June 16, 2014
BBVA Compass is reaching out to other innovators as it supports the lifeblood of the U.S. economy — small businesses, which account for nearly two-thirds of new private-sector jobs.
This year, the bank joined forces with three companies known for their abilities to zero in on specific small businesses’ needs. The alliances allow the bank to support businesses of all types and sizes, with services that complement existing BBVA Compass offerings.
“We’ve teamed with tech-forward companies that help us give our small-business clients unmatched services,” said Lonnie Hayes, small business segment director for BBVA Compass. “It’s about being true to our mission of giving small businesses all the tools they need to operate smartly.”
A look at the three alliances:
OnDeck helps bank bolster small business lending
BBVA Compass announced in May that it had teamed with tech-powered lender OnDeck to give Main Street a boost, using the company's innovative technology and business scoring system to offer loans to more small businesses.
The OnDeck Score™ analyzes thousands of data points — from cash flow to public records to social data — to assess the health of a small business. The bank is leveraging the OnDeckScore and exclusive technology to provide qualifying business clients with loan offers up to$250,000, six- to 24-month payment terms, and funding in as fast as one business day.
The alliance marked OnDeck's most substantial partnership with a major bank. Since 2007, the lender has delivered more than $1 billion in financing to small businesses nationwide.
Bank helps medical practices focus on client care with support from CareCloud
May also saw the bank join forces with CareCloud to help medical practices ease administrative burdens, improve client care and boost financial performance via an integrated package of bank services and healthcare technology.
CareCloud's innovative cloud-based technology platform will allow the bank to better serve a segment increasingly affected by the demands of technology and regulation, Hayes said.
"There's significant overlap between the technology and financial services required to run a medical practice efficiently today," said Hayes.
CareCloud, based in Miami, has amassed more than $3 billion in annualized accounts receivables since its 2009 launch and is well positioned to help BBVA Compass reach medical practices, a segment often ignored by major banks focused on large hospitals.
New service aims to help business owners manage their payrolls
In February, the bank launched the BBVA Compass Payroll Service powered by Execupay, one of the largest independent payroll service providers in the U.S., giving small business owners easy access to payroll information alongside their business and personal account information through online banking.
"Nearly 50 percent of small business owners currently outsource their payrolls due to constantly evolving human resources and tax guidelines," Hayes said. "It can be a very costly and tedious proposition."
Hayes said the service can be managed using a variety of internet-enabled devices, simplifying a critical financial task and allowing business customers to quickly return their focus to growing their companies.
Execupay and the Execupay logo are trademarks of Execupay Services, LLC, Execupay Software, LLC, or Execupay Holdings, LLC.
BBVA Compass is a trade name of Compass Bank. Member FDIC and member of the BBVA Group.