Bank of America is seeing encouraging early uptake of business-to-business payments through Zelle, with 180,000 small businesses having sent money through the service since it launched in June. Rob Pascal, head of small business digital at Bank of America, told Bank Innovation that the average dollar value of a transaction among a Zelle business user is roughly double the average value of a consumer transaction.

While banks are sporting impressive growth from peer-to-peer payments via Zelle, they’re not a moneymaker for banks. By contrast, business use cases through Zelle represent a revenue opportunity because they can help banks attract more business customers and customize their interaction with business clients through a closer eye on their transaction patterns.

BofA business customers can send money to suppliers through the bank-owned peer-to-peer payment network, which is free to use for business customers. Before launching Zelle for business payments, clients would primarily use paper checks or cash. Transactions are capped at 60 transfers and $20,000 per month, and the daily limit is $5,000. Larger businesses have payment software systems and departments dedicated to accounts payable, which Zelle isn’t going to replace.

According to BofA, total Zelle peer-to-peer numbers are growing rapidly. So far this year, customers have conducted 163 million transactions compared to 157 million in 2018. In the second quarter of this year alone, the bank saw 69 million transactions worth a total of $18 billion. Although Pascal admitted 180,000 small business clients using Zelle is a tiny fraction compared to the peer-to-peer numbers, small business customers tend to send more money and represent a valuable growth opportunity for Zelle. 

See also: BofA: Zelle peer-to-peer transaction volume grows by 79%

BofA isn’t the only company trying to win business clients by creating easy payments for businesses. Earlier this month, American Express acquired Acompay to automate accounts payable for business customers. Meanwhile, JP Morgan Chase offers $500 cash back and other rewards through its Ink Business Cash card.

Alenka Grealish, senior analyst of corporate banking at Celent, said banks need to be careful when rolling out new payment options in order to deter fraud, but Zelle should help the bank acquire new small business users. “I’m a strong advocate of bringing in real-time (payments) to small business because then they know exactly what their cash flow looks like,” she added. “They don’t have to plan in advance as they do with check and ACH.”