An article at MarketWatch.com notes that “there are more than 30 million small businesses in the United States and the majority cite cash flow as the biggest challenge they face.” With the Coronavirus, this is probably an understatement.
Of primary importance — it is fully integrated into the SilverLake System core platform to streamline A/R financing.
BusinessManager enables financial institutions to purchase small and medium-sized businesses’ accounts receivables at a discount, providing immediate access to working capital for the business and creating strong fee income opportunities for the institution. Banks can automate some of the last remaining manual aspects of the A/R financing process to boost efficiencies and increase transparency. (See video below)
As Karin Jones, senior vice president of commercial lending for Landmark Community Bank, noted, “With BusinessManager, we’ve been able to create new revenue opportunities for our bank while strengthening our relationships with business customers and providing them with the financial resources necessary to scale their operations. Since integrating the program with our core platform, the process is more automated and streamlined for us and more transparent for our customers. “
Logan Harper, banking officer of First Volunteer Bank, reinforces the value proposition of utilizing BusinessManager and includes the additional benefits of “entries are now made automatically, improving accuracy and saving a significant amount of employee time.”
Financial institutions rely on technology partners to develop new and innovative solutions to serve their customers. Check processing automation supports the deposit process so checks are posted and cleared quickly, ultimately feeding systems like this with information on a near real-time basis.
This blog contains forward-looking statements. For more information, click here.