July 29, 2013
BIRMINGHAM, Ala., July 29, 2013 /PRNewswire/ -- BBVA Compass today introduced its Business Mobility Bundle, designed to provide micro-businesses — the smallest of small businesses — everything needed to manage their finances on the go.
Representing about 95 percent of all small businesses, micro-businesses are extremely mobile, with many of their financial transactions occurring away from owners' homes or offices. Micro-businesses typically generate less than $500,000 in annual revenue.
"Owners of these businesses often have no employees and very little time to visit bank branches, even for routine transactions like making deposits," said Lonnie Hayes, small business segment director for BBVA Compass. "We saw an opportunity to provide a much-needed solution designed with their unique needs in mind."
The new bundle includes an e-Business Checking account, online and mobile banking, and a merchant Mobility Pack® with a secured card reader for processing debit and credit card payments.
The merchant Mobility Pack requires a compatible mobile device, so the bank is giving away the Samsung Galaxy Tab® 3 7.0 to qualifying new customers who open e-Business Checking accounts through Sept. 30. The latest tablet from Samsung, the 7-inch Galaxy Tab® 3 offers a compact, powerful and secure mobility solution for small businesses, including access to a wealth of productivity applications.
Micro-businesses include startups and single office/home office (SOHO) businesses such as landscapers, photographers and service consultants. They generally have basic banking needs and generate low monthly transaction volumes.
Hayes said the bank's research shows that these business owners are becoming increasingly comfortable with technology, using smart phones and tablets to manage their personal lives and looking for the same conveniences to run and grow their businesses.
"That's exactly what this new account offers: banking anywhere, anytime and using a device they choose," said Hayes. "It was built with the needs of the micro-business in mind, and that truly sets it apart."
BBVA Compass recently performed 300 online interviews with micro-business owners to test the appeal of the Business Mobility Bundle and the Galaxy Tab 3 promotion.
"The reaction to the bundle was overwhelmingly favorable, with nearly seven out of 10 respondents identifying it as appealing and unique," Hayes said.
Hayes said the bank also will use recent research findings to help inform the development of expanded micro-business offerings and programs, including customized education seminars.
The Micro-Business Segment By the Numbers
Checking accounts subject to approval, which may include credit approval. $100 minimum opening deposit required.
Mobile Banking: Message and data rates may apply. Check with your wireless carrier about such fees. Mobile Deposit® is subject to eligibility.
Merchant Mobility Pack: Merchant Services accounts subject to approval, including credit and risk approval, and the acceptance of the terms and conditions related to such service.
Samsung Galaxy Tab 3 Bonus: New BBVA Compass customers who open an e-Business checking account must complete 10 qualifying transactions within 30 days of account opening in order to be eligible to receive a Samsung Galaxy Tab 3. The Samsung Galaxy Tab 3 will be provided when all conditions are met. Please visit www.bbvacompass.com/go/biztablet for full terms and conditions. Galaxy Tablet is a trademark of Samsung.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico, and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. More information about the BBVA Group can be found at www.bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 688 branches, including 352 in Texas, 90 in Alabama, 78 in Arizona, 64 in California, 45 in Florida, 38 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading Small Business Administration lenders. Additional information about BBVA Compass can be found at www.bbvacompass.com.
BBVA Compass is a trade name of Compass Bank.
SOURCE BBVA Compass
For further information: Ralph Evans, Corporate Communications, 205-297-3038, firstname.lastname@example.org