Technology usually makes everything simpler. Fintech has revolutionized how we use money in our market. Its rare you’ll see a young person with a physical credit card to insert in the chip and pin machine. Putting cards in the apple wallet, or using android pay is becoming more and more popular, and making spending money a lot easier as a result. So small businesses can learn from this model. Incorporating a digital financial system into a business model means customers are more likely to have the money on hand to pay for what it is you’re offering.
Where Fintech Came From
Money matters. Whilst moving to a digital money system is a bit of a slow process, there is enabled technology for it in about 1000 businesses across the globe, and in countries like the UK, over 4 billion pounds is being saved per year because of it.
However, it wasn’t such a sharp incline into paying using only your phone screen. The real start of Fintech began in the 1950s, where the first credit cards were distributed to make payment easier, rather than remembering to carry the right amount of cash all the time. Necessity is the mother of invention after all. Thus, there was a huge gap in the market opening up to be filled with further monetary advancements.
How Using the Internet Helps Transactions
There’s a lot of software out there that utilises a secure web connection to make round payments, often completing in less than a day. It makes commissions a lot faster to take when you’re an online business, as the majority of startups incorporate into their model these days, and helps customers to feel safer in their choice. Sites like Paypal make this kind of transfer extremely easy for both the business and personal due to its ease of use and popularity, however a lot of people like to use their own systems to keep up with the drive.
Of course, your business type will dictate how much this matters for you. For companies like medical centers and those working in the healthcare sector, invoicing can be a particular pain. Contacting customers for payment and insurance information can be a hard trek, and staff are often needed to keep up with all of these matters at the same time. Yet, you can research into this kind of system for your own business, and how investing in your own payment plan can help, by looking at software providers. Check out pages like Open Practice Solutions pricing for the best return on your investment and how it changes the amount of features you might get in a package.
Seeing that we have had Fintech for as long as a lot of people alive now can remember, it shows that new technology is quickly adopted and then forgotten about. The inclusion of a digital monetary system won’t be so scandalous in about 10 years from now, and business will become easier and faster growing as a result.