The key to modernizing payment solutions for small businesses
In a conversation with host Jim Marous on the Banking Transformed podcast, Jeff Horowitz, EVP of Transcard, a payment solutions provider, shares his insights on modernizing payment solutions for small businesses. Horowitz discusses the pain points, innovations and trends in the payment ecosystem, emphasizing the role third-party providers like Transcard can play in helping financial institutions support small business customers.
Even in an era of transformative technological advancement in the payments space, small businesses face stubborn challenges in managing their payment processes: manual processing, working with older legacy systems and supply chain management, to name a few. In a conversation with host Jim Marous on the Banking Transformed podcast, Jeff Horowitz, EVP of Transcard, a payment solutions provider, shares insights on how third-party providers can help financial institutions modernize their payment offerings to address the specific needs of small businesses.
Q: What are some of the biggest pain points small businesses face when managing payments?
Jeff Horowitz: There are many. A recent article in Forbes magazine cited 33-plus million businesses in the U.S., representing around half of the workforce. We think of the big Fortune 500s and they’re important, but the small business is the backbone of the United States and that also holds true in many other markets worldwide.
Customers tell us a few things. First, they’re dealing with a lot of manual processing. They may be working off old legacy systems, which is an issue. They’re dealing with reconciling information as payments come in. As they look at their supply chain, who paid me? What was it for?
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