Five Star Bank (“Five Star” or the “Bank”), the wholly-owned community bank subsidiary of Financial Institutions, Inc. (NASDAQ: FISI), announced the launch of contactless payment acceptance for its small business customers through an expanded partnership with payment and accounting platform Autobooks.
“The same way our customers need to be able to do business with us when, where and how they prefer, we know that the small businesses we serve need to offer the same convenience to their own clients. Offering Tap to Pay on iPhone empowers Five Star customers to accept payments on the go, right from our mobile banking app,” said Jeanne Stegmeier, Vice President and Small Business Leader with Five Star Bank. “Small businesses are crucial to the economic vitality of our local communities, and we are proud to work with exceptional partners like Autobooks to help them manage the day-to-day needs of their businesses.”
Five Star small business customers can use Tap to Pay on iPhone to accept all forms of contactless payments, using only an iPhone and the Five Star Bank Digital Banking mobile app. At checkout, the merchant will simply prompt the customer to hold their iPhone or Apple Watch to pay with Apple Pay, their contactless credit or debit card, or other digital wallet near the merchant’s iPhone, and the payment will be securely completed using NFC technology. Small business customers will still have access to the variety of secure payment options they enjoy through Five Star Bank and Autobooks, including unique payment links for use in email, text or on a website, as well as reusable QR codes.
In addition to secure payment capabilities, Five Star’s partnership with Autobooks allows small business customers to access free professional invoicing with customized branding options, receive payments from customers directly into their business checking account, and more. Customers also have the option to purchase additional features through Autobooks, including accounting tools, automated reporting and business bill pay.
Today’s announcement is just the latest enhancement to Five Star’s suite of solutions dedicated to supporting small businesses.
About Five Star Bank and Financial Institutions, Inc.
Financial Institutions, Inc. is an innovative financial holding company with approximately $6.1 billion in assets offering banking, insurance and wealth management products and services through a network of subsidiaries. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses throughout Western and Central New York and its Mid-Atlantic commercial loan production office serves the Baltimore and Washington, D.C. region. SDN Insurance Agency, LLC provides a broad range of insurance services to personal and business clients, while Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans.