IRVINE, CA / ACCESSWIRE / April 4, 2023 / The improvements in tech industry happened super fast in recent years. This doesn't only impact the quality of life but also the business world. Cloud computing, artificial intelligence (AI), machine learning (ML) solutions, as well as tools that analyze data, have been rapidly adopted and put to use by many business in various sectors. This aspect helped them reach a much higher level of productivity and efficiency. "These innovative technologies are leveling the playing field for startups and small businesses, allowing them to optimize cost structures, enhance cyber security, and improve customer service," explain debt resolution experts at AcuFi and its founder, Nick Kohlschreiber. "Importantly, these solutions have led to the rise of financial technology (fintech), which has democratized access to capital, thus addressing one of the key obstacles to small business growth."
Experts at AcuFi advise that the innovative products and services offered by fintech companies are considered a critical element in the pursuit of financial inclusion and greater equality on a global scale, especially after the devastating impact of the pandemic. Small businesses have been particularly disadvantaged, a massive number of them forced to discontinue operations due to their lack of funds or inadequate digitization. However, according to AcuFi, there is a growing realization that fintech offers tremendous opportunities to small enterprises, and improved access to capital is only one of them. Through the use of AI and data analytics, fintech companies can look beyond traditional metrics such as credit scores and tax returns to assess and approve small business loan applications. As a result, the process has become significantly faster, and far more young enterprises are breaking through the lending barrier.
"Aside from the obvious benefit of improved credit access, fintech can empower small businesses in various other ways," Nick Kohlschreiber says. "They can utilize fintech solutions to offer customers multiple payment methods, including online payment platforms, card reading services, and digital transfers. Critically for their daily operations and cash flows, small businesses can adopt FinTech solutions to enable digital invoicing, which allows near-instant payment and eliminates the long waits previously associated with sending or receiving invoices and collecting dues. Last but not least, fintech has changed the game in account management - small companies rarely have a dedicated finance department, so this has traditionally been an extremely demanding aspect of running such a business. Now fintech makes it possible for entrepreneurs to easily manage payroll, track and make loan payments, monitor their business expenses, and keep track of their taxes."