Small business payments and accounting platform Autobooks unveiled a new initiative today that works directly with small businesses to help them receive credit card payments online.
The program, Get Paid with Autobooks, deposits transaction revenue directly into the business’ existing bank account. The tool was previously only available to small businesses via Autobooks’ existing bank partners. In fact, Autobooks partners with more than 50 banks and credit unions to help them compete with fintechs such as PayPal and Square by offering their small business clients an online payment acceptance tool.
Autobooks is waiving its $10 monthly fee for Get Paid through the end of this year. This offer comes at a time when many businesses have been pushed to accept payments online in order to provide a no-contact experience for their clients. Businesses will still be charged the standard 2.75% on each transaction.
Autobooks lowers the barrier of entry for businesses to accept payments by using a model called payment facilitation. “Non-bank providers such as PayPal, Square, and Stripe have long benefited from this model and it’s now time financial institutions can too,” said Autobooks CEO and Cofounder Steve Robert. “By providing a digital, self-service onboarding and automated underwriting process – a small business can now begin receiving payments directly into their existing checking account within a few minutes.”
Autobooks was founded in 2015 and has since raised $17.5 million in funding. The company offers banks a range of tools, including invoicing, accounting, and billpay, to help them support their small business customers.