DETROIT--(BUSINESS WIRE)--Autobooks is a small business payment and accounting platform integrated within a financial institution’s digital banking experience. Today, the company reports that Community Choice Credit Union, 4Front Credit Union and ChoiceOne Bank are growing deposits and identifying new opportunities to increase fee income with Autobooks’ small business banking platform.
Autobooks provides the underserved small business market with a way to make banking better through simple payment and accounting tools. These progressive institutions launched their small business networks with Autobooks in early 2018. Since then, Community Choice Credit Union enabled small businesses to invoice $4.8 million; members of 4Front Credit Union invoiced $2.5 million; and ChoiceOne Bank customers surpassed $1 million in invoicing. These financial institutions attribute the gains to making collecting and sending invoices easy for small businesses, which ultimately accelerates cash flow and access to working capital, supporting their local economies.
Traverse City, Mich.-based 4Front Credit Union understands the challenge of generating small business membership and demonstrating its value. Keith Carey, vice president of marketing at the $525 million-asset credit union, commented, “Autobooks helps us stand out as a better banking provider in a crowded marketplace. Their team acts as an extension of our credit union, helping us to build a small business offering that resonates with our members and provides a more valuable membership experience.”
Grand Rapids, Mich.-based ChoiceOne Bank is dedicated to meeting the need that small businesses have for convenient banking solutions; they aim to provide convenient services in one place instead of sending customers to various non-bank providers. Adom Greenland, chief operating officer at the $666 million-asset bank, commented, “Small business owners are seeking to manage their finances in as simple as a way possible – which previously happened using retail banking accounts or several non-bank competitors. With Autobooks, our bank can become the solution, offering personal support, expedited payments and easy accounting. We are in a position to ease some of the financial stress small businesses face.”
Similarly, Farmington Hills, Mich.-based Community Choice Credit Union wanted to help small businesses in their communities reconcile their books and send invoices that accept multiple forms of payments. Dan Munro, executive vice president and chief operations officer at the $1.1 billion-asset credit union, added, “Backed by the support and expertise from Autobooks, we can engage our neighbors with a product that positions our community for success. Autobooks doesn’t sell a product as much as they do a banking experience; it’s important for us to have a partner that prioritizes the needs of our members above all else.”
Steve Robert, co-founder and CEO of Autobooks, said, “We are proud to recognize Community Choice Credit Union, 4Front Credit Union and ChoiceOne Bank for helping small businesses collect more than $8 million to support local economies. This is a strong beginning to their growing small business services. Together, we can help more small business owners bank better and equip their companies to flourish.”
Detroit-based Autobooks is a provider of small business banking solutions that integrate within a financial institution’s digital experience. Through Autobooks, banks and credit unions can become a digital destination for small business owners, helping build stronger relationships, grow deposits and identify opportunities to increase fee income. Please visit www.autobooks.co to learn more.