5 FinTech Options to Boost Business Efficiency
It’s no secret that traditional payment methods are slowly falling into disuse. After all, when was the last time you used cash to pay for anything? Heck, when was the last time you bought anything in a store rather than online? Exactly. With attitudes and payment methods changing, you need to consider how this will impact your business. For many companies, the FinTech revolution can help you in many ways, and one of the clearest ways it can do this is by boosting your business efficiency. How can it do this? Here are five possible options for you to consider.
Portable Point of Sale
The Point of Sale is where your customers and clients pay for the goods or services they received. Typically, this is the till counter. But this can involve endless lines, disruption and make people wonder whether or not it is even worth it. Indeed, waiting in line for too long can convince people to abandon their items, which loses sales and affects profit.
This is why a portable point of sale is so effective. It is ideal for bars, restaurants, and cafes, as it means customers won’t need to get up and wait in line. But it’s also ideal for retail stores, especially in the Click-and-Collect approach. By using a portable POS, you can serve more people more efficiently and create a steady, reliable flow of customers.
Dedicated Accounting Services
If you’re new to running a business, the idea of finances, your budget, and taxes are sure to cause stress and anxiety. But, with effective fintech programs and accounting services, you will have one fewer thing to worry about.
If you’re running a restaurant and don’t want to fall afoul of the taxman, these 10 steps to effective restaurant accounting can give you all the information you need. Not everyone is in the restaurant business, though. With dedicated accounting services (rather than using a spreadsheet), you can keep track of every penny spent and every penny earned to make sure you stay above the Red and can focus your finances in the right places.
New Ways to Pay
Credit cards gave everyone a new way to pay way back in the 50s. Now, with the likes of Google, Apple, and Samsung Pay, there are even more ways for customers to pay for items and services. Even these methods are considered old now, and every supermarket in the country will accept payments through your smartphone.
There is another way to pay, too: cryptocurrency. Some businesses will already be on board with this, but many are lagging. Of course, there are pros and cons to accepting crypto, so you should consider that before doing anything else. Still, allowing cryptocurrency will give your customers a more efficient – and arguably more secure – way to pay for goods and services. It could also future-proof your business should cryptocurrency become the norm.
With digital banks from all over the world, your fintech options are maximized further than you could have ever imagined, and this gives you almost immediate results when requesting payments no matter where your customers are. If you run an online business, these options allow you to diversify your customer base. This means it doesn’t matter where they are, they can use your service.
The internet has made the world feel much smaller, and you can do everything you can to appeal to as wide of an audience as possible. With digital banks, you don’t need to worry about excessive transaction or conversion fees, and this benefits you and the customer.
Risk management is one element of fintech that people don’t consider. But it’s one reason why fintech is so useful in the modern world. In particular, it helps address possible privacy issues which will prevent you from being hacked, or at least inform you if an unusual transaction occurs.
This can help you take immediate action should something suspicious happen, but it can also give you the confidence that your bank is looking out for you. With this approach, you can avoid issues that have potentially severe consequences for your business, and that will improve every aspect of your company. Your staff and customers will feel confident in your payment process as they understand their data is in safe hands.
Efficiency is one of the cornerstones of a successful business, and the more avenues you find, the better your company’s efficiency will become. This will have an immediate effect on your business by creating a positive experience for your customers and employees.