The Power of Small Payments

Venmo and other P2P payments have been growing in popularity for consumers. But now they’re starting to grow in business usage, too. One big use case is the disbursement of insurance settlements and rebate payments.

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1. Save Money

Aside from the obvious savings in cash and cheque costs, a growing number of small businesses use Zelle’s disbursement service for rapid payments to employees, contractors and customers. Zelle is also used by larger companies to distribute insurance settlements and rebate payments. It’s predicted that by 2022, Zelle could be used by 8 million businesses. This would result in even more savings for small businesses. That’s in addition to saving on petrol and the time spent chasing late invoices.

3. Make Payments Easier

One of the things that can happen when you pay something off in small regular payments is that you don’t have to worry about paying late fees. If you’re paying $100 a week rather than just once a month, by the end of the year you have made 52 small payments and saved yourself a bunch of money on interest charges that can sometimes be as high as your first payment. That’s a big win. And for small businesses, making it easier for customers and teams to make payments means everything.

In Turkey, Romania and Poland, ING is helping small business owners use their smartphone as a point of sale (POS) terminal, saving them the hundreds of euros that it can cost to run one.