Great Ways that Fintech Companies are Helping Small Businesses

When you’re a small business owner, you have to worry about competing with larger, more established companies. This can be very stressful, and in the past, it has been a make or break for many small businesses. For the most part, this happened because of traditional financial institutions. However, with the rapid development of technology, things are changing in favor of small businesses.

Recently, many financial technology, or fintech, companies have been appearing. Many of these companies focus their efforts on helping small businesses specifically. Often, these companies only require an ITIN number for their services, something that’s easily obtainable through an ITIN application. There are many ways that fintech companies help small businesses. Keep reading to find out more!

What’s a Fintech Company?

A fintech, or financial technology company, is a company that provides services that compete with traditional financial services. They do this by developing innovative technology, like payment software and gateways. These products can be used by businesses of any size, making them highly appealing. In fact, many fintech companies prefer to help small companies improve and offer them several ways to do so.

5 Ways That Fintech Can Improve Your Small Business

When it comes to the benefits of using fintech companies, they offer five significant improvements to small businesses.

Easy Financing

The traditional way of obtaining small business loans is a lengthy process. Often, it requires years of documentation, including both personal and business financial statements. Not all small companies can provide that, and many don’t qualify for traditional financing. Fintech companies are helping small businesses obtain funding in more accessible ways.

In fact, many of them only require an ITIN number for their loan applications. Any small business can obtain an ITIN number by using an ITIN application. This means that any small business can apply for these loans, something that’s never happened before.

Wider Payment Processing Options

Fintech companies are providing small businesses with ways to take all forms of payment. This includes debit and credit cards from all major players, but it also means other forms of payments. Many allow for mobile wallets to be accepted, as well as mobile payment platforms. That means that your small business can receive options like Apple Pay and Google Pay in addition to cash and credit.

Currency Exchange

The majority of fintech companies allow small businesses to take payments in all forms of currency. By expanding to currencies outside of your native country, your business can start selling internationally. A global audience means more potential sales and potentially more income. Usually, it is to be expected that there is a fee involved. Traditional methods wouldn’t allow this in the first place, after all.

Accounting Costs

Fintech companies aren’t just payment providers and gateways. It also expands to services like accounting. Many fintech accounting options are far cheaper than traditional accountants, meaning that your business can cut costs. Spending less is always a good thing, especially when you’re a small business.

Customer Engagement

In a connected world, you must stay engaged with your customers. Fintech companies like Square include customer engagement features, like chat and customer directories. The more you can engage with your customers, the more likely you will satisfy their needs. Happy customers are going to spend more money, so engagement is crucial for all small companies.

Fintech is Leading the Way For Small Business Growth

If you’re running a small business, financial technology companies are on your side. They want to provide your company with a way to grow in ways that it couldn’t before. Of these paths to growth, simplified financing may be the biggest perk. An ITIN number is all it takes to get the funding your business needs. If you’re ready to grow your business, submit an ITIN application today. It’s the first step to small business success with fintech companies.

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