Financial technology, or fintech, is taking the B2B world by storm. It’s helping small business owners make sense of their payment processing by removing outdated banking processes including applications and payment approvals. With this new financial AI technology, business owners enjoy a new streamlined process that benefits everyone.
However, incorporating this technology is expensive and time-consuming. Plus, some of the latest fintech is still in the testing stages, making it even more expensive to the general public. To make sure you aren’t overspending, make sure to get in touch with a financial expert to get you an official investment plan. There may be fintech you should implement now but other process updates that can wait until later. Get in touch with me, a payment expert in the B2B business space, today by visiting my website or calling 617-843-5700. In the meantime, here are some tips to get you started.
1. Increase supply chain management efficiency
Four in 10 companies don’t make it past the first five years in business, according to a study from the fintech firm Ormsby Street. The biggest contributing factor to start-up failure is cash flow problems and late invoice payments. When payments are late, there is a lack of trust between the business and the consumer.
Fintech solutions are helping eliminate this problem and help business owners understand how supply and demand impact their business. Without the right business and supplier relationship, your company will lack efficiency and profitability. I really enjoyed this article from Bob’s Guide if you’d like to read more on the supply chain topic.
2. Better financial data
In my time working in the B2B payments space, I’ve noticed that little to no business owners have clear and concise financial data. If the data is uncertain or convoluted, there’s usually a lack of helpful business decisions that increase profitability.
Fintech can help build concise financial data reports and also deploy anti-fraud technology, according to this article from Medium. A lack of fraud monitoring builds up to thousands of dollars lost over time.
3. Automate financial processes
If you’re looking to cut costs in your finance/accounting department, Fintech is going to be your new best friend. Even in the busiest of times like tax season, there’s Fintech that offers cloud-based solutions that help your team stay on track.
Plus, your management team can access financial data anytime and anywhere, even when out of the office.
I hope this was helpful for you! Don’t hesitate to reach out to me for more advice.
