As a small business, the day-to-day can be a struggle so it can be tricky, near impossible, to set time aside to think about fintech solutions that can benefit your business in the long term.

Even if you are lucky enough to set aside an hour to explore, it can be a rabbit hole of options and you end being more confused than when you started. We understand that SMBs are busy so we have taken the guesswork out for you and come up with 7 fintech solutions you can implement now to streamline your business processes and modernise the way your customers pay you.

POS Automating Bookkeeping

Fintech solutions allow online services and apps to automate point of sale and the laborious task that accompany it. Most business waste hours and hours bookkeeping on paper or figuring out how to use excel without wanting to throw their computer out the window.

Apps such as Mobikon and Dashboard allow for a more efficient and intuitive bookkeeping process for small business, freeing them up to work on things that matter to them. Customer information can be stored and retrieved in seconds as opposed to them just being numbers, you can store booking and reservations and analyse your stock more accurately.

More Than Just Looks

The state of current cash registers is not good - they’ve failed to modernise and are still clunky, unintuitive and take up too much room in stores. Apps mean cash registers are rendered obsolete because you basically never need a physical POS, just simply hit the app store. As well as looking hip and trendy these tablet-based apps offer cloud architecture which creates copies and stores documents such as receipts or invoices for you to get back at a later date. Apps offer a more convenient model of subscription and payment with customers able to use the app to pay as well as subscribe to newsletters or receive special offers. New registers emphasise data, stock and productivity as well as taking payments from customers.

Make Mobile Payment A Priority

mPos acquisition should be a long-term target for businesses as more and more people switch to Apple/Android Pay. Smartphone readers offer so much more than just a means of payments, it can pick up on bits of useful customer info that is stored on the phone. mPos allows groups of people to bill split without the need to get the calculator and work out how much the person who had water and a green salad owes, it can also let folks tip their waiter, waitress or bar staff directly to their bank account - because getting tipped shouldn't depend on the customer having a spare couple of quid.

mPos offers so much more depth for everyone involved in the payment process, it can help generate loyalty through data and is a more convenient method of payment for customers.

Cash Registers As Wifi

Offering wifi is the norm for most business offering food and/or drink, it's pretty much expected by consumers that the pub, cafe or bar has wifi. What businesses miss is the potential depth that twinning wifi with your cash register has to offer. It's a 2 birds 1 stone situations - you’re a cafe, or another venue, can offer wifi and be able to collect data that feed straight into your cloud-based databases.... Automatically. Your knowledge of customers extends in a few ways....

  • What kind of customers passed in and out of your establishment in the last 3 or 4 days
  • Know more about your customers… this will lead to a more personalised cxp
  • The chance to be able to pay without even taking your smartphone out thanks to learned data that sits in your app, thanks to the cloud

Let Customers Pre Order

Situated in a busy city? Near loads of office space full of people with half hour lunch breaks? Then allowing the customer to pre-order their food offers them a greater more reliable experience. Offering pre-ordering almost guarantees an increase in returning customers because they know they aren’t going to have to wait around for food or for bill payments. Statistics show that preordering increases turnover, traffic (people through the door) and yes, loyalty.

Don’t Shun Feedback… Embrace It!

Receipts via email are commonplace now, especially in retail outlets and things like Uber and Lyft. Fintech solutions such as this gives consumers the ability to respond to these receipts with feedback on their experience. SMB’s should ensure people are able to respond to e-receipts in whatever form they take. It gives you more information about what the consumer wants as well improving the uxp.

POS Loans

Because of fintech’s ability to provide greater depth when it comes to customer information the ability for business to sell their goods on credit, is made a lot easier. Why? Because information on customers previous transactions made in previous, app-based POS’s… you avoid the hassle of negotiating with banks. SMB’s would love to sell their items on credit it’s very convenient and helps increase turnover and size of the business.

SME Loans

Thanks to a fintech style of payment you receive more data (as we may have already said). Businesses are now getting quantitative and qualitative data (the financial condition of the business and how the owners do business) before they decide whether or not to give an SMB a loan. Far from restricting SMB, fintech loans help more business get loans because there are different types of criteria that they are judged by.

At Love Finance, we understand a business is more than just numbers, as a fintech broker and provider of fintech solutions, we’re always looking for reasons to help business. Our technology will have you approved for finance in seconds (we mean it when we say seconds, too) so why not head over to our portal now and start shaping your business in your image. If you prefer the old-fashioned way why not give Jack, Alex or Andy a call.

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