June 2014: Mobile Apps

The June Small Business Card Monitor Report examined the mobile apps maintained by Small Business Card companies. We looked at the iPad, iPhone and Android apps offered by seven firms, focusing on features provided for card holders, as well as the apps’ usability and design. This month’s report evaluated firms’ mobile applications based on the following:

• Capabilities
• Ease of Use
• Design

As mobile devices become more common, many card holders look for the flexibility of managing their accounts with a mobile app. Seven credit card companies in our coverage group provide mobile apps for small business owners. Certain features, such as bill pay, are universally offered, while other features are less frequently offered.

Frequently, mobile bill pay features are comparable to online bill pay capabilities as they offer progress meters, stored bank accounts and options to pay a minimum balance or other amount. One firm provides a unique bill pay tool that uses tiles for easily submitting bill payments.

Apps designed specifically for small business owners are relatively rare. Two firms offer apps designed for small business owners, one of which provides tools for photographing and storing receipts, while the second provides expert advice on business issues. These apps allow card holders to track expenses and gain insights. Similarly, another app provides a space for tagging recent purchases.

Alerts are a very common feature on the apps we examined. Six apps send fraud or security alerts when suspicious activity occurs. An alert is sent when a payment is received on four of the apps we covered. Two firms stood out for providing a high volume of alert options, such as alerting users when payments are posted and if a balance reaches a certain level.

Some form of spending analysis is provided on six of the seven apps, but there is a wide variation among the apps examined. Two firms stood out for offering strong spending tools, one of which analyzes where expenses are going over customizable timeframes. The second firm allows users to tag purchases to analyze what percentage is going to different types of needs.

Notable findings in this report include:

• One-hundred percent provide bill pay tools.
• Eighty-six percent provide activity information for individual months.
• Fifty-seven percent allow users to search past transactions.
• Eighty-six percent provide alerts for suspicious activity.
• Fifty-seven percent alert users when a payment is due.
• Eighty-six percent provide spending analysis tools.
• Fifty-seven percent allow users to activate a card.