It may be
under fierce criticism for introducing a debit card fee for
retail customers– but Bank of America (BofA) has revealed a number
of initiatives it hopes will attract or retain SME
clients.

BofA has signed up Intuit’s Full Service
Payroll to offer its SME clients employee payroll and tax
management.

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According to Intuit, its service provides
“guaranteed error-free” pay cheques and payroll taxes and complies
with online banking solutions.

The deal between the bank and the payment processor is in
addition to their existing contract for Easy Online Payroll.

 

Other initiatives
include:

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  • In November, the bank will launch a loyalty account for SMEs in
    Arizona, Georgia and Massachusetts. BofA calls its Business
    Platinum Privileges service recognition of “small business customer
    loyalty”. The loyalty benefits include reduced credit line rates,
    retirement account benefits, additional bonus points or cash back
    on credit and charge card purchases, and higher rates on savings
    accounts.
  • Most recently, BofA changed the features on its Business
    Advantage current account, enabling clients to pick and mix
    features as they like.
  • BofA also said that it will hire about 1,000 SME bankers
    between 2011 and 2012 and
  • Lend a total of $100m in low-cost capital to SMEs. So far, the
    bank has lent $82m to about 8,300 local SMEs.

SMEs are becoming a strategic focus for banks
as they broaden their revenue streams, Electronic Payments
International wrote on 20 October. Click here
to sign up for free and read the full article.