The Bank of America app is great if you just need something to handle your basic banking needs. You can check in on your account, make payments, and even take out financing for a new car. But it is for basic users. That might be all you ever need, you might not need to upgrade to anything fancy or complicated. But if you’re a power-user, you probably want a little more than the standard Bank of America app provides. You may need to move large sums of money quickly, with minimal fees, or keep track of investments with CashPro.
This is what CashPro is all about. You might never need to use the CashPro platform, but for those that do, CashPro is a pretty handle tool to keep in one’s pocket. So the question then is whether that’s you.
Do you need CashPro? Can it do anything that you don’t already have covered with one app or platform or another?
Well the only way to answer that question is to dig into CashPro: What are its features, who’s it for, and what can it do for you? Keep reading and we’ll tell you what you need to know about the platform.
CashPro: Who’s It For
CashPro “integrates with your treasury activities,” according to the Bank of America website, so that should give you something of an idea as to who’s going to get the most out of the platform. You don’t need a treasury if all you’re doing is collecting your direct deposit payments from work and paying your electric bill. CashPro is primarily a business finances solution, with some application for people who may not necessarily be business owners, but who generally move a lot of money around from a lot of different sources. So the short answer is: If you have a treasury, then you might want to look into what CashPro can do for you.
That being said, it’s not a point-of-sale system. You’re not going to be installing it on your cash register or anything like that. The app is used for banking, but it’s for all the stuff that you can’t do with the standard Bank of America mobile app. That is to say it’s more for the business owner than it is for the business. That doesn’t mean that you need to be a millionaire before you’ll need the CashPro platform, it just means that your financial needs are a little more demanding than usual.
Some of the clearer examples of who might be using the CashPro platform:
- Real estate professionals. What people don’t know about real estate is that it might take you six months to a year to close a big deal. Not everyone who works in real estate is a mogul, for many it’s just a day job. But that doesn’t mean that you’re not dealing with very large sums of money on a pretty regular basis. Whether you’re working as an agent or flipping homes, paying contractors and decorators and advertisers and on and on, the expenses add up, and, luckily, so does the income. But before you can collect the check that you get to take to the bank and put in your personal account, you may have had more than a million dollars go through your hands on their way to clients and contractors and so on.
- Brokers and lenders. Again this is field where you might not be collecting a million dollars a year, but you are moving large amounts of money at a time. As a private lender or broker you could be accepting payments from dozens or hundreds of clients, or more, and paying out to just as many.
- Investors. If your motto is “let your money work for you, instead of the other way around,” then you’re used to the idea of tucking a lot of money away somewhere, and then leaving it alone for awhile. More passive investments like stocks (assuming you’re not day trading), lending money to small businesses and start ups, or backing ventures in real estate, research and so on, it can mean putting a lot of money on the table for a big payoff later on down the road.
We’ve probably gotten the point across, right?
It’s not about how much money you make, it’s about how much money you move, how much you transfer. You don’t need a power-user platform if you’re just going to accept a lot of payments and sit on the income for awhile. You need CashPro if you have large amounts of money moving in and out of your account.
So What Exactly Can You Do With CashPro?
It may seem like we’re describing little more than a Bank of America app where you won’t have to come in and give the bank your fingerprints and birth certificate every time you move more than a few hundred dollars at a time. Fortunately, there’s a little more to it than that.
- Cross-currency transfers. CashPro can handle transfers to and from sixty different countries and in twenty two different currencies. When you work in high-finance, you don’t always want to go through the troubles involved with trading pounds for yen for dollars. So CashPro has features built with that in mind to make it a little easier to run an international business or work with partners, contractors, clients and customers overseas. For a long time this feature was only available to a select number of privileged clients, in a sort of “beta run.” It is now available to all users.
- Investment options. The platform has built in features for investing excess liquid assets in real time.
- Customization. The truth is that we can’t list all of the features available through CashPro because your experience is going to be built to your needs. We might list a half dozen features here and then it turns out that you never use them on your platform.
Essentially, here’s what CashPro is all about: Real time access to your finances without having to go through your accountant every single time. The business world is getting faster. We don’t always have time to wait a week for someone to get back to us. Payments are made instantaneously, day trading needs to be done on-the-minute, and that applies to all kinds of investments and financial ventures. CashPro enables fast action whether you’re making high-value payments or transferring money overseas. It’s focused on speed and accessibility, and that’s more important than ever when it comes to the business world in the modern era.
Dealing with high finance is one of those jobs that sounds fun right up until the moment you get hired. The truth is the job is about 90% math. Flipping real estate means mapping out market trends, gathering up investors and figuring out exactly what you need to earn on a project for it to be worth your time. The rewards are worth the effort, but the job isn’t always as much fun as you’d guess it to be from a layman or outsider’s perspective on the field.
Something that a lot of people don’t understand about high finance: It’s a whole lot of busywork. It sounds exciting, but oftentimes you feel like you’re basically just working as an accountant, crunching numbers and putting payments through, clicking buttons in order to monitor your comings and goings. It can get to be a little taxing.
Maybe you’re making a pretty comfortable living at it, but if you’re too tired to enjoy it at the end of the day, then what’s the point, right?
This is where CashPro Assistant comes in.
CashPro Assistant is the platform’s automation feature. Essentially it takes all that boring stuff that you hate doing it and it does it for you, like, well, an assistant. Whatever your line of work may be, you didn’t get into that field in order to punch numbers into your phone all day. You got into that field because you knew that you had certain abilities or insights or instincts that would allow you to seize the opportunities that not everyone else can see. You’re a strategist, not a bookkeeper. Now here’s the problem: All that tedium and busywork actually is draining a finite resource out of you. You can’t stay focused on your actual work, on the stuff that you’re good at, if you’re exhausted at the end of the day because you’ve been making payments manually for the last eight hours.
This is why automation is so important. All of the energy that you used to spend on the day to day management of your work, you can now put that into exploring new territory for investments, you can put that into meeting with new clients, you can put it into whatever it is that you do that makes you good at your job. A lot of people have expressed concern at the fact that automation will take jobs away from humans, but the truth is that it only takes the boring jobs that nobody wants to do anyways so that we have more time to devote to the work that matters.
Do I Need CashPro?
The question of whether or not you need CashPro… you might not. You might not need it if you move a lot of money. You might need it if you don’t. Most of the users of CashPro do t end to work in high-finance in some capacity, but really it comes down to how busy you are. If you’re transferring hundreds of ten dollar payments a day, you’re busier than someone who’s transferring just a few thousand dollar payments each day. If you’re moving more liquid assets than you can keep track of on a pocket calculator and a memo pad, then you might need a solution like CashPro.
CashPro is a useful tool, but truth be told, it’s also a useful marketing gimmick. Banks succeed when they attract a lot of high-volume clients. The fees you make on a billionaire in a single week could keep a bank in business for a year. CashPro makes life a little easier for people with a lot of fiscal responsibility. It may sound glamorous dealing in the six, seven figure range in your line of work, but ask anyone who’s actually worked in luxury real estate or day trading and they’ll tell you that it can be a bit of a headache. It’s a high-stress job and not everyone is cut out for it.
CashPro is designed to cut through a lot of the hassle and headaches involved in these fields and create a solution that makes it easier to do the part of your job that you were hired to do. Because anybody can sit down with a spreadsheet and fill out a payment form. Not everyone can do what you do.