4 Ways Fintech Can Support Your Business
According to Fortunly, ‘fintech companies acquired $25.6 billion in investments in H1 2020.’ Their research further concluded that ‘‘77% of traditional financial institutions plan to increase their focus on innovations to boost customer retention.’
Developments in financial technology are helping businesses to grow and succeed. From accounting to payment processing, let’s consider a few of the ways that fintech can help your small business.
1 . Mobile Payment Processing
Mobile payment solutions are becoming an increasingly popular payment option for small businesses. There are several different mobile payment processing options including the Mobile Wallet. A few of the leading mobile wallet applications include Google Pay, Samsung Pay, or Apple Pay.
These apps can turn your device into a virtual wallet, which enables you to pay for goods and services. When customers use a mobile wallet they can make payments in a store, even if they do not have their debit or credit cards. When shopping online, customers can also checkout by using their mobile wallet.
By offering convenient and fast payment options like these, businesses can improve customer satisfaction and streamline the shopping experience.
2. Transferring Money
Fintech solutions can help small businesses to expand, by providing options for international money transfers. Several services make it simple to accept overseas payments, and send money. Businesses benefit from reduced bank fees, and the ability to access international markets. International customers can access brands that they may not have otherwise been able to. Fintech services follow strict regulations and requirements, to keep consumer and business finances safe. This is especially important for a business in which money is constantly being transferred to non-residents. For example, lending or online casinos. Players who enter a casino and win something in them should receive not only a bonus casino but also quick withdrawals of their profits, regardless of the country in which they are located.
3. Multi-Currency Cards
Airwallex offers multi-currency cards for businesses, with the help of these cards you can permit your staff to make fast purchasing decisions. With these solutions, businesses can provide their team with virtual debit cards. When you use a multi-currency card it’s easy to control team budget, by tracking spending or setting spending limits. By using these cards your business can also make savings on global expenses, benefiting from zero international fees.
4. Accounting Software
Businesses can reduce their accounting expenses with the help of fintech solutions. There are plenty of accounting software options that can help businesses to stay on top of their finances. From taxes to expenses, invoices and payroll, accounting tools work out less expensive than hiring a business accountant. A few of the leading accounting options include:
- QuickBooks: Quickbooks desktop is one of the top accounting solutions, the application provides sales monitoring, invoice management, profit and loss reports, and more.
- FreshBooks: Another leading platform for accounting, Freshbooks makes the accounting process simple. With the help of this tool, businesses can streamline client invoicing and time tracking.
Accounting used to be far more completed, but with the rise of fintech is simple to take control of your own accounting needs.
These are just a few of the ways fintech can support your business. As the industry grows we can expect to see plenty more advancements, helping us to improve our products and our services.