Small Business Payments Co. recently launched its WorkBench cash management platform, allowing businesses to make credit card and e-check payments, with other features planned for the future.
"The small business industry is rapidly adopting technology to improve their entire order-to-pay process," says Dave Kurrasch, vice president and general manager of Small Business Payments Co. "Small businesses are now sophisticated enough to demand that their payment solutions are integrated into their procure-to-pay process. The challenge is to get solutions to work together."
Currently the only payment application on WorkBench allows businesses to pay invoices with a credit card or e-check within the platform. But more payment apps are planned in the next 12 months at a rate of one to two apps per month, Kurrasch says.
"All of the apps communicate with the cash forecast to improve the accuracy and timeliness of the forecast," he says.
The company plans to add a payroll app, a bill pay app, a foreign exchange app and a prepaid app to give small businesses the ability to offer an in-store prepaid card to drive loyalty, says Kurrasch. The company is also working on several apps to make paying with checks easier as well, including an app to automate check writing and one to accelerate the receipt and conversion of checks, he says.
The cash flow forecasting tool "alerts the small business of key cash flow events and provides recommendations about actions that can be taken to avert cash shortfalls and optimize the use of the company's working capital," Kurrasch says.
Small Business Payments Co. launched the WorkBench in October after testing a prototype for a year. It is currently looking for distribution partners and small business clients.