M&T Bank (NYSE: MTB), which banks number one in deposit market share in the 16-county Central New York area, on June 19 announced a series of new and upcoming services for its small-business customers. They include a new online business-loan application, new business credit cards, and a new business cash-management platform. Online-lending platform M&T Bank […]
M&T Bank (NYSE: MTB), which banks number one in deposit market share in the 16-county Central New York area, on June 19 announced a series of new and upcoming services for its small-business customers. They include a new online business-loan application, new business credit cards, and a new business cash-management platform.
Online-lending platform
M&T Bank plans to start offering online business loans “in early September,” Julia Berchou, assistant VP for corporate communications, tells CNYBJ.
The new service will enable current business clients to apply for loans and lines of credit up to $100,000 through a “simple” online application. In most cases, the bank will notify customers of approval decisions the same business day, and M&T promises to fund the loans within three business days.
“With this new online-lending technology, we have simplified the process of applying for smaller credit requests, enabling more businesses to access the credit they need online, with swift decision making,” Eric Feldstein, senior VP and head of business banking at M&T Bank, said in a release.
The new lending platform will offer an all-digital format, but customers will still be able to work with a branch manager or relationship manager to guide them through the process for obtaining a business loan.
Business credit cards
Buffalo–based M&T Bank has also launched a new credit-card program for businesses that provides customers with “flexible” access to funds and the opportunity to earn points from purchases, as well as “enhanced conveniences.”
The company previously provided credit cards to businesses through a third-party, M&T said.
The new suite of cards includes the M&T business rewards credit card and M&T business credit card, which are both available with a 0 percent annual percentage rate on purchases and balance transfers for 12 months. The M&T business rewards credit card offers 1.5 percent cash back on all purchases with no annual fee, according to the release. Neither card assesses foreign-transaction fees, M&T added.
The cards will now be available at M&T Bank’s more than 750 branches, as well as through a relationship manager, and can be integrated with the M&T’s online-banking platform, known as “online banking for business.” They also include “design your card” features; online and mobile-account access; fraud protection; and the ability to pay using Apple Pay, Google Pay, and Samsung Pay.
M&T BizPay
M&T Bank also announced the rollout of M&T BizPay, a new automated clearing house (ACH), and wire-transfer service integrated with M&T online banking for business.
The new service creates a “more convenient and simpler” channel for business clients to quickly pay vendors and perform payroll services, “in many cases the same business day,” the bank contends.
“Today’s business owners are busier than ever, and any opportunity to make the process around money transfer or cash-flow management more convenient is incredibly important,” said Feldstein.
M&T Bank has 67 branch offices and a nearly 19.4 percent share of all market deposits in the 16-county Central New York region, according to the latest FDIC statistics, as of June 30, 2017. ν
