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CMB Launches ‘Small Enterprise Money Collector’

This service forms part of CMB’s Internet-based financial service portfolio for small enterprises. It is vital for small enterprises to sustain healthy business activities by fully utilizing financial tools. This article discusses the ‘Small Enterprise Money Collector’, a new Internet-based fund management service unveiled by CMB.

As far as I know, most small enterprises simply wait for customers to transfer payments into their accounts. Thus, untimely collection may disturb their original payments or investment plans, increasing capital costs.

This problem has a mature solution. CMB recently launched the ‘Small Enterprise Money Collector’ nationwide as an innovative banking service that allows small enterprises to promptly collect payments online in batches from a number of payers. This helps small enterprises move away from the previous practice of recovering recurring expenses passively to a proactive online collection model.

The service provides three collection models that use technology, functionality and support to meet varied requirements. Under the no-authorization model, the collector can collect payments directly from a payer to optimize the payment process for the collector and payer. Under the authorization model, a corporate or individual payer is required to designate a payee and set a deduction limit. This model safeguards the funds of both the payer and collector. Under the proxy model, a third-party agency collects payments on behalf of a small enterprise, thus reducing the costs of financial management for the enterprise and helping the agency profit from economies of scale. 

The service has been widely used in sectors such as property management, micro credit, and small-value insurance. CMB has developed an innovative Internet service portfolio geared to varied customer requirements for settlement, financing, cash value added (CAV), and supply chain activities. A perfect example of these innovations, the ‘Small Enterprise Money Collector’ enables small enterprises to improve fund control and management. As part of the move to create an Internet finance ecosystem, CMB plans to launch a wider range of CVA products for small enterprises.

As the Internet-based economy expands, many commercial banks are moving their strategic focus to developing innovative electronic, Internet-based financial products and services. The growing popularity of CMB’s ‘Small Enterprise Money Collector’ among small enterprises reflects their urgent need to reduce operating costs and increase capital returns with the help of Internet-based intelligent financial products, and also signifies CMB’s strong position in the area of innovative Internet finance.