This is especially true for payments,
which continue to evolve from checks to
electronic formats. In fact, card and ACH
transactions made up 85 percent of all non-
cash payments in 2012 (Source: The 2013
Federal Reserve Payments Study). That
means only 15 percent were paper checks,
a reality which would have seemed all but
impossible just five or ten years ago.
Switching to electronic payments is an easy
win in the effort to streamline back-office
processes and expense. According to some
estimates, electronic payments can actually
reduce processing costs by up to 60 percent
and can be processed almost twice as fast as
paper checks. By leveraging online bill pay,
you can make sure payments aren’t delayed
by meeting or travel schedules or by critical
days in the mail.
Even better, electronic transactions are
widely considered to have a lower risk
profile. Banks are able to quickly run
authentication procedures to approve or
deny almost instantly, without sacrificing
attention to risk management.
Another payments trend is the increased
use of purchasing cards for everyday
transactions at companies of all sizes.
What was once seen at only the largest
organizations is now widely accepted
in small businesses also. Businesses have
recognized how easy the cards are to
manage, especially when transactions,
approvals and reconciling can all be
The payments evolution is just the latest in
a trend that has been years in the making
at First National Bank. Business owners
don’t have the luxury of time to get to
the bank, but still want to be connected
to their information. From First Desktop
Banker, which allows checks to be deposited
remotely, to ExecuBanc,™ a secure online
banking system, we make it easy to manage
accounts when and where it’s convenient.
FNB experts anticipate that consumer
technology trends will only further influence
business-to-business practices. More
banking functionality will become available
for businesses on mobile devices, and
heightened security will play a big role in the
shape those enhancements take.
Of course each of these trends comes back
to time and money. From pilot to program,
trust First National Bank to be there every
step of the way as you look to cut costs and
add efficiency for your business.
Technology has changed how - and how fast - consumers interact with
the world around them. The expectation for
extends from the delivery of information and service to the way
purchases are made. We want it now, and we want it at our fingertips.
FNB continuously invests in
technology to make banking more
convenient for our clients. That’s
why we recently launched Apple
Pay.™ Apple Pay lets customers
easily make secure mobile payments
at hundreds of thousands of stores,
all with just the touch of a finger.
The new service adds leading-
edge payments technology to our
comprehensive online and mobile
Our experts predict 2015 will be
the year we see this type of mobile
technology make its debut in the
business space. Keep an eye out
for new options available to you
and your customers.
Apple Pay works with iPhone
6, iPhone 6
plus or AppleWatch™ in stores accepting
contactless payments. Purchases can be
made within participating apps on iPhone 6,
2, and iPad mini™ 3.
Apple, the Apple logo, iPhone, and iPad
are trademarks of Apple Inc., registered
in the U.S. and other countries. Apple Pay,
Touch ID, AppleWatch and iPad mini are
trademarks of Apple Inc.