Preferred Rewards for Commercial Members Earn 25% to 75% extra cash back on every purchase; New payment and invoicing solution also among the latest innovations for small business customers
CHARLOTTE, North Carolina, October 21, 2021 / PRNewswire / – Bank of America today announced the launch of the Business Advantage Unlimited Cash Rewards card. This new card allows small business owners to earn unlimited 1.5% cash back on all their purchases. Cash rewards do not expire and redemption is simple: Small business customers can redeem their cash back for any amount, anytime for credits or statement deposits directly to a checking account or Bank of America savings, or for credit to an eligible Merrill Account. The Business Advantage Unlimited Cash Rewards card has no annual fee.
“Running a business can be tough, but earning rewards on your spending should be simple and convenient,” said Chris Wong, Head of Small Business Products at Bank of America. “With the launch of the Business Advantage Unlimited Cash Rewards Card, we have simplified the way entrepreneurs are rewarded for their expenses, so they can focus on running and growing their business. “
Bank of America Preferred Rewards for Business members earn 25-75% additional cash back on every purchase made with the Business Advantage Unlimited Cash Rewards card, depending on their reward level, which means cash back unlimited 1.5% earned on all purchases could go up to 2.62% cash back. The consumer version of the Unlimited Cash Rewards credit card launched in July.
New payment and billing solution
Bank of America also announced an innovative bill payment and invoicing solution that runs in Business Advantage 360, Bank of America’s digital platform for small businesses. Customers can choose between two options to enhance their digital experience, depending on their specific business needs:
Essential payments and invoicing has no monthly fees and is best suited for customers with a single user. It allows customers to pay their invoices, create and send digital invoices, receive payments, track invoices and payments, and add or manage suppliers.
Prepayments and invoicing, is $ 30 per month and designed for large companies. Advanced offers all the essential features, plus the ability to create workflow and approval policies, delegate authority to multiple users, and sync with various accounting software tools.
Over the past two years, Bank of America has created or enhanced a variety of other resources and tools to help business owners navigate the pandemic and streamline their operations, including:
Business credit score: In the spring of 2021, Bank of America partnered with Dun & Bradstreet to become the first major financial institution to provide small businesses with free, ongoing access to their business credit rating. This offering gives entrepreneurs a complete overview of their finances while providing visibility to help them create and maintain healthy business credit.
Small Business Resource Site: Launched in december 2020, the Small Business Resources site offers tools, information and expert advice to help entrepreneurs manage and grow their businesses. The education center provides advice and solutions for all aspects of business ownership, covering topics such as business strategy, customer relationships, financing options, operations optimization, management of flow cash, etc.
More flexible options for managing money: Bank of America now allows customers to digitally link their work and personal profiles, and more than 200,000 business owners have taken advantage of this functionality. To give customers even more flexibility to transfer money, Bank of America has increased limits for businesses that send and receive money through Zelle, which nearly 800,000 business owners have used, as well as monthly mobile check deposit limits.
Cash Flow Monitor and Connected Apps Improvements: Bank of America recently redesigned the dashboard of its best-in-class cash flow monitoring tool, which gives business owners a complete view of the company’s cash flow. The tool allows small business owners to easily track credits and debits with built-in account information, receive automatic cash flow projections based on planned transactions, and easily connect to Small Business Specialists at Bank of America for advice.
Download the Bank of America app or visit bankofamerica.com.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium businesses, and large corporations with a full range of banking, investing, asset management and financial products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 66 million personal and small business customers with approximately 4,200 retail financial centers, approximately 17,000 award-winning ATMs and digital banking services with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, investment and investment banking, and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals in the whole world. Bank of America provides industry-leading assistance to approximately 3 million small business households through a range of innovative and easy-to-use online products and services. The company serves its customers through operations through United States, its territories and around 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.
For more information on Bank of America, including dividend announcements and other important information, visit the Bank of America newsroom and sign up to receive email alerts.
Journalists can contact:
Don Vecchiarello, Bank of America
View original content to download multimedia: https://www.prnewswire.com/news-releases/bank-of-america-launches-business-advantage-unlimited-cash-rewards-card-for-entrepreneurs-301405640.html
SOURCE Bank of America Corporation