Fintech (short for financial technology) may be the greatest ally startup companies have in the modern era.
For solo entrepreneurs and small teams starting from the bottom, quality fintech can be the difference between a successful business and one that flops. Plus, the ease of access it provides can be a major help to burgeoning companies.
There are countless branches of fintech, but there are three that stand out as the most helpful for small businesses. These three segments have helped many startups thrive in a way that was not possible a few decades ago.
Subscription Management Services
Nothing makes consumers happier than not having to wait. So, to provide optimal customer service, startups should use digital solutions advantage of boost efficiency and automate communications.
One of the best ways new companies can automate their operations is with a subscription management service. These programs can send out payment reminders, receipts, renewal notices, card decline notifications, and much more. Best of all, they perform those functions without an owner having to click send on a single email.
Additionally, subscription management services can store payment data, handle recurring revenue, and process charges. Once again, everything is hands off for founders. For busy entrepreneurs, automation can free up time for pitching their product, processing orders, or brainstorming new ideas.
One thing all companies have in common is the need for money. Startup capital can sometimes be hard to find, even if an organization is solid. However, in today’s digitized and hyperconnected marketplace, nothing is truly impossible to find.
Many problems facing growing businesses can be fixed with an online loan. Now, companies can acquire funding without walking into a bank—or even leaving the office. Using online loan calculators and lender comparison tools can help startups quickly secure the resources they need.
Moreover, online loans are an aspect of fintech that can save startups lots of time when they need capital.
Consumers are rightly worried about the security of their financial data as transactions are increasingly processed with technology. Fortunately, cybersecurity is a fast growing element of fintech. Accordingly, startups can allay consumer concerns by investing in tools that will protect their digital infrastructures.
Security measures like fingerprint scanners, voice recognition, and artificial intelligence-powered antiviral applications aren’t just something you see in a “Mission Impossible” movie. These fintech features are now standard in almost all new electronic devices, so startups can do business safely, quickly, and reliably.
The challenges inherent in running a startup can be difficult to navigate for new entrepreneurs. Thankfully, fintech makes life easier by streamlining customer service, providing easier access to capital, and ensuring secure payment processing.