misuse.
Your SMB customers can set parameters for the cards used by their employees to control purchases by transaction type (in-store vs. online, MOTO, ATM), merchant type, location and threshold amount. They can restrict card use by geographical region. All they have to do is designate the location on a map within the application. They can also utilize the "follow-me" service within the Ondot application that allows the card to be used for in-store purchases only when in proximity of the assigned mobile phone.
With the Ondot application, your customers can stay in touch with your institution with a touch of their mobile phone. They don't have to waste time logging in to online channels or walking into a branch location.
Think what that can mean for your institution as well. Always-on communication will reduce the number of service and follow-up calls.
It can also assist with marketing new services and products. Using the two-way interactive channel, you can deliver targeted location-based, purchase-based and context-aware cross-sells based on an owner's preferences, increasing the likelihood that a SMB customer might respond to these offers. For example, you can offer overdraft protection to SMBs receiving low balance alerts in an effort to enable them to make further transactions.
With the Ondot mobile-based card application, your customers will gain more control, more visibility over their finances to help them keep their business on track and profitable. And your financial institution will gain a unique marketing and operational advantage—one that can help you set your products and services apart from other institutions and ensure your card ends up in the top of your customers' wallet.
To learn more about the Ondot solution, contact your Ondot sales representative.