Small Businesses Struggle With Manual Payments and Fraud Risks

Collecting customer payments remains the single most time-consuming task for 60% of organizations, according to the bank’s latest white paper. While digital banking and accounting software are common, nearly one-third of respondents still depend on spreadsheets, and 13% cling to manual or paper-based systems. This fragmentation creates significant operational friction, with 58% of business leaders citing slow payment arrivals as a primary hurdle to maintaining healthy cash flow.

Security concerns are intensifying alongside these efficiency gaps. More than 86% of businesses report being concerned about fraud or unauthorized activity, with nearly half labeling it a major threat. Jodi Vickery, Chief Digital Officer at Academy Bank, notes that business owners are no longer satisfied with disconnected services. They are demanding integrated platforms that combine invoicing, payment acceptance, and tracking to mitigate risk and reduce administrative overhead. The findings suggest a market shift where businesses expect their financial institutions to provide comprehensive suites that simplify daily operations rather than just lending services.