Following this announcement, small firms and businesses which are located primarily in low-to-moderate income (LMI) communities that were served by Genesis Bank will be provided access to customised technology bundles.
The bundles were designed in order to address challenges that are usually faced by these businesses and clients, aiming to provide access to select Clover Point-of-Sale (POS) technology from Fiserv. This process will take place with no or low entry costs, as well as significantly discounted subscription fees.
Genesis Bank represents a California state-chartered commercial financial institution, providing its SME customers, their owners, and investors with access to a secure and comprehensive suite of services. Included in this are traditional commercial business, Small Business Administration (SBA), owner-occupied commercial real estate loans, deposit products, income property, as well as treasury management.
In an industry where the underlying nature and complexity of technology continues to develop, providing access to secure and efficient POS systems to customers has become an essential strategy for businesses that want to operate, compete, and grow. Genesis Bank sees that the cost burden represents a significant barrier and challenge in the procedure of gaining access to such essential technology, especially for the diverse small business owners who have been underserved.
The Clover offering is set to further optimise the manner in which entrepreneurial LMI communities across the UK accelerate their development processes, while the financial institution will also extend its collective reach into those businesses in need of such technology and software.
In addition, the partnership between Firserv and Genesis Bank is expected to maximise the company’s impact by providing them with critical financial technology resources, including the businesses that represent an important role in designing secure and improved entrepreneurial communities.
The Clover Point-of-Sale and business management system from Fiserv will be leveraged in order to enable small and medium-sized businesses (SMBs) to accept payments, as well as run their companies in a safe and efficient manner. At the same time, it is set to allow firms to provide their customers with new solutions to improve their experience and streamline operations.
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