Bank of America announced the launch of the Business Advantage Unlimited Cash Rewards card. This new card allows small business owners to earn unlimited 1.5% cash back on all purchases. Cash rewards don't expire, and redemption is simple: small business clients can redeem their cash back for any amount, at any time for statement credits or deposits directly into a Bank of America checking or savings account, or for credit to an eligible Merrill account. The Business Advantage Unlimited Cash Rewards card has no annual fee. Members of Bank of America'sPreferred Rewards for Business program earn 25% to 75% more cash back on every purchase made with the Business Advantage Unlimited Cash Rewards card, depending on their rewards tier ? that means the unlimited 1.5% cash back earned on all purchases could go up to 2.62% cash back. The consumer version of the Unlimited Cash Rewards Credit Card launched in July. Bank of America also announced an innovative bill payment and invoicing solution which runs within Business Advantage 360, Bank of America's digital platform for small businesses. Clients can choose from two options to enhance their digital experience, depending on the specific needs of their business: Essential Payments and Invoicing has no monthly fee and is best suited for clients with a single user. It allows clients to pay their bills, create and send digital invoices, receive payments, track invoices and payments, and add or manage vendors.
Advanced Payments and Invoicing, is $30 per month and designed for larger businesses. Advanced offers all of the Essential features, plus the ability to create approval workflow and policies, delegate authority for multiple users and synch with various accounting software tools. Business Credit Score: In spring 2021, Bank of America partnered with Dun & Bradstreet to become the first major financial institution to provide small business clients with free, ongoing access to their business credit score. This offering equips entrepreneurs with a comprehensive snapshot of their finances while providing visibility to help build and maintain healthy business credit. Small Business Resources Site: Launched in December 2020, the Small Business Resources site features tools, insights, and expert advice to help entrepreneurs run and grow their businesses. The educational hub provides tips and solutions for all aspects of business ownership, covering topics including business strategy, customer relations, financing options, optimizing operations, managing cash flow and more. More Flexible Options to Manage Money: Bank of America now enables clients to digitally link their business and personal profiles, and over 200,000 business owners have taken advantage of this feature. To provide clients with even more flexibility to move money, Bank of Americaraised the limits for businesses sending and receiving money through Zelle, which nearly 800,000 businesses owners have utilized, as well as increasing monthly Mobile Check Deposit limits. Cash Flow Monitor & Connected Apps Enhancements: Bank of America recently redesigned the dashboard for its best-in-class Cash Flow Monitor tool, which providesbusiness owners with a complete view of business cash flow. The tool makes it simple for small business owners to track credit and debits through integrated account information, receive automatic cash flow projections based on scheduled transactions, and easily connect with Bank of America small business specialists for guidance.