#United States #Kansas City #Fraud Prevention #Academy Bank #Financial Tools

New Insights from Academy Bank's Latest Research

In a recent study by Academy Bank, it has come to light that a significant number of businesses in the United States are grappling with issues related to payment processing. The survey reveals that over 86% of businesses are worried about fraud and unauthorized activities, with more than 60% indicating that collecting payments from customers is their most time-consuming financial responsibility.

Jodi Vickery, the Chief Digital Officer at Academy Bank, emphasized the importance of cash flow as a fundamental aspect affecting numerous operational decisions. The analysis, titled "What Matters Most to Businesses Managing Cash Flow, Payments, and Risk," highlights how a slower cash flow can negatively impact everything from payroll to growth strategies.

Key Findings from the Survey

The survey unearthed various critical concerns for business owners:

• - Time-Consuming Processes: 60% of respondents pointed out that the task of collecting customer payments is their biggest financial drain.
• - Slow Payments: 58% mentioned that extended timelines for receiving payments present one of their most significant cash flow hurdles.
• - Fraud Concerns: Nearly half of the surveyed organizations express significant worries about fraud, with 49% citing this as a major risk.
• - Desire for Speed: Close to 69% stated that having faster and more dependable payment channels would greatly enhance their operations.
• - Faster Fund Access: An overwhelming 91% value the significance of having quicker access to funds, a sentiment echoed by more than 87% who are likely to seek new tools to enhance cash flow and operational efficiency in the coming year.

Fragmented Processes Hinder Efficiency

Another alarming finding is that many businesses continue to operate with fragmented workflows. Even though online and mobile banking, as well as accounting software, are commonplace now, roughly a third of businesses still rely on outdated methods like spreadsheets or paper-based processes. This slow adaptation to efficient systems has further hindered their ability to streamline financial management.

Academy Bank believes that these findings reflect a profound shift in expectations from financial institutions. Businesses are no longer satisfied with merely having accounts or loans; they are now looking for solutions that integrate advanced technology to facilitate improved cash management and simpler payment processes.

Moving Towards Integrated Tools

The continuous demand for integrated financial tools is becoming a focal point in the industry. Vickery points out that business owners want cohesive solutions that minimize disconnects in their financial operations. Academy Bank has introduced its Business Payments Suite as a response to these needs. This suite allows companies to manage invoicing, payment processing, and tracking from one platform without incurring additional subscription costs (standard payment processing fees still apply).

This robust tool aims to reduce the manual effort required and helps businesses combat the growing threat of fraud more effectively.

The urgency for businesses to modernize their financial processes is becoming clearer as they struggle with the current challenges of slow payments and fraud. With over 87% of surveyed organizations expressing an eagerness to explore new solutions, it's evident that companies will continue to prioritize modernization.

Academy Bank's ongoing commitment to equipping businesses with necessary resources helps them navigate these evolving financial landscapes and identify paths toward growth.

The comprehensive white paper, "What Matters Most to Businesses Managing Cash Flow, Payments, and Risk," is publicly accessible for businesses to deepen their understanding of these critical issues.

About Academy Bank: Academy Bank is dedicated to supporting the journey toward financial wellness. It offers a wide variety of banking solutions designed to assist both individuals and businesses on their financial paths. With a strong presence in the Midwest, Academy Bank is committed to the continued development of services that respond to the changing needs of its customers.