3 crucial FinTech tips for SMEs » SMEInsider

3 crucial FinTech tips for SMEs

Are you sick and tired of dealing with traditional finance companies? SMEs are beginning to use FinTech firms for alternative financing solutions. Here are 3 ways in which FinTech groups could help your business.

Online lending platform Spotcap delivers the three most crucial fintech trends for small businesses.

1. Crowdfund your way to the top

Using money raising platforms such as Crowdcube is an ideal way to take advantage of alternative financing solutions. The crowdfunding market is expected to be valued at $34bn by the end of the year.

Teaming up with crowdfunding websites will provide you with an ideal networking opportunity. You will get the chance to connect with other small businesses who like you, are looking to raise more capital. It’s also a great way to get your name out within the SME community.

2. Recieve your money quicker

Waiting for your customers to pay up can be an added difficulty to any SME. There are lots of new FinTech companies out there that have created ways in which you can receive your money now, without having to wait forever for your invoice to process.

Once the invoices are paid, the lenders receive all the cash, pleasing both parties. In this way, you can gain your money quicker, as well as meeting your customers’ demands.

3. Get closer to being cashless

More and more shoppers are purchasing goods without the use of cash, with 73 per cent of Britons expected to make an online purchase this year.

If you want to get into the e-commerce market without being wrapped up in miles of red tape, payment software developers such as PayPal make it easier for small businesses to process online transactions. This also limits the amount of paperwork that you have to keep in the office. Companies like Transferwise help reduce international transfer fees for SMEs that want to export goods and services.