PALO ALTO, Calif. – Stanford FCU became the first credit union to deploy PayLynx for Small Business, a new service offered by PSCU Financial Services.
The $800 million credit union migrated its small business accounts that were using the consumer PayLynx platform in December, and rolled out the platform to all small business owners on Feb. 1. A large number of the credit union’s 550 small business accounts are self-employed people within the Stanford University community or consultants to area high tech companies.
PayLynx for Small Business is powered by CheckFree and offers enhanced accounts payable functionality with extended remittance, authority levels for security and auditing purposes, and e-bills and alerts/reminders.
The credit union’s promotional campaign includes e-statements for all online banking users as well as statement inserts and emails. The credit union also launched a quarterly e-newsletter with financial tips and information about business products that will be e-mailed to small business owners.
