Truist speeds up sign-up for small businesses that take card payments

Truist, a large US bank, says it has made it faster for businesses to start accepting card payments. On November 3, the company announced that its new digital sign-up process has cut the time from a client's decision to go ahead to actually starting by up to 80%.

What changed

Truist is expanding Merchant Services, the part of the bank that helps businesses take card payments. The update has four parts.

• A faster digital sign-up process.
• Truist Merchant Engage, which shows payment approvals, settlements and statements in one view.
• Wider access to Clover, which combines taking payments with business management and customer engagement tools.
• Paze, an online checkout option for eligible shoppers at participating merchants.

Why the bank is doing it

Truist said the broader offering is meant to connect payment activity with deposits, treasury solutions and lending. Treasury solutions are tools for managing a company's cash. The idea is that a business that takes payments through the bank may also keep its money and borrow there, which gives the bank more ways to deepen the relationship.

What is not known yet

The announcement does not say what any of this costs, which clients qualify, or when each tool becomes available. It also does not say how many days sign-up now takes. The 80% figure is an "up to" number from Truist, so a typical business may see less. Owners who are thinking about switching should ask the bank for specifics.