FAQ | FIS SMB Embedded Finance

Explore the most frequently asked questions about SMB Embedded Finance Powered by Autobooks

General Questions

What does our financial institution need to do to prepare for the upgrade?

Most of the implementation process has been automated. Your primary responsibilities include:

  • Training your team
  • Testing the solution
  • Preparing for the go-to-market launch

For more information, please reach out to our team at FISembedded@autobooks.co.

Will all the users associated with a company get access to
Autobooks?

FIS plans to systematically entitle the Autobooks service to company users who have the Primary User designation on the BST (Business Service Tool) Company User Maintenance page. The Primary user will need to then provide access to Secondary Users via "Settings" in Digital One™ Business or Flex [ D1B > Click Administration > Company Administration> Manage Users ].

Can the User import to other software packages such as Quickbooks
and Xero into Autobooks?

Yes

Who is the end user agreement for the Invoicing, Payment and
Accounting Services executed with?

The end user agreement is between the Business and Autobooks. The financial institutions is not involved.

If the end user wanted to use Autobooks for more than one company
and access via D1B, would they need to have a separate login to BEB for
that company?

No, the user would not need to have separate login to Digital One Business for each company. The user is able to choose which company they want to send invoices to and accept payments from, before they get Autobooks.

How does an SMB access Autobooks via Digital One Business?

Once Autobooks is entitled to primary company users, three links become available to them in Digital One Business:

  • Send an Invoice – The Send an Invoice link is displayed in a new Online Payments section on the Welcome page in Digital One Business.
  • Accept a Payment – The Accept a Payment link is displayed in a new Online Payments section on the Welcome page in Digital One Business.
  • Autobooks – The Autobooks link is accessible via the Account Services menu in Digital One Business and allows company users to access the Dashboard page in Autobooks where they can track their incoming payments. Users will default to “Send an Invoice” and “Accept a Payment” solutions. The users will also have the option to upgrade to “Account/Reporting” package for a fee of $9.99 per
    month.

How does a financial institution turn off Autobooks for a company?

You may choose to disable the Autobooks service for specific companies via the BST Package and Company Service Enablements page. You must have the SetupUser role and the Edit entitlement for the BST Package and Company Service Enablements page to disable services in the BST.

What are the differences between the Growth Package and VIP
Package?

The primary differences can be grouped into the following categories:

  • Revenue share
  • Operations & GTM support
  • Benefits to the business
  • Cost

Does the small business (SMB) owner pay to use features in SMB Embedded Finance?

Yes. Each time the small business accepts a payment, they will be charged a transaction fee.

  • The rate for card-based transactions is 3.49%*
  • The rate for ACH-based transactions is 1%*
  • With SMB Embedded Finance, small businesses also have an option to upgrade the solution to include Accounting and Reporting. When they upgrade, they opt into a $9.99/month fee.

*This is considered a competitive rate in-market when compared to non-bank alternatives for digital payment acceptance, such as PayPal, Square, and QuickBooks Invoicing.

Does my financial institution generate revenue on SMB Embedded
Finance?

Yes! Here’s why:

  • Your financial institution gets a share of the monthly fee on the Account/Reporting package upgrade
  • Deposit balances typically increase as small businesses begin to rely on their primary checking account
  • Share of payment processing revenue with Growth/VIP packages:
    • Free – 0% revenue share of transaction fees
    • Growth – 5% revenue share of transaction fees
    • VIP – 10% revenue share of transaction fees
  • Deeper relationships with small business customers allows for increased cross-sell opportunities

How is the small business able to accept payments through the SMB Embedded Finance solution?

Small businesses are able to enroll quickly online to start accepting payments in minutes. FIS’ SMB Embedded Finance leverages its payment facilitation capabilities via FIS Worldpay to enroll SMBs to accept card-not-present payments from their customers. The combination of the card-not-present payment acceptance plus the integrating accounting and reporting tools enables FIS to deliver a unique solution — clearly differentiating from existing card-present solutions that require hardware and an in-person card swipe. Inclusion of integrated invoicing and online payment acceptance offers the opportunity for financial institutions to expand their existing merchant programs into new small business profiles.

Does the solution require integration into our existing merchant
solution provider?

No. It does not require integration or implementation. Think of it as offering merchant processing as a service.

What if I have more questions about payment facilitation?

Please feel free to contact our team with any questions: FISembedded@autobooks.co.