Financial technologies can streamline your daily workflows, save you money and also help free you up to develop new products and new ideas. If you are ready to talk about Fintech, let’s take a look at the best Fintech solutions for small businesses.
Fintech Solutions for Small Businesses
1. Payment Processing Solutions
Everyone pays with a card these days. It is rare to meet someone who carries cash around with them. This means that you really cannot afford to be behind the 8-ball on this particular Fintech essential. Picking the right kind of payment processing solution can be the difference between a successful business and one that barely scrapes by.
Plug-and-pay gadgets are everywhere or you can choose to use a more traditional card payment processing solution. Don’t lose sales because you can’t handle a card being swiped.
2. E-commerce Solutions
Online shopping is the norm in these modern times. These days there aren’t many good reasons that you would choose to open a brick-and-mortar location over an online business. E-commerce sales have increased steadily in recent years and should grow more in the years to come.
An e-commerce platform is a great way to save yourself time, especially because it’s a great arrangement if you want to capture most of your payments from customers through an online store. Another great benefit to e-commerce is that you can have a fulfillment company do all your shipping!
3. Funding and Loans Solutions
Getting a loan is much easier when you use Fintech to help you. Fintech makes it possible to apply online for a loan and submit all your documents to the bank online as well. This means that you can even apply for a loan from a smartphone!
Imagine if you could get a small business loan from a bank that is not even in your state! With Fintech loan options, you can get funding for your start-up or small business through crowdfunding sites, online banks, and even PayPal!
4. Accounting Solutions
Fintech is a great place to look for accounting solutions. You can track personal and business taxes, expenses, payroll, and many other needs all online with Fintech. Quickbooks is a prime example of this kind of solution Quickbooks Online has made using accounting software easier than ever!
Being able to provide the documents needed to your accountant has never been more straightforward. You might even be able to do your own small business taxes with confidence if you have leveraged your Fintech accounting solution properly.
5. Customer Insights Solutions
Payment processing software can show you a lot of things about your customers. This is one of the areas that leveraging Fintech can really change your sales numbers and help you to track customer engagement.
Many Fintech solutions offer free customer engagement to merchants and you can actually pair your payment solution with your email collection tools to seamlessly collect data about your customers. This is a much less invasive method of data collection than traditional methods which can feel like you are trying to pry information out of your clients.
6. Money Transfer Solutions
US companies who sell to international customers can use these solutions to help them to offer sales more efficiently overseas. This might mean cutting down on international banking fees as well and removing legal impediments to sales that are not taking place in the US.
Solutions like CurrencyFair and WorldRemit make it simple for small businesses to sell online overseas with secure and quick international money transfers.
7. Gig Work Solutions
If you need to hire workers that are not located in the US, or workers that are not local to you, you can keep it easy for yourself by using gig work platforms. There are many of these options out there to choose from and they will take care of the payment of your contractors so that you don’t have to mess around with taxes and other legal details.
If the gig work platform that you have partnered with is not connected to a payment structure for workers not located in the US, you can choose many Fintech partners to pay your contract employees. This opens up your employment searches to more talent and helps you to reach more places with your products and services.
8. Insurance Solutions
Small businesses often pay very high rates for insurance. This can be devastating to their bottom line and is one of the reasons that so many start-ups fail over the long haul. Fintech has solved this problem. Online insurance brokerages are using Fintech to help companies get insurance they can afford.
If you run a small business that sells insurance, this can benefit you as well! Being able to be paid by clients who are not local to you while you avoid the hassle of brick-and-mortar locations is huge when you run a small business.
Solutions for Small Business Are Growing Every Day
Fintech is gradually changing the world, one solution at a time! If you own a small business and you have not been leveraging Fintech to help you save time and earn more money, you are cheating yourself and your business!
Fintech offers many solutions that small businesses shouldn’t live without. Add the right Fintech to your small business platform and you will wonder why you didn’t do it sooner!
Gabe Nelson is a content specialist of over 7 years of experience, currently working with bonus.ly. Just out of high school he set off crab fishing on the Bering sea in Alaska. From there he went back home to finish his college degree at the University of Montana. He has a passion and keen understanding when it comes to HR and employee management. He has written hundreds of content pieces in numerous niches. Currently, he lives in Missouri with his wife and kids.