July 2, 2020
Average Read Time: 4 minutes
Growing your business today requires access to a unique set of financial tools. The right fintech platform can help you better connect with your customers, automate key financial workflows, and help you gain better visibility into your cash flow that leads to more informed decisions that drive growth.
Yet selecting the best fintech solution can be a long and frustrating process. Decision-makers must investigate a variety of platforms and software options available to make the right choice, while being acutely aware that there’s more at stake than just money.
The bottom line is: Does this fintech tool solve a problem, and does it outperform the other options in the marketplace?
What solutions should be part of a fintech stack to help a company operate and grow seamlessly? Let’s explore some of the major fintech features you should look for when building your fintech stack.
Every business is different. Having a fintech solution that has a library of open application programming interfaces (APIs) and partnerships with industry-leading software and platforms is a key to creating the custom solution that works best for you.
APIs contain protocols and tools for building software applications that specify how programs should relate to one another. Your system’s API should also contain protocols and tools for building software applications that support data protection and security.
Make sure your platform uses industry standard identity provider mechanics and that your financial partner incorporates top security protections into its platform.
No business can operate without bringing money in, and every business—regardless of size—should have a system that supports a variety of payments and channels such as:
The more payment options customers are offered, the better it is for business. There’s no reason you should be losing out on business because you don’t accept a certain payment type.
Conversely, your payment process should be simple, secure, and seamless. Successful companies today make it easy to do business with them—especially when it comes to giving customers payment options.
Integrating your fintech tool with your enterprise resource planning (ERP) software like NetSuite is crucial. Taking this approach will give you better visibility into your cash flow by consolidating all your financial transaction information into your company’s accounting program. In turn, you can use the added visibility to make more informed business decisions that drive growth. Plus, it automates key accounting workflows, making your team’s life easier and making customers happier with more convenient and seamless payment options.
Start-ups and small businesses often need cash infusions. Why have a lag in receiving your settlement funds when you can receive them quickly at the end of each day? MerchantE offers services like Same Day Funding that can help a company get access to funds faster.
There are various fintech solutions in the market that can help with card processing but only one that is focused on helping you grow. MerchantE is here to help navigate the options best suited for your needs.
MerchantE is here to help your business grow.
Find out how to take control of your cash flow like never before.
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