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TheStreet Open House

BBVA Compass Courts Micro-businesses With New Mobile Banking Solution





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 the go.

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 in mind."

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 productivity applications.

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 volumes. 

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. 

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