BBVA Compass courts micro-businesses with new mobile banking solution
-- Business productivity tools for smallest of businesses
-- Bank designs Business Mobility Bundle for unique needs of micro-business
-- Business owners can manage finances on the go with e-Business Checking
account, a Samsung Galaxy Tab 3 and mobile merchant services capabilities
BIRMINGHAM, Ala., July 29, 2013
BIRMINGHAM, Ala., July 29, 2013 /PRNewswire/ -- BBVA Compass today introduced
its Business Mobility Bundle, designed to provide micro-businesses — the
smallest of small businesses — everything needed to manage their finances on
Representing about 95 percent of all small businesses, micro-businesses are
extremely mobile, with many of their financial transactions occurring away
from owners' homes or offices. Micro-businesses typically generate less than
$500,000 in annual revenue.
"Owners of these businesses often have no employees and very little time to
visit bank branches, even for routine transactions like making deposits," said
Lonnie Hayes, small business segment director for BBVA Compass. "We saw an
opportunity to provide a much-needed solution designed with their unique needs
The new bundle includes an e-Business Checking account, online and mobile
banking, and a merchant Mobility Pack^® with a secured card reader for
processing debit and credit card payments.
The merchant Mobility Pack requires a compatible mobile device, so the bank is
giving away the Samsung Galaxy Tab^® 3 7.0 to qualifying new customers who
open e-Business Checking accounts through Sept. 30. The latest tablet from
Samsung, the 7-inch Galaxy Tab^® 3 offers a compact, powerful and secure
mobility solution for small businesses, including access to a wealth of
Micro-businesses include startups and single office/home office (SOHO)
businesses such as landscapers, photographers and service consultants. They
generally have basic banking needs and generate low monthly transaction
Hayes said the bank's research shows that these business owners are becoming
increasingly comfortable with technology, using smart phones and tablets to
manage their personal lives and looking for the same conveniences to run and
grow their businesses.
"That's exactly what this new account offers: banking anywhere, anytime and
using a device they choose," said Hayes. "It was built with the needs of the
micro-business in mind, and that truly sets it apart."
BBVA Compass recently performed 300 online interviews with micro-business
owners to test the appeal of the Business Mobility Bundle and the Galaxy Tab 3
"The reaction to the bundle was overwhelmingly favorable, with nearly seven
out of 10 respondents identifying it as appealing and unique," Hayes said.
Hayes said the bank also will use recent research findings to help inform the
development of expanded micro-business offerings and programs, including
customized education seminars.
The Micro-Business Segment By the Numbers
oThe U.S. Census Bureau reports nearly 28 million micro-businesses
operating in the U.S., 36 percent of which operate in BBVA Compass'
seven-state Sunbelt footprint.
oAccording to a recent study by ath Power, owners of micro-businesses view
a significant proportion of the services provided by banks as largely
irrelevant to their business needs.
oThe study reports that nearly two out of three micro-business owners often
use their personal checking accounts for business purposes, while nearly
half fund business purchases with their personal credit cards.
oFewer than one in five small business customers are "very satisfied" and
nearly half are "neutral" on the question of whether their bank
understands their needs and challenges, according to ath Power.
Checking accounts subject to approval, which may include credit approval. $100
minimum opening deposit required.
Mobile Banking: Message and data rates may apply. Check with your wireless
carrier about such fees. Mobile Deposit® is subject to eligibility.
Merchant Mobility Pack: Merchant Services accounts subject to approval,
including credit and risk approval, and the acceptance of the terms and
conditions related to such service.
Samsung Galaxy Tab 3 Bonus: New BBVA Compass customers who open an e-Business
checking account must complete 10 qualifying transactions within 30 days of
account opening in order to be eligible to receive a Samsung Galaxy Tab 3.
The Samsung Galaxy Tab 3 will be provided when all conditions are met. Please
visit www.bbvacompass.com/go/biztabletfor full terms and conditions. Galaxy
Tablet is a trademark of Samsung.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned
subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global
financial services group founded in 1857. The Group has a solid position in
Spain, is the largest financial institution in Mexico, and has leading
franchises in South America and the Sunbelt region of the United States. Its
diversified business is geared toward high-growth markets and relies on
technology as a key sustainable competitive advantage. Corporate
responsibility is at the core of its business model. BBVA fosters financial
education and inclusion, and supports scientific research and culture. It
operates with the highest integrity, a long-term vision and applies best
practices. More information about the BBVA Group can be found at www.bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 688
branches, including 352 in Texas, 90 in Alabama, 78 in Arizona, 64 in
California, 45 in Florida, 38 in Colorado and 21 in New Mexico. BBVA Compass
ranks among the top 25 largest U.S. commercial banks based on deposit market
share and ranks among the largest banks in Alabama (2nd), Texas (4th) and
Arizona (5th). BBVA Compass has been recognized as one of the leading Small
Business Administration lenders. Additional information about BBVA Compass can
be found at www.bbvacompass.com.
BBVA Compass is a trade name of Compass Bank.
SOURCE BBVA Compass
Contact: Ralph Evans, Corporate Communications, 205-297-3038,
Press spacebar to pause and continue. Press esc to stop.