Wintrust Community Banks Strengthens Its Payment Offerings for Business Customers

Wintrust Community Banks have partnered with an accounts payable and payment automation solution provider by private-labeling MineralTree’s Invoice-to-Pay solution as Winvoice, offering it directly to customers.

Wintrust has over 150 community bank locations throughout the Chicagoland area, southern Wisconsin, and northwest Indiana. It is considered a midsize conglomeration of community banks in the Midwest.  

“Winvoice gives our customers multiple payment options beyond commonly used paper checks, including ACH and virtual cards,” said Christopher Lantman, senior vice president, director of digital and card products at Wintrust. “Moving payments from traditional checks to cards is very compelling because it gives our clients more time to make payments, maximizes cash flow, and increases return on investment on accounts payable departments. Winvoice definitely lets us better serve our business customers,” said Lantman. “It also helps us retain and grow this important customer group. And, for our customers, Winvoice improves the entire accounts payable process, giving them a great alternative to processing invoices manually and paying vendors with paper checks.”

Wintrust Community Banks are looking to drive more payments to cards, including one-time use virtual cards, a plastic-free payment method used to process a specific vendor payment for a defined dollar amount. Virtual cards look to enable the banks to help business customers lower costs and increase security, speed of payments, and operational efficiency. Small businesses often prefer to work with community banks due to more attention given to their needs, but community banks also need to match or exceed the technology capabilities of larger banks.  

Winttrust Community Bank contends that early adopters of Winvoice include diverse companies and organizations of many sizes. “These customers all share a common need to make accounts payable faster, easier, and safer,” says Lantman. “They’re finding that Winvoice transforms their accounts payable process, making it significantly more efficient and cost-effective.”

MineralTree has stated that they have more than 25 different banks partnering with them. Wintrust has about $32 billion of assets. In general, Wintrust looks to offer sophisticated technology and resources that can compete with larger banks while still providing Community Bank personal service in its targeted region.