Following this announcement, the new solution was developed in order to enable businesses to accept card payments with free same-day access to their funds and a free mobile card reader, alongside the process of checking with unlimited digital transactions and no monthly maintenance fees.
The U.S. Bank Business Essentials features also include a premier checking account with no monthly maintenance fee, card payment acceptance with free same-day access to funds, every day of the week, unlimited digital transactions, a free mobile card reader, and fraud prevention tools. In addition, it will also provide a simplified money movement within one digital dashboard, the ability to integrate a business's accounting and budget management software, as well as a single application and streamlined onboarding experience.
According to the official press release, U.S. Bank introduced Business Essentials in response to the advancing needs and demands of small business clients and users. In a national survey, the U.S. Bank conducted with more than 1.000 small business owners, 90% said they prefer service providers who can bundle their digital banking payments, as well as operational tools, highlighting the need for a banking partner to offer digital banking and transactions in a single solution.
In addition, with Business Essentials, the bank aims to make it easier for small business owners to manage their business by bringing multiple capabilities together in a single integrated interface. By offering small company owners the possibility to manage their cash flow in one place with no monthly maintenance fee, the institution will also focus on improving the way customers save time and money, lessening their operational burden, and giving them access to improved business insights.
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