In a recent podcast episode, I had the pleasure of speaking with Jameson Troutman, Head of Product at Chase for Business. With over 20 years of experience in financial services, Jameson shared valuable insights into the current state of small and medium-sized businesses (SMBs) in the U.S. and the innovative solutions Chase is offering to support them.
As Jameson puts it, “Small businesses in general are optimistic. They love supporting their customers and have a strong belief in their ability to power through any challenges.” This optimism is crucial, especially as SMBs navigate macroeconomic challenges such as inflation and cash flow management.
The current state of SMBs in the U.S.
Jameson emphasizes that despite economic challenges, the overall sentiment among small businesses remains positive. “We survey about 500 small businesses on a regular basis every month,” he explains. The data reveals that while 63% of SMBs are feeling the impact of macroeconomic forces like inflation and cash flow issues, they remain confident about their growth prospects. This optimism is fueled by their passion and creativity in overcoming daily challenges.
Addressing SMB’s cash flow challenges
One of the perennial issues for SMBs is managing cash flow. Jameson highlights that Chase is actively working to provide solutions that help businesses manage their receivables and payables more efficiently. “We’re bringing out new invoicing solutions and additional abilities to get paid faster through some of our real-time payments capabilities,” he shares. These innovations are designed to help SMBs maintain a healthy cash flow, which is critical in today’s economic environment.
Innovative payment solutions
Chase has recently launched several new capabilities aimed at simplifying financial operations for SMBs. One such solution is the faster payments capability, which allows businesses to choose how quickly they want their payments to be processed. “The flexibility gives them a lot of control,” Jameson notes. This feature helps SMBs manage their cash flow more effectively and can even provide preferential treatment from suppliers due to immediate payment options.
Enhanced invoicing capabilities for SMBs
Chase’s new invoicing capability is another new impactful product for Chase clients. This tool allows business owners to create, customize, and send invoices directly from their digital experience. “It saves them time because they don’t have to do manual reconciliation,” Jameson explains. The system supports multiple payment methods and auto-reconciles transactions, streamlining the entire invoicing process and improving cash flow management.
Leveraging customer insights
To help SMBs grow and drive revenue, Chase is launching a new data-driven product called Customer Insights. This tool provides anonymized transaction data to help businesses understand sales patterns and customer behavior. “It allows them to figure out how they tighten and get smarter about their marketing dollars,” Jameson says. This valuable data helps businesses make informed decisions about staffing, marketing, and other operational aspects.
The big ideas
- Small businesses remain optimistic despite economic challenges. “They love supporting their customers and have a strong belief in their ability to power through any challenges.”
- Chase is introducing solutions like faster payments and new invoicing capabilities to help SMBs manage their cash flow better. “We’re bringing out new invoicing solutions and additional abilities to get paid faster.”
- The faster payments capability offers SMBs flexibility in managing their transactions, providing control and potential benefits from suppliers. “The flexibility gives them a lot of control.”.
- The new invoicing tool simplifies the invoicing process, supporting multiple payment methods and auto-reconciliation. “It saves them time because they don’t have to do manual reconciliation.”
- The Customer Insights product leverages anonymized transaction data to help SMBs make informed decisions and drive revenue. “It allows them to figure out how they tighten and get smarter about their marketing dollars.”
Listen to the full episode
