US-based payment processing fintech VizyPay has partnered with Clear Lake Bank & Trust to support small businesses. The collaboration will provide Clear Lake Bank & Trust customers with access to VizyPay’s payment technologies, VizyPOS and Cash Discount 2.0, helping small enterprises reduce their payment processing fees and grow their businesses.

Clear Lake Bank & Trust (CLB&T) is a local, family-owned business based in the US, aiming to support employees, as well as customers, encouraging their team to support local communities through their chambers of commerce, schools, business groups, and non-profit organisations. More information about VizyPOS and Cash Discount 2.0 VizyPOS allows businesses to streamline transactions and provide data-driven insights, eliminating the need for cash registers. The main features of the payment processing application range from uploading and ranking inventory of products, management through the VizyPOS portal, and accessing transaction analytics to split tender capabilities and Cash Discount Program implementation. Back in February 2023, VizyPay upgraded its application and included a help centre, updated inventory, and cosmetic updates.

Through this, the graphics, imagery, and overhauling of the Card and Inventory sections have been improved, offering better usability. Moreover, the help centre features allow small business owners to reach VizyPay’s customer support team and troubleshoot issues immediately. The Cash Discount 2.0 program is a month-to-month subscription that enables users to process unlimited credit card transactions, without any processing fees. Mainly, it helps businesses to build cost-to-process cards into their pricing, allowing them to maintain the same profit margins on every sale regardless of payment type.

SME sector in the US The COVID-19 pandemic negatively impacted the job market, bringing economic recession and a severe decline in employment, as per Small Business Job Creation analysis. Small business employment declined by 9.1 million during the first quarter of 2020, however, it grew rapidly after the recession, reaching 5.5 million jobs in the first four quarters, offsetting 60% of the decline during the initial two quarters of 2020. According to SBA’s report from 2022, the number of small businesses across the US reached approximately 33.2 million, employing more than 61.5 million individuals. Between 1996 and 2021, this sector created 12.9 million net new jobs, accounting for 66% of total employment formed since 1996. SMEs have a substantial impact on a country’s economy, and, in the case of the US, small businesses comprise approximately 99% of companies in the country, contributing to 43.5% of the total US GDP.

Moreover, SMEs frequently operate more flexibly, while also financially supporting local communities and contributing to local tax and businesses. .