FINSYNC was included in this piece published by CNBC.com on May 4, 2020.
A credit card can keep your small business afloat when cash flow is interrupted or the economic future is unclear, as many are finding out during the coronavirus pandemic. The federally-funded Paycheck Protection Program (PPP) dried up on April 16 and was replenished on April 24 with an additional $310 billion in forgivable loans — but it still may not be enough. Facing unexpected cash flow issues amid the unprecedented economic downturn, small business owners are scrambling to find resources to help them stay afloat and prepare for what may be years-long economic recovery. Many, like Bobby Warren of Wooster Media Group, look to credit cards to mitigate the current dip in revenue. “I paid some freelancers [this month] with my credit card in order to keep my business checking balance a little higher,” Warren tells CNBC Select. This helped Warren avoid late charges on what he owed, even as he was waiting on outstanding payments himself. To continue reading this post, please visit CNBC.com to view the original article.  
FINSYNC was included in this piece published by Forbes.com on May 4, 2020

OBSERVATIONS FROM THE FINTECH SNARK TANK

The second round of the Paycheck Protection Program (PPP) launched April 27, with complaints about the Small Business Administration’s (SBA) system to submit loan applications coming almost immediately from bankers. Curt Queyrouze, President of TAB Bank in Utah, tweeted: “Suspicious that big banks' xml files are getting processed first. Ninety minutes in and our team of 35 people haven't been able to submit one successful app (or even stay logged in).” On April 29, the SBA dedicated an eight-hour window to banks with less than $1 billion in assets and by the end of the week, the furor subsided. But the headaches for small businesses and banks have only just begun.

The Looming PPP Forgiveness Nightmare

The Treasury’s guidelines for PPP loan forgiveness specify that: “Loan amounts will be forgiven as long as: 1) Loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and 2) Employee and compensation levels are maintained.” Easy-peasy right? Maybe not. To continue reading this post, please visit Forbes.com to view the original article.  
Last week, we released an update to our online plug-and-play solution for community banks and credit unions to accept and process SBA PPP loan applications. We’re giving away this solution to banks and credit unions to help them process loan applications more quickly and get much needed funds in the hands of their small business customers faster during the COVID-19 crisis.  Shortly after the release of our new solution, we announced that one of the first banks to implement was Heritage Bank. The President of Heritage Bank, Leonard Moreland, was one of the first people to learn about Tucker Mathis’ vision for FINSYNC following the 2008 financial crisis. Heritage Bank is now well-positioned for “Round 2” of the PPP program. It's expected to be approved by Congress in the coming days.

What We Learned from PPP Round 1

As PPP “Round 2” approaches, we’ve had a few days to assess how $349 billion was loaned to over a million and a half small businesses by nearly 5,000 lenders in just 14 days. We believe the businesses that received funding had their application in the queue the day the PPP loan program was approved or shortly thereafter. What ensued was nothing less than a sprint to see how fast lenders could enter or upload applications into SBA’s ETran system to generate an official loan number and SBA approval. The banks with the best technology and processes in place were the ones who funded the most loans and helped the most people. The only exception was certain banks whose teams put forth herculean effort, working extraordinary hours manually processing applications to keep up with those who had better technology.    Similar to “round 1”, we believe lenders in aggregate are already holding applications that will more than exhaust the $250 billion of additional funding pending approval by congress. So, when PPP Round 2 is approved and available for loans, it’s imperative that we help smaller banks process these loans quicker. In an effort to ensure the new funding is more broadly distributed across businesses of all sizes throughout America. 

How We Can Make PPP Round 2 Better

Back in 2009, when Tucker Mathis and Leonard Moreland envisioned the future of business banking, they did not see the COVID-10 pandemic coming, but they did know that it’s never been a more important time for businesses and banks to use the same technology to get in sync with one another. We are giving our PPP loan solution to banks and credit unions. During this pandemic and resulting economic storm, we are intentionally choosing to measure our success by the number of businesses we can help get funding faster, and the number of new banks and credit unions we can empower with a new, high-level style of relationship banking, which our platform was purposefully built to support.

Free Tools for Lenders and Their Customers

Any lender can be up and running in minutes with our online SBA loan application. Banks can sign up here, or request further information. Small businesses can learn everything they need to know about PPP, calculate their exact average monthly payroll cost, and apply online. Also, while we’re going to see hundreds of billions of dollars put into the bank accounts of small businesses all over the country businesses and lenders have to track the expenditure of these loans so that the maximum amount of each loan can be forgiven. Our Lender’s Portal not only handles the complete SBA PPP Loan application, but we’ve also built in forgiveness tracking for both the lender and the business.

Round 2 Is Coming

Round 2 of the Payroll Protection Program is coming. Businesses are eagerly waiting. Your bank or credit union can be ready today.
Community banks prepare for the second tranche of SBA PPP loans with a “plug-and-play” FinTech solution for automating loan applications. This article was originally published on BusinessWire.com. ATLANTA, GA - April 17, 2020, FINSYNC, Inc., a leading provider of payment technologies and cash flow management software, continues its momentum in partnering with small and local lenders to provide their business borrowers with significantly faster loan processing and funding for the SBA’s Payroll Protection Program (PPP) via a “plug-and-play” online loan application and Lender’s Portal. “The first $349 billion was applied for and allocated in less than 14 days because speed of processing is the key to this first-come-first-served funding for small businesses,” said Eddie Davis, Sr. VP Sales & Operations. “Now Heritage Bank is well prepared to service all of their small business customers by taking the strategic step of adopting our technology.”

Heritage Bank Partners with FINSYNC

"When the Covid-19 crisis hit, and the CARES Act passed, we knew we needed to get engaged and help our customers with the relief that’s available to them through SBA’s Payroll Protection Program (PPP),” said David Crow, Clayton County President, Heritage Bank.  “We put people and processes in place and have been working around the clock to keep up with demand. Now that the SBA has, hopefully just temporarily, halted approving new loan applications, we are ramping up efforts internally to support this program more efficiently so when the SBA resumes funding, we’ll be ready to take care of our customers more quickly.”  “We picked FINSYNC because it truly is ‘plug-and-play.’ We were up in minutes, and it’s the only solution we could find that helps with customer onboarding, loan processing, document management and loan forgiveness tracking,” added Crow.   Lincoln Parks, Director of Innovation& Innovation Strategy for Heritage Bank noted, "Thankfully, digital transformation has been top of mind and was already underway for Heritage Bank. When the COVID-19 crisis hit, accepting PPP loan applications remotely became my number one priority.”  “We found FINSYNC's electronic loan application and connected Lender's Portal to be the right solution at the right time to help our clients get the funding they need,” Parks continued. “It also represents an opportunity to stay connected with our customers online, and be there for them for future financing needs." 

PPP Application Program Details

In addition to giving banks and credit unions the ability to process Paycheck Protection Program loans online, FINSYNC’s solution simplifies workflow and document management for both banks and their business clients. The simple deployment process can be accomplished in less than 24 hours. FINSYNC’s solution includes:

FINSYNC-Powered Online PPP Application

  • Simple, secure online PPP application that is easy to use and intuitive 
  • Helpful payroll cost calculators and other resources that help applicants complete the process correctly the first time 
  • Secure portal for uploading supporting documentation 
  • Applicants receive free tools to track and report on forgiveness eligibility

FINSYNC-Powered Lender’s Portal

  • All applications and supporting documentation are routed to the lender's own portal 
  • Notifications of new applications and status changes are delivered electronically 
  • Built-in workflow tools guide lenders from loan processing through funding and forgiveness tracking 
  • Lenders receive assistance submitting files through the SBA’s ETran system 
Deploying FINSYNC’s PPP loan application and Lender’s Portal requires no IT investment nor integration. The “plug-and-play” solution is designed to assist banks in helping their customers get funded more quickly and easily. 

Now is the Time for Banks to Prepare for the Next Wave of PPP Funding

In these uncertain times, many relationships between small businesses and their financial institutions are being tested. Businesses that were unable to secure funding in the first round of PPP funding are widely dissatisfied with their financial institutions, who they feel did not do enough to help them access the funding they so desperately need.  Community banks and credit unions have an opportunity to better meet the needs of their business clients by being prepared with a streamlined electronic PPP loan application that clients can access the moment additional funds are released. Financial institutions that can help their clients in their hour of greatest need will strengthen these relationships well beyond the time of COVID-19. Banks and credit unions can leverage FINSYNC’s custom application for the PPP loan in minutes here: https://www.finsync.com/network/banks-and-credit-unions/

About FINSYNC, Inc. 

FINSYNC is the only all-in-one payments platform that helps businesses centralize control of cash flow, automate accounting, and get in sync with the right banker and financial professional at the right time.  See FINSYNC’s Television Commercial  FINSYNC’s LinkedIn FINSYNC’s Twitter FINSYNC’s Facebook Contact info:  Karsyn Meurisse  Marketing Programs Manager  (800) 699-6484 [email protected]
FINSYNC’s plug-and-play PPP loan application and lender’s portal helps community banks meet their client’s lending needs now, and in the future. By FINSYNC It only took two weeks for the $349 billion in funding for the SBA’s Paycheck Protection Program to run dry. Launched on April 3, the SBA reportedly approved approximately 1.6 million loans by the time the program ran out of money on April 16.  Many small businesses were left in the lurch and are unhappy with their financial institutions, which didn’t do enough to help them access the funding they so desperately needed.  Fortunately, help appears to be on the horizon in the form of an additional $250 to $500 billion in funding that’s currently being negotiated in Congress. And this time around, community banks and credit unions need to be better prepared. How? By having a secure online PPP application ready to offer small business clients the second additional funds are made available.  Banks and credit unions that partner with FINSYNC will not only get access to a streamlined platform to accept, process, underwrite, fund and service PPP loans, but will also be able to track forgiveness and support their clients’ future financing needs with an electronic loan application that provides easy processing and quick decisions.

FINSYNC’s Plug-and-Play PPP Solution

No IT investment nor integration is required when you adopt FINSYNC’s all-encompassing solution, which takes a mere 20 minutes to set up. During the first round of PPP funding, institutions like First Reliance Bank got up in running in hours and processed more than 80 loan applications in short order.  “We were looking for a way to serve our business clients with a streamlined solution for PPP applications that would allow our bank to efficiently process and get funding distributed,” said John Lindley, VP Business Operations at First Reliance Bank. “We deployed FINSYNC’s electronic loan application and Lender’s Portal the day we learned of the solution, and shortly after were getting SBA loan numbers and funding loans.”  FINSYNC’s platform gives banks and credit unions the immediate ability to process Paycheck Protection Program loans online, which dramatically simplifies workflow and document management for both banks and their business clients. In addition, FINSYNC is one of few platforms that provides forgiveness tracking and financing help beyond the PPP.

Helping Community Banks and Their Clients

Small businesses that are accustomed to a rigorous business loan application process that tends to involve endless emails, faxes and phone calls are provided with a streamlined, secure electronic loan application that can be completed from the comfort of their home in less than a half hour. Tools like payroll cost calculators help confirm eligibility, and applicants also have access to trained advisors should they need additional help. In addition, small business applicants get free access to FINSYNC’s cash flow analytics, and can track their loan forgiveness eligibility online. The benefits for banks and credit unions that adopt FINSYNC’s electronic PPP loan application go beyond convenient online loan processing. The secure lender’s portal makes processing loan applications incredibly efficient with a built-in workflow to expedite funding, electronic notifications, tools to track forgiveness, and ETran assistance. 

Solidify Your Lending Relationship Beyond PPP FUNDING

Lenders that use FINSYNC’s portal to help their clients receive funding when they need it the most will also have the ability to easily meet their future financing needs. The lending portal gives lenders tools to quickly analyze a business’ financials and assess its ability to repay the loan using advanced analytics. Charts and calendars are provided to help lenders understand a business’ past and projected cash flow and efficiently make loan decisions. Lenders within FINSYNC’s network can also share loans with other banks, credit unions and lenders that work in concert to approve and fund more loans.  In these uncertain times, many relationships between small businesses and their financial institutions are being tested. Banks that show up for their clients in their hour of greatest need will strengthen these relationships well beyond the time of COVID-19.  Get started with FINSYNC’s plug-and-play PPP solution in a matter of minutes.
This post was originally posted on BusinessWire.com. First Reliance Bank goes from signup to streamlined processing on the same day with FINSYNC’s free online loan application and lender’s portal.  ATLANTA, GA - April 15, 2020, FINSYNC, Inc., a leading provider of payment technologies and cash flow management software, is partnering with small and local lenders to provide their clients with significantly faster loan processing and funding for the SBA’s Payroll Protection Program (PPP) via a plug-and-play online loan application and Lender’s Portal. “Our PPP loan processing solution enables banks and credit unions to get more businesses funded quickly, and we are offering it at no charge,” said Eddie Davis, Sr. VP Sales & Operations. “FINSYNC’s plug-and-play solution can be deployed in minutes and makes life easier for businesses applying for funding, and for lenders that are processing their applications.”

First Reliance Bank Teams up With FINSYNC

Financial institutions like First Reliance Bank are partnering with FINSYNC to meet their small business clients’ needs and streamline the application process.  “We were looking for a way to serve our business clients with a streamlined solution for PPP applications that would allow our bank to efficiently process and get funding distributed,” said John Lindley, VP Business Operations at First Reliance Bank. “We deployed FINSYNC’s electronic loan application and Lender’s Portal the day we learned of the solution, and shortly after were getting SBA loan numbers and funding loans.”

Program Details

In addition to giving banks and credit unions the ability to process Paycheck Protection Program loans online, FINSYNC’s solution simplifies workflow and document management for both banks and their business clients. The simple deployment process can be accomplished in less than 24 hours.  FINSYNC’s solution includes:

FINSYNC-Powered Online PPP Application

  • Simple, secure online PPP application that’s easy to use and intuitive 
  • Helpful payroll cost calculators and other resources that help applicants complete the process correctly the first time 
  • Secure portal for uploading supporting documentation 
  • Applicants receive free tools to track and report on forgiveness eligibility

FINSYNC-Powered Lender’s Portal

  • All applications and supporting documentation are routed to the lender's own portal 
  • Notifications of new applications and status changes are delivered electronically 
  • Built-in workflow tools guide lenders from loan processing through funding and forgiveness tracking 
  • Lenders receive assistance submitting files through the SBA’s ETran system 
Deploying FINSYNC’s PPP loan application and Lender’s Portal requires no IT investment nor integration. The “plug-and-play” solution is designed to assist banks in helping their customers get funded more quickly and easily. 

Meeting Growing Demand

As of April 14, the SBA has approved 1.1 million PPP loan applications worth $263 billion in credit extended through nearly 4,700 lending organizations. Congress is currently negotiating an additional $250 billion in relief to meet demand. The average loan amount to-date has been approximately $240,000, which covers a typical small business with payroll costs of nearly $100,000 per month for around 15 employees. The average loan amount will likely trend downwards as funding continues and younger, smaller companies who are developing a new relationship with their bank or credit union apply for relief. Lenders looking to grow have a unique opportunity to leverage FINSYNC’s PPP solution to meet their clients’ pressing needs and help small businesses with timely access to capital. In addition, lenders can connect with these clients through the Lender’s Portal when they need additional capital as the economy begins to recover.   Banks and credit unions interested in leveraging FINSYNC’s custom application for the PPP loan can get started in minutes here:  https://www.finsync.com/network/banks-and-credit-unions/

About FINSYNC, Inc. 

FINSYNC is the only all-in-one payments platform that helps businesses centralize control of cash flow, automate accounting, and get in sync with the right banker and financial professional at the right time.  See FINSYNC’s Television Commercial  FINSYNC’s LinkedIn FINSYNC’s Twitter FINSYNC’s Facebook Contact info:  Karsyn Meurisse  Marketing Programs Manager  (800) 699-6484 [email protected]
With a huge percentage of the 30,000,000 US-based small businesses expected to apply for the PPP, execution is critical. It happened. A new, particularly strong virus quickly bloomed into a global pandemic. While the Federal Government's response was timely and well-funded, a lot of loose ends were left with regards to execution, specifically regarding the technology needed to execute. Businesses were encouraged to apply for the SBA Payroll Protection Program (PPP) starting last week. More importantly, they were encouraged to apply for the loan through their existing banking relationship.

Unprecedented Demand

A loan that becomes a grant and allows a business to cover payroll while shut down? Who wouldn't apply? The SBA estimates there are roughly 30,000,000 small businesses in the United States. According to the Independent Community Bankers of America's President & CEO, Rebecca Romero Rainey, "Community banks make 60 percent of small business loans." While estimates of the SBA's total loan volume processed annually prior to the crisis rest around $20 billion annually, the PPP program authorizes $349 billion, and that money is to be deployed immediately.

Inadequate Tools

While no one doubts the program is well-intended, community bankers are in an awkward position. They have been positioned by government and the press as the saviors of small business (through their access to these funds). However, their ability to help is severely hampered using their current tools. Romero continues: "Community bankers have always been there to meet their customers' needs, and to be faced with a situation like they experienced today--in which they were unable to access the SBA programs promised to America's small businesses due to failed technology links and portals--has been beyond stressful and disappointing." While a new portal has been promised, it has not been delivered. Banks with access to E-Tran have reported "significant challenges with user access and latency in application processing."

A Looming Threat

While community bankers continue to pressure their contacts at the SBA and Department of Treasury for solutions, rumors are swirling that two of the stronger Fintechs, PayPal and Square, may be granted special privileges to provide electronic loan applications for the PPP. With significant user bases on both the consumer and business sides of the market, Square and PayPal both stand to become even more disruptive to community banks.

A Generational Opportunity

While there are certainly problems to solve, there is also an enormous opportunity to provide assistance to small businesses in their darkest hour. Not only will community banks that successfully deliver PPP funds to their clients attain hero-status indefinitely, they also stand to make significant gains for their shareholders as $349 billion in loans are rapidly deployed to the market. Banks that want to address this crisis head-on should look to Fintech as well, but choose a partner that works collaboratively with financial institutions, always looking to provide additional capabilities while keeping the bank at the center of the business client relationship. FINSYNC is that partner. FINSYNC's electronic loan application is plug and play. Additionally, the application feeds into the bank's connected Lender's Portal, a cloud tool for processing and underwriting loan applications. The best part...a bank can deploy FINSYNC's solution in 24 hours, with no IT integration required. Is your bank ready to start helping businesses in need? Join the FINSYNC Network today.
The Covid-19 crisis has created unprecedented opportunity to launch a virtual accounting practice. With the pandemic of Covid-19 and the Federal Government's response to an economic downturn expected to dwarf the sub-prime crisis of 2008, there has never been a better time for accounting professionals with the right skills to help get the nation back on its feet.

Tidal Wave of Applications for the SBA Paycheck Protection Program (PPP) Expected

Ask any small business owner what's on their mind in the midst of shelter-at-home, and their responses will be similar. The health of their family followed very closely by the health of their business. With shelter-at-home keeping consumers from purchasing goods and services across so many industries, unemployment rates have already skyrocketed. The CARES Act, and specifically the PPP, could not come sooner. However, not unlike the HealthCare.gov fiasco, there is already confusion about how to apply to secure the financing. With PPP, a business can secure financing that becomes a grant. As long as the business continues to pay employees in accordance with the program's requirements, the government will forgive the loan. Free money. What business owner wouldn't apply? The opportunity is fantastic, but the application process leaves a lot to be desired. The forms and documentation are so complex that a small business owner without a strong financial education has little chance of completing them correctly without assistance. An incorrect application could lead to delays in receiving the loan deposit of several weeks. Businesses who complete the form correctly the first time can have funding in as few as 2 days. A very high percentage of 30,000,000 small businesses will apply for this program in the coming weeks. That's where you come in.

The Crisis is Unprecedented, the Method of Work is Not

How do you serve small businesses in this time of need? Virtually. The market for professional services has been trending towards virtual services for some time. Business owners have used virtual services in marketing technology through publicly traded companies such as Upwork and Fiverr for quite a while. Businesses use Uber to navigate business trips. FINSYNC has developed its Services Network specifically to solve the need for professional, vetted financial assistance for US-based companies. Businesses simply request services through the app, and, based on their needs, get matched to the professional best suited to their requirements. That professional could be you.

The Tools Are Readily Available

While taking first steps into the virtual, gig-economy may seem frightening at first, it's a lot more personal than you might think. Google, Zoom and others provide free tools for video conferencing. FINSYNC service providers have access to its business software that includes Payments, Accounting, Payroll, Projects, and, most importantly in the current economic climate, Cash Flow Management. FINSYNC also makes its services portal available so that you and your new business customer can communicate virtually, with activity tracking, commenting and document management all simplified and at your fingertips.

Get Started in VIRTUAL ACCOUNTing

To get your virtual accounting career started, simply complete your 10 minute application.  There's no cost to apply or become a FINSYNC Specialist. You'll be paid via direct deposit for your work helping businesses navigate the SBA application process. You'll also have the opportunity to earn future work when normalcy returns to the economy and businesses need all your other amazing skills!
Advancements to FINSYNC’s payments platform provide simple, secure payments and more control than ever over your cash flow. By FINSYNC Technology advancements have revolutionized the way small businesses manage their finances and access capital. From automating invoices to applying for financing in a matter of minutes online. So why are you still making payments with paper checks? You’re not alone. According to “The B2B Payments Tipping Point” report by PYMTS and Mastercard®, only 9% of businesses use a credit card as their primary form of payment for B2B expenses. And while checks are still the most prominent form of payment, businesses aren’t exactly happy using this outdated format. The same survey shows that business owners are more satisfied with ACH, electronic bank transfer and credit card payments than checks. So where’s the disconnect? It’s time for payments to catch up to the rest of the advancements that are changing the way that SMBs do business. FINSYNC Pay is the first tool on the market to streamline B2B credit card payments to vendors that aren’t set up for merchant processing or existing members of a network (like Venmo or PayPal). And making credit card payments is easy for both you and your vendors.  This unprecedented payment flexibility can give you ultimate control over your cash flow. 

Simple and Secure

Remember when you had to give out your account information over the phone in order to make a payment? Perhaps you’re tired of wondering (okay, worrying) if your sensitive financial info was handled properly. Fortunately, those days are long gone.  FINSYNC Pay allows you to request to make a payment via check, ACH or credit with only your vendor’s email address. Want to pay via check? FINSYNC will print out your check and mail it for you. What about using your credit card to pay a vendor that doesn’t accept credit? We make it easy for both you and the payee, even if they’re not set up for merchant processing. All you have to do is send your vendor an email request to pay via credit card. They can accept your payment — along with future credit card payments from you — in a few quick clicks. And you never have to hand over your account information.

Free Up Cash for Immediate Needs

You shouldn’t need to take out a loan just to get through the occasional lean month, or to capitalize on growth opportunities that may be fleeting. FINSYNC Pay gives you the freedom and flexibility your business needs — and deserves. You qualified for that business credit card for a reason, right? Shouldn’t you be able to use the credit you’ve been approved for? Now you can. Paying traditionally cash-only payments like your commercial rent with a credit card can free up your cash flow for immediate needs, like payroll. Using a credit card buys your business a bit more time. This can be crucial with today’s increasingly longer payment terms, not to mention seasonal business swings. 

Centralized, Easy-to-Track Payments

FINSYNC Pay centralizes control of payments by allowing you to securely send and receive electronic payments via check, ACH and credit card from a single inbox. Your payments also include remittance details and are automatically reconciled for streamlined tracking. Within FINSYNC, communication tools and synchronized calendars give you at-a-glance clarity on the status of payments. You can even get an advance on future payments in a single click.  By now, you’ve probably heard the disheartening statistic that 82% of businesses fail due to cash flow problems. FINSYNC Pay gives you more control than ever over your cash flow, which can help your business avoid a similar fate.  FINSYNC’s integrated payments platform can save you both time and money by helping you process payments and manage cash flow with a lot less time and effort. Perhaps it’s time for a payments upgrade that provides security and flexibility along with options your business never had before now. 
Trusted financial institution Randolph-Brooks Federal Credit Union is now offering its 60,000+ business members access to FINSYNC’s cash flow management platform. What does this mean for RBFCU members looking to better manage their businesses? By FINSYNC FINSYNC recently partnered with Randolph-Brooks Federal Credit Union (RBFCU). A trusted financial partner and innovative credit union. Now anyone interested in FINSYNC can walk into any RBFCU branch and speak to employees trained on the benefits of the platform. Specifically how it improves business operations.  Headquartered in Live Oak, Texas, RBFCU is one of the largest credit unions in the United States. For instance, they serve more than 500,000 members across Texas.  RBFCU is also the first financial institution in the nation to offer its business customers the ability to pay virtually any business with their credit card via FINSYNC Pay Including businesses that are not set up for merchant processing.  Through this partnership, RBFCU members leverage FINSYNC’s other advanced payments capabilities. This includes analytics, document storage, and other types of payments including ACH and remote-cut check.  This partnership represents RBFCU’s ongoing mission to better serve their members and help their businesses succeed. According to RBFCU, “Our goal as a credit union is to provide the best service possible to our members. We believe this partnership will help them save time and focus on what is most important. Which is running a business.” What advantages does the FINSYNC - RBFCU partnership provide to small businesses? Let’s break down the biggest benefits of the partnership.

Helping Small Businesses Manage Their Finances

FINSYNC is an all-in-one payments platform designed to help businesses get all of their finances in sync. FINSYNC has partnered with RBFCU around the shared goal of helping businesses grow in new and empowering ways.  RBFCU members can now take advantage of FINSYNC’s innovative software. It can provide many benefits to their business. Here are four ways this partnership is helping the credit union help more businesses.
  1. Payment Flexibility

With FINSYNC Pay, customers can use a credit card to make payments to vendors and merchants that are not set up to receive credit payments. This capability provides a new level of payment flexibility that can dramatically improve cash flow. Businesses can send vendors a payment on their charge card using just an email address. Without the end recipient ever knowing or seeing their card information. Payment recipients can check out as a guest or set up an account for free.  In addition to credit card payments by email, FINSYNC offers bill pay by ACH and remote-cut check. On the income side, FINSYNC Pay allows businesses to request a payment from a customer. They can then pay by ACH, charge card and even checks. Which FINSYNC processes through its lockbox service. With a combined set of payments tools, businesses can be 100% digital. Even if they have paper-based customers or vendors.
  1. Cash Flow Analysis

Many businesses struggle to visualize and understand their cash flow. According to the SBA, 82% of small businesses fail as a result of cash flow problems. Now that RBFCU business partners have FINSYNC in their arsenal, they can better manage their cash flow and stay on top of their finances. The FINSYNC dashboard makes it easy to see all current metrics and predictive analytics to understand when and where cash flow issues may arise. These advanced cash flow analytics help businesses make informed financial decisions and grow as a business.
  1. Access to Expert Insight

Small businesses often have a need for professional financial assistance. However, they may not have the budget or need for full-time help. FINSYNC’s virtual assistance network offers businesses on-demand assistance from independent financial professionals.  For a fee, RBFCU members can access support for bookkeeping, accounting, human capital management or financial analysis. FINSYNC’s partner directory matches businesses with the right professional at the right time.
  1. Improved Efficiency

RBFCU members that use FINSYNC are able to operate more efficiently. As a result, they can spend more time growing their businesses. The platform automates a variety of back-office tasks to improve operational efficiency and lower operating costs.  

Giving Business Clients the Tools to Succeed

In today’s competitive banking landscape, forward-thinking financial institutions are looking for ways to offer their clients more value. Acting as true advocates for their small businesses. In partnering with FINSYNC, RBFCU is helping its members centralize control over their finances within a single platform. Therefore, they can grow in new and empowering ways.  To sum up, you don’t have to be a member of RBFCU to benefit from FINSYNC. Get started today and leverage FINSYNC's integrated functionality. As a result, more value will be provided to your customers and better grow your business. 
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Payments
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Cash Flow Management