{"id":7313,"date":"2020-08-27T01:23:09","date_gmt":"2020-08-27T06:23:09","guid":{"rendered":"https:\/\/flevy.com\/blog\/?p=7313"},"modified":"2020-08-26T12:26:30","modified_gmt":"2020-08-26T17:26:30","slug":"what-fintech-can-offer-small-and-mid-size-business-in-2020","status":"publish","type":"post","link":"https:\/\/flevy.com\/blog\/what-fintech-can-offer-small-and-mid-size-business-in-2020\/","title":{"rendered":"What Fintech Can Offer Small and Mid-size Business in 2020"},"content":{"rendered":"

\"\"Advanced technology has made it conceivable for small to mid-size businesses to have a hand in markets previously dominated by bigger companies. SMEs and mid-sized businesses now have a prism of opportunities created by Fintech<\/a> in the latest technological stack. Being a technology-driven evolution, fintech has been virtuous for small-medium size businesses and enterprises, making finance, accounting automation, data analysis, and flexible financing options within reach.<\/p>\n

Taking a hard hit due to ongoing pandemic Corona, fintech companies have pivoted their business model in response to it. Most of these companies<\/a> have taken this outbreak as an opportunity to innovate themselves motivating others. With most of them setting up a task force to ensure business continuity, they have deduced new strategies for small and mid-sized businesses to offer easy finance options through a simple, streamlined and quicker overall process. Technology backed by artificial intelligence, big data, and other deep tech had now landed businesses more tools to save money and become more competitive. They have helped business by<\/p>\n

Mobile Payments<\/strong>: With 61 percent of Americans prefer to pay with debit cards or credit cards at local stores, credit and debit cards are quite popular ways of making digital payments across the globe. Along with this, another form of digital payments like mobile wallet, point of sale machine, etc. has given world alternatives for cash. But still for small business its a headache to take. With plug and play option into a smartphone-like credit card readers, mobile payment processing solutions are an easy way to such businesses. Few mobile payment processing options are Square<\/a>, PayPal<\/a>, and PayAnywhere<\/a>.<\/p>\n

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Money Transfer<\/strong>: Money transfer is one of the sectors where banks have a monopoly. With hefty transaction & conversion charges and processing fees, it puts a full stop on small and midsized businesses\u2019 ambition of going international. Safeguarding users\u2019 data with encryption and following legal requirements and regulations, Fintech solutions<\/a> have reduced operating margins for international business. Few solutions to note down are WorldRemit<\/a>, TransferWise<\/a>, Kantox<\/a> and CurrencyFair<\/a>.<\/p>\n

Financial Tools and services<\/strong>: Fintech has proved itself a boon for small and midsized businesses.\u00a0 With highly scalable cloud-powered software and tools, they have very high availability. These tools and services have<\/p>\n