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New Solutions for Small Businesses

2 Mins read

Bank of America recently launched a new bill payment and invoicing solution which runs within Business Advantage 360, Bank of America’s digital platform for small businesses. Clients can choose from two options depending on the specific needs of their business:

  • Essential Payments and Invoicing has no monthly fee and is best suited for clients with a single user. It allows clients to pay their bills, create and send digital invoices, receive payments, track invoices and payments, and add or manage vendors.
  • Advanced Payments and Invoicing costs $30 per month and is designed for larger businesses. Advanced offers all of the Essential features, plus the ability to create approval workflow and policies, delegate authority for multiple users, and synch with various accounting software tools.

New Rewards Credit Card

Then Bank also recently launched a new credit card for small business owners—the Business Advantage Unlimited Cash Rewards Card. Small businesses using the card can earn unlimited 1.5% cashback on all purchases. The rewards don’t expire, and you can redeem your cash back for any amount, at any time for statement credits or deposits directly into a Bank of America checking or savings account or for credit to an eligible Merrill account. And there’s no annual fee.

Bank of America’s Preferred Rewards for Business program members earn 25% to 75% more cash back on every purchase made with the Business Advantage Unlimited Cash Rewards card, depending on their rewards tier.

Additional Solutions

Other newly created or enhanced resources and tools to help small business owners navigate the pandemic include:

  • Business Credit Score: Partnering with Dun & Bradstreet, Bank of America now provides small business clients with free, ongoing access to their business credit scores.
  • Small Business Resources Site: Launched in December 2020, the Small Business Resources site features tools, insights, and expert advice to help entrepreneurs run and grow their businesses. The educational hub provides tips and solutions for all aspects of business ownership, covering topics including business strategy, customer relations, financing options, optimizing operations, managing cash flow, and more. (Full disclosure: I am a contributor to the site).
  • More Flexible Options to Manage Money: Clients of Bank of America can now digitally link their business and personal profiles. And it raised the limits for businesses sending and receiving money through Zelle and increased monthly Mobile Check Deposit limits.
  • Cash Flow Monitor & Connected Apps Enhancements: The Cash Flow Monitor tool was recently redesigned, providing small business owners a complete view of their company’s cash flow. You can easily track credit and debits through integrated account information, receive automatic cash flow projections based on scheduled transactions, and connect with Bank of America small business specialists for guidance.

Small business stock photo by mavo/Shutterstock

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