No matter what line of work you’re in, if you’ve had your nose in the news in the last few years, you’ve likely heard the word fintech - but what does it mean? Financial technology, or fintech (as most of the world knows it), refers to any software, protocol, application, or technology built to streamline, improve or transform an element or process within the financial industry. The history of money is long, so natural evolution is inevitable. Fintech is pushing this evolution forward by revitalizing key areas of the financial landscape, including digitization, automation, security, and transaction speed.
Since the 1990s, fintech companies have been staking their claim in the industry alongside societal shifts in currencies, payments and personal finance. The wave of innovation afforded by fintechs is affecting much more than these areas. Any business that integrates currency into its operating model–which is every business–can benefit from fintech advancements. Ultimately, it offers nearly every company, financially focused or not, a way to build their business better.
For those that offer a service or sell a product, integrating fintech into operations can have an immediate positive impact. Financial technology covers a gamut of solutions when it comes to money, but some fintechs are especially laser-focused on developing payment solutions that cater directly to a consumer-facing business. If that sounds like your business, here’s a look at what financial tech can offer to help scale your company in more ways than one.
Build a stronger relationship with your customers
The customer relationship is everything - whether you’re finding ways to customize shopping experiences or simply offering peace of mind that a transaction is moving securely and money is going to the right place. For many businesses, this is easier said than done. Forbes Fintech 50 company Stronghold® makes it easy for your business of any size to do it all and make it uniquely yours, offering tools to integrate your branding into every step of the checkout process. It also has an ACH payment functionality that you can embed into your interface, which means a customer’s payment moves directly from their bank account into the bank account of the company they’re purchasing from in a fast and secure way.
Receive money settlements in real-time
By shaking up payment processing, financial technology is also transforming how businesses rely on their profit settlements. What used to be a long-winded and often stressful waiting game for transactions to post and funds to become available is now an instant and stress-free procedure. Stronghold’s modern approach to clearing and settlement means you’ll receive transaction settlements in seconds, not days.
Take your business anywhere
No wifi, no problem. Fintech is changing the narrative around what it takes to make a secure transaction while always keeping your business’s integrity in mind. Stronghold offers a direct payment link tool that is ultra-accessible for customers, sent via text, email or even as a unique QR code. This means your business' payment tools travel with you, so the same payment security and easy customer experience can be a mainstay no matter where you’re selling.
Financial support for highly regulated industries
If you’re in the business of selling goods that require a highly regulated process, you’re likely used to jumping through hoops to make sure your transaction process gets legitimized, with little help from traditional banking options. Stronghold’s mission is to make payment tools and trusted infrastructure available to everyone, so it uses the best-in-class regulatory technology to tailor payments to your company’s unique compliance policies–we’ve already jumped through all the hoops for you.
Whether you’re building your company from the ground up or looking to bring your business into the future to best support your customers, financial technology can make it happen, and Stronghold is proud to support you in your journey. Interested in making fintech work for your business? Browse Stronghold’s payment tools on our website.
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