How Fintech and Other Apps Can Boost Productivity and Your ROI
As we continue to move toward the future of work, it’s important to understand the technology that is changing how we live and work. One such tool is fintech, an umbrella term for financial technologies that create new ways to access and use money. But fintech isn’t the other tech you need to integrate into your business. If you’re not using fintech or other apps to boost your bottom dollar, here’s why it’s time to start.
Easier Payments Process Equals Increased Revenue
As a business owner, one of your primary goals is to increase your ROI. In some cases, it’s easy simple as hiring more staff and having more product offerings. Other times, it’s a more complicated process, especially if it involves your payment gateway. To help you maximize profits, there are several tools that allow you to accept payments in a variety of ways.
Payment Processing Services
While accepting credit cards directly can be expensive, using a payment processing service can save you both time and money. With the use of an online merchant account or gateway, businesses are able to process payments with minimal effort on their part. All you need to do is decide which type of system will work for your business now and as you continue to grow.
Mobile Apps for Customers
With many customers carrying smartphones with them at all times now, it’s important for businesses to offer customers an easy way for them to pay without having to take out their wallets or credit cards every time they want something from your company. Mobile apps make this process simple by allowing transactions through mobile devices such as smartphones and tablets (and even smartwatches).
Social Media Platforms
Chatbots are becoming more popular among consumers because they allow users access convenient methods of communication while being able to respond quickly, which makes them perfect candidates when considering how easily it is to gain exposure and build a loyal following for free. Once you get your accounts set up, you can then program them to post on your chosen platforms automatically.
Streamline Document Management
Streamlining document management is just one-way fintech can improve how your company handles paperwork. By automating the process and centralizing all of your documents in one place, you can reduce the time spent on paperwork, improve efficiency, and increase the security of your data. This approach also makes it easier for employees to access important files from anywhere on any device at any time.
Automate Document Management
Fintech solutions can automate many aspects of processing requests for information or documents that are sent out by businesses every day. Many companies have policies requiring vendors or contractors working with them to sign non-disclosure agreements before they send any sensitive information about themselves or their clients/customers over email or other digital platforms such as Dropbox. Integrating these into your business can save hours each month that you previously spent shifting through paperwork.
Reduce Marketing Expenses
As a business owner, you should always be looking for ways to cut costs. One way to do this is by looking for alternatives to traditional marketing methods. There are several examples you should consider.
Social Media
Instead of paying for expensive billboards and commercials, try posting content on social media networks like Facebook, TikTok, Instagram and Twitter. By using Instagram for business, or any of the other mentioned platforms, your followers will spread the word about your products or services without any additional cost to you. They might even want to become advocates for your brand.
Email Marketing
If there’s one thing everyone checks regularly, it’s their email inboxes, so why not use that to your advantage? Send out promotional emails every so often with offers tailored specifically toward each individual customer in order to make sure they don’t forget about what you have available (and might want). You’ll see an increase in sales after starting this practice because people tend not think about buying something until they’re reminded about its existence by something like an email campaign. The key here is having enough variety so that recipients won’t get bored with seeing too many similar messages over time. Keep them guessing and coming back again, so that each new message feels fresh as opposed to stale old news already they’ve already read.
Simplify Bookkeeping and Accounting Procedures
If you are working with small businesses, it is important that you understand the benefits of using fintech solutions. While there are many different ways in which these technologies can help your business grow and increase productivity.
Simplifying bookkeeping and accounting procedures, which saves time and money. Fintech allow companies to easily access their financial data from anywhere in the world at any time. They also offer simple tools for tracking expenses, generating reports, paying bills, etc., allowing companies to manage their finances with ease. Enabling faster payments between businesses and customers or suppliers by eliminating paperwork as well as manual processes such as check clearinghouses or wire transfers.
By using fintech solutions you can save time and money while increasing your business’s revenue. Using Fintech can also help you save money, particularly if you have managed a fleet. There are a variety of digital solutions that help you monitor fuel efficiency, track deliveries and even keep drivers safe behind the wheel. And since saving money on fuel costs is on everyone’s mind, it’s still a good idea to find the right type of tech for your fleet. While there is an initial cost, eventually it will pay for itself with increased productivity and profit.
You can also save money other ways. Cloud computing software, which allows you to store your data in a secure server rather than a laptop, is another solution you should consider. If your laptop breaks or is stolen, you’re still able to do business as usual without worrying about private information being exposed.
Banking Needs
The same goes for companies that offer an online banking service: instead of having to pay employees thousands of dollars in wages every year just so they can manage accounts at different financial institutions, you only need one employee who manages everything.
