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Innovation to Protect and Empower Businesses

The COVID-19 pandemic has led consumers and businesses to rely much more heavily on digital products and services, prompting companies to pivot toward faster technology adoption. An innovative, customer-centric approach to business will continue to be a determinant for growth and success as consumers place even more emphasis on trust, security and convenience.

Mobile platforms continue to be the fastest growing banking interfaces. Across the industry, online and mobile banking usage and payments increased in 2020 and continue to grow significantly. At FNB, the value our digital services provided our customers during the pandemic was evident in a significant uptick in utilization of our digital channels, with highlights including approximately 6.1 million combined monthly online and mobile banking logins and a nearly 20 percent increase in the number of mobile deposits. Digital banking provides small businesses with secure access to their accounts and offers convenient features, including the ability to log in to accounts to review up-to-date activity and approve transactions; turn a debit card on and off to maximize security; and make transfers between accounts held at other banks. These innovative features save business owners time and provide important insights quickly and securely, enabling better customer service.

innovation to protect and empower business

Digital Payments Can Optimize Day-to-Day Operations

Online and mobile payments such as bank transfers, online bill pay and digital wallets can simplify accounting processes and improve cash flow and disbursements. Digital payments make it easier for clients to pay and shorten the time it takes for businesses to receive funds by eliminating the time-consuming step of submitting scheduled payment requests.

Additional Benefits of Digital Payments Include:

  • Increased payment security
    • Electronic transactions may have less risk than checks because banks can run authentication procedures to approve or deny transactions almost instantly. Contactless, cashless transactions are not only more secure, but they also have become the preferred public health and safety option during the pandemic and add convenience that will remain long after the health crisis is over.
  • Risk mitigation
    • Small businesses can be particularly vulnerable to fraud because it can be challenging to ensure all the proper controls are in place. For example, accounts with high transaction volumes, such as those used for payroll or operating purposes, may be at greater risk and are more difficult to monitor manually. Ask your banker about automated account reconcilement tools to prevent or mitigate fraud.
  • Cost savings and convenience
    • According to industry estimates, electronic bill pay can reduce processing costs up to 60 percent and is almost twice as fast as checks. With online bill pay, you can also ensure that most payments will not be delayed by the mail, meeting or travel schedules.

FNB Offers Fraud Control Measures to Reduce Risk

FNB’s Positive Pay is designed to identify, flag and report unauthorized check transactions for review via online or mobile banking.

ACH debit filter enables preauthorization of specific Automated Clearing House (ACH) transactions, such as those from a payroll vendor, with all other debits presented for review, ensuring both efficiency and security.

Ask one of our FNB Relationship Managers about the best options to safeguard your business.

Person-to-Person Payments ARE Growing

The Zelle Network continues to grow among consumers and some small business owners. Zelle® is a free service that allows customers to send and receive digital payments with others who are also on the Zelle Network using an email address or cell phone number. At FNB, person-to-person payments processed over Zelle in 2020 increased by more than 98 percent over the 2019 average. Zelle is available for customers who use FNB’s consumer-facing online and mobile banking platforms.

To learn more about which payment solutions are best for your business, contact FNB’s small business banking experts at 1-866-362-4603.

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