OLB, which works primarily with small to medium-sized businesses (SMBs), will now be able to help those businesses with facilitating quick payments, cutting labor costs and doing away with human error as much as possible.
Some of the new features will include on-demand check printing and remittance, digital check processing to help speed up fund transfers and deposits via ACH, mobile app-based customer payment services and digital payment solutions that eliminate the need for checks in B2B solutions.
The SecurePay gateway is central to OLB’s operations and helps make it a “comprehensive omnicommerce” system to aid SMBs, according to the release.
Ronny Yakov, chief executive officer of OLB, said the use of ACH with the cloud-based SecurePay would boost flexibility and help control cash and costs.
“ACH was traditionally utilized for bank-to-bank transfers, but today it is considered a vital tool to securely and quickly move funds that are essential for efficient business operations,” he said, according to the release. “Integrating this capability into a cloud-based service such as SecurePay provides businesses with tremendous flexibility and control of cashflow and operating costs. In addition, fees for ACH are typically less than the cost of card-based transactions and settlement is normally faster, giving businesses another compelling benefit.”
Yakov also told PYMNTS recently that the path to integration, an oft-confusing part of the process for young businesses, could be through QuickBooks. OLB recently announced payment gateway functionality with QuickBooks, connecting SecurePay to the service so users don’t have to leave QuickBooks to perform tasks like invoice generation and receiving payments.
The service could be a boon for smaller businesses struggling, as Yakov said the seamless invoice generation feature could reduce the time payments take and cut down on waste.