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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 up 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 seven 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 the point of sale and the laborious task. Most businesses waste 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 businesses, freeing them to work on things that matter to them. Customer information can be stored and retrieved in seconds instead of just numbers; you can hold bookings 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 never need a physical POS; just hit the app store. As well as looking hip and trendy, these tablet-based apps offer cloud architecture that creates copies and stores documents such as receipts or invoices for you to get back later. Apps provide a more convenient model of subscription and payment, with customers able to use the app to pay and subscribe to newsletters or receive special offers. New registers emphasise data, stock and productivity, and 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 payment; they can pick up on bits of useful customer info 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 payment method for customers.

Cash Registers As Wifi

Offering Wi-Fi is the norm for most businesses providing food and drink; consumers expect that the pub, cafe, or bar has Wi-Fi. Companies miss the potential depth that twinning wifi with your cash register has to offer. It's two birds one stone - you’re a venue that can provide wifi and collect data that automatically feeds straight into your cloud-based databases. 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 pay without even taking your smartphone out thanks to learned data that sits in your app, thanks to the cloud.

Let Customers Pre Order

Are you 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 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 bill payments. Statistics show that preordering increases turnover, traffic (people through the door), and 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. SMBs should ensure people can react to e-receipts in whatever form they take. It gives you more information about what the consumer wants and improves the uxp.

POS Loans

Because of fintech’s ability to provide greater depth when it comes to customer information, the ability for a business to sell their goods on credit is made a lot easier. Data on customers' previous transactions made in previous, app-based POSs… you avoid the hassle of negotiating with banks. SMBs would love to sell their items on credit. It’s very convenient and helps increase the 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 business's financial condition 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 companies get loans because there are different criteria by which they are judged.

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 businesses. 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, give us a call.

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