According to the U.S. Census Bureau, there are more than 28 million micro-businesses in the U.S., which represents more than 90 percent of all small businesses in the country. While they are very diverse in terms of products, services and operations, they all share a few common characteristics.
Micro-businesss often have no employees, are run from a home office or no office, and their owners are very mobile. This leads to a need for mobile banking and transaction processing no matter where they are.
BBVA Compass, a division of Compass Bank, has introduced a new collection of services and mobile tools designed for these entrepreneurs. It's new Business Mobility Bundle offers multiple financial management utilities.
"Owners of these businesses often have no employees and very little time to visit bank branches, even for routine transactions like making deposits," said Lonnie Hayes, small business segment director for BBVA Compass. "We saw an opportunity to provide a much-needed solution designed with their unique needs in mind."
The new bundle includes an e-Business Checking account, online and mobile banking, and a merchant Mobility Pack with a secured card reader for processing debit and credit card payments.
The merchant Mobility Pack requires a compatible mobile device, so the bank is giving away the Samsung Galaxy Tab 3 7.0 to qualifying new customers who open e-Business Checking accounts through Sept. 30. The latest tablet from Samsung, the 7-inch Galaxy Tab 3 offers a compact, powerful and secure mobility solution for small businesses, including access to a wealth of productivity applications.
Micro-businesses include startups and single office/home office (SOHO) businesses such as landscapers, photographers and service consultants. They generally have basic banking needs and generate low monthly transaction volumes.
Hayes said the bank's research shows that these business owners are becoming increasingly comfortable with technology, using smart phones and tablets to manage their personal lives and looking for the same conveniences to run and grow their businesses.
"That's exactly what this new account offers: banking anywhere, anytime and using a device they choose," said Hayes. "It was built with the needs of the micro-business in mind, and that truly sets it apart."