TD Bank is expanding its partnership with Autobooks, adding a new invoicing feature, according to a press release.
The feature will be part of TD Business Simple Checking and will help microbusinesses and small- to medium-sized businesses (SMBs) process invoices and get paid quicker, the release stated.
“Probably the greatest pain point for small businesses is actually getting paid for the services they provide,” said TD Bank Head of Corporate Products and Services Jo Jagadish in the release. “The new tool will make things easier, faster and enable our Small Business customers to get paid, almost immediately in most instances, when the process previously could take up to a week or longer.”
The collaboration will employ Autobooks’ digital invoicing and payment acceptance capabilities. TD Bank has worked with Autobooks before on the TD Online Accounting platform, which provides a full accounting and cash flow management suite, according to the release.
The expanded partnership makes it so digital invoicing and online payments are now standard TD Business Simple Checking features, letting SMBs accept credit card and electronic payments that directly settle in their TD account to boost cash flow and liquidity, the release stated.
Autobooks CEO Steve Robert said in the release that SMBs make up around 99.7% of all the companies in the U.S., adding the partnership with TD Bank will make it easier for those companies to access payments.
TD Bank Head of Payments Capability and Delivery Barry Baird told PYMNTS in June that it’s important for banks to anticipate the needs and preferences of consumers.
Read more: TD Bank on Why A2A, Digital Wallet Payments Are Key for Merchants Looking to Take Control of Customer Relationships
He said the bank’s mobile app payment option would help with seamless payments and offer a way for customers to move away from cash and other older payment methods, including physical cards, in favor of more digital solutions.
“You have already seen companies — Amazon, 7-Eleven — some of these folks are already working on cashierless shopping spaces and, really, it dramatically lessens the number of staff that you have to have in the store,” Baird said at the time.