Fintech, which is a portmanteau of the terms finance and technology, is an invaluable part of our modern economy. It has allowed for people and business to have both greater and faster access to their finances and monetary transactions.

With the constant forward progress of computing technology and internet speeds, coverage and connections, we now have complex programs and services with intensive feature sets at the tips of our fingers which would have taken millions of dollars and dozens of people to setup and maintain in the past.

Cashless payments, cryptocurrency, crowdfunding and more, the concept of fintech covers an ample swath of various services and thus gives business owners in this day and age a great many options to market and manage their services.

There are a number of ways that Fintech can benefit the modern business owner:-

Greater Opportunities for Funding and Growth

The lifeblood of every business is money. It takes money to start, grow and thrive and it is the foundation of every aspect of the business. Starting out a business is an expensive endeavour as it takes time for the monetary investments put into it to finally see returns and the business still needs to be maintained in the interim.

With fintech, the means by which to acquire funding has grown greatly thanks to such services as crowdfunding which allows someone to gain large amounts of money quickly and efficiently from people all around the world.

This has allowed more and more people to establish business and get product ideas off the ground at a faster frequency and rate than ever before.

The Future is in the Cloud

With the advent of cloud computing and its resulting products, it is now possible to connect with accountants fully online and have consistent and immediate access to financial data as well as real-time forecasts of your business’s cash flow.

This enables you to course-correct and fine-tune future decisions faster and to a much more accurate degree than any accounting software not available on the cloud.

Being on the cloud also allows for easy integration of any additional services and on a whole provides a product that is cost-efficient, scalable and easy to use.

Automated and Global Payments

Services like PayPal, for example, allow people and business all over the world and instantly conduct monetary transactions with each other. This has made the reach of business far greater than they’ve ever been and with the use of automated payments, the efficiency of transactions is greater as well.

Add to that the rise of smartphones and applications that serve to morph these devices into point of sales systems allowing for better management of cash flow and receiving payments.

There are a variety of popular POS systems that focus a large number of operating areas into a single centralized location for better stock management, CRM, marketing perception and financial coverage.

All these services also do away with the worn tedium of manually handling money.

What’s stated above are but just a few of the ways in which fintech has made it easier and more cost-effective to conduct business.

The wealth of information so readily provided gives rise to a host of new and greater insights than ever before and the continued growth of fintech ensures that these new benefits and opportunities will only increase so being aware of fintech’s potential is a necessity to succeed in this competitive market space.