With recent innovations resulting in the ‘blending’ of two giant industries - Finance and Technology, a lot has improved in the way businesses are running. Consumers are gladly embracing it for the swiftness and effectiveness with which they can do things that would have taken them hours in the traditional banking system. And the options businesses make available for customers in the aspect of fintech solutions now go a long way to influence continuous transactions with the Businesses.
Payment issues can discourage people from further having transactions with a business. Imagine them having to wait for 2 days before payment is confirmed every time, or that they cannot make a transfer from the comfort of their home/workplace because you insist on bank deposits for "security" reasons. Even if your offer is cheaper, when they consider the stress, they will go for another supplier, regardless of the offer.
However, fintech is way more than simple and convenient payments for your business. Payment service is only an aspect of it. Here are five ways/ areas the fintech industry enhances your business.
We have already established that there is more to fintech than making payments. Nonetheless, payment processing is a big part of it. Payment Service Providers (PSP) serve as a bridge to the Bank, and the banking system as we know it. Your PSP does all the hard work behind to combine the best payment options to be integrated on your website. With this, you can expand your business to reach more people online, people outside your physical reach while presenting them with the best payment options to choose from. Customers love it when they have options. That alone endears them to your brand.
You can also settle your bills, make payments to other businesses, and manage your cash flow from one platform. At Redbiller, we give you a report on every transaction made. With this, you can put your business on autopilot, leave it in the hands of your staff with unrestricted access to your business's financial book.
Still on PSP in fintech. PSPs make it easier for you to receive payments from international clients. They can pay with their Currency, and you will receive the money in your Currency. With this, you can expand your customer base internationally. But first, you have to set up your web-store and create awareness to establish an online presence.
Improved financial planning and projection
Because of the real-time transactions reporting feature, you can monitor your business's cash flow and prepare your account easily. It helps you make smart financial choices as a business. You make financial projections based on the hands-on record you have at hand.
Another major part of fintech solutions is investments platforms. These platforms simplify the buying and selling of stocks, treasury bills, and a stake in the business. You can partner with these platforms to get short term investments from their users. It is better than going for a loan and having to pay exorbitant interest rates. Not to mention the long approval process and a thousand and one forms to fill. I’m not saying there are no standards you must meet up when partnering with these platforms. But they offer needed capital at better rates by selling offers to their users.
You will agree that the financial industry has witnessed what seems like a never-ending circle of assaults from fraudsters. When a solution to a loophole comes up, these fraudsters devise new ways to scam people and businesses. As such, you as a business owner must put measures in place to protect your business and even your customers from fraud.
Redbiller offers various identity verification tools to verify your customers' identities - B2B and B2C customers. The verification process is discreet, and the customer might not even find out. You can be sure of who you are transacting with each time. There are also measures in place to protect you from being ripped off by someone in your organisation.
You can find out more about our services and pricing at https://redbiller.com/