Digital finance market is growing, with FinTechs disrupting the technological world along with banking, leading the innovation in payments industry. Their supporting financial environment is attractive enough to create collaborative partnerships with banks and other big financial institutions. No wonder that small businesses are also seeking for their own original, game-changing solutions in payments. So how could banking for entrepreneurs contribute to small business’ growth?
Getting it in order
Getting help from FinTechs will allow small businesses to elevate to the next level of formalisation. Because a new business has a rather weak self-capacity, they often struggle to provide themselves with formality and systemisation in order to be able to stand confidently in finance world. Addressing digital solutions and digitising their data, small businesses will become more attractive to banks and their supply chain.
Focusing on growth
Adapting FinTech tools will help entrepreneurs to focus much more on company’s growth rather than being trapped in trying to solve financial matters. Before open banking, companies had to perform a handful of time-consuming activities to break through, from creating own solutions to team acquisition. Adapting white labelled interfaces, like Crassula’s upcoming Banking for Entrepreneurs product, makes the software setup fast and easy, with ability to integrate new applications to existing customer bases.
Staying profitable
Reports say that financial services do not pay much attention to small businesses because they make less revenue. FinTech solution providers are able to support entrepreneurs while keeping them profitable. With already-made solutions, the cost of their integration is very welcoming for new companies. Moreover, FinTechs are able to maintain partnership even with the smallest profitability.
FinTechs can change the game for young entrepreneurs, but only if treated as equal business partners. Fair collaboration will enable such services to place small business clients in the prospect of long-term relationship.
Keep an eye on Crassula webpage and social media to be the first to try our new Banking for Entrepreneurs product.
Feel free to drop us an email on hello@crassula.io for more information.
