Download our new Maturity Checklist for SMBs
With the uncertain market conditions of the past year, small businesses have had to adapt rapidly to keep business moving. In particular, accelerating payments, streamlining customer onboarding, and transitioning from credit cards to ACH have become critical priorities for many SMBs, as they work to improve cash flow, reduce operating expenses, and provide engaging, frictionless experiences for customers. In all, nearly 60% of SMBs who are unsure about the future have adopted digital innovation to enable faster transaction settlements.1
In light of these challenges, one area that has been a boon to small businesses is smart contracts. While many SMBs already use eSignature, the time-consuming effort still required to manually verify, trace, and track data in agreements—such as bank information, credit card data, or ACH details—has hampered their ability to streamline business.
Smart agreements allow SMBs to automatically verify such data in real time, while actually automating some of the terms and obligations of the agreement—such as applying volume discounts or generating invoices based on pricing clauses. Moreover, SMBs can actually derive business intelligence from smart contracts, including optimal pricing strategies or the number of contracts in arrears.
However, SMBs have questions about how “smart” their agreements currently are, or what the next steps toward adopting smart agreements might be. To help SMBs evaluate their current performance, we’ve created a Smart Agreements Maturity Checklist. With it, small businesses can better understand the smart agreements landscape, as well as how their business can embrace new innovation to rapidly adapt to the changing economic landscape.
Read the checklist here.