U.S. Bank launches $25 Enhanced Payments for small businesses

U.S. Bank has launched Enhanced Payments, a $25-per-month subscription that adds same-day ACH, instant payments and digital international wire initiation to its online and mobile banking for small businesses.

The service combines ACH, domestic and international wires and instant payments into the bank’s business online platform, allowing customers to manage payments from a single interface and initiate international wires without visiting a branch.

Subscribers receive lower per-transaction fees and 24/7 secure access. The bank cited an example in which domestic wires cost $16 per transaction for subscribers, compared with $30 per transaction for non-subscribers using online banking.

U.S. Bank is also rolling out new features for all online business banking users, including higher transaction limits for growing firms and tools to help owners select the most appropriate payment method for a given transfer.

Shruti Patel, chief product officer for business banking at U.S. Bank, commented that adding money-movement options directly into digital channels will help clients move funds faster, reduce costs and improve clarity over payments as their companies grow.

The launch follows recent U.S. Bank products that group business functions in one place, including Business Essentials for checking and payments acceptance, Spend Management for tracking card spending, U.S. Bank Bill Pay for Business for cash management, and U.S. Bank Payroll embedded in online banking.

U.S. Bank said Enhanced Payments is available now to eligible small business customers. The bank highlighted same-day ACH and instant payments as ways to speed settlement and described the digital international wire option as a way to reduce branch visits and administrative steps.