Thanks to the rise in financial technology over the last 10+ years, consumers and businesses alike can shop online, instantly transfer money, deposit checks via mobile, and so much more. Designed to streamline traditional financial services, “fintech” companies give users faster and more flexible alternatives to things like banking, currency exchange, even financing.
In eCommerce specifically, fintech solutions have made it possible for Amazon and other sellers to scale faster, save and make more money. To give your Amazon business this kind of advantage, consider these top five fintech options:
Online Banking Small and online businesses need a banking provider that offers transparency and flexibility. This means no hidden fees, no minimum balance requirements, and no transaction limits.Traditionally, banks offer business banking services that ultimately come at a cost — from monthly maintenance and other unexpected fees, balance and transaction requirements, and little to no APY. This is largely because traditional banks have a lot of infrastructure, overhead, and manual processes to deal with—all of which is costly for them.
But traditional banks aren’t your only option. Online business banks like Rho and Azlo offer transparent and flexible banking solutions, with little to no fees, no balance or transaction requirements, and high APY. Ultimately, your hard-earned profits will work harder for you in an online bank account.
Currency Conversion If you sell globally, you’re no stranger to currency exchange rates and fees for international money transfers. In fact, traditional currency exchange companies charge fees as high as 3% — and that’s before the actual exchange rate comes into play.Fortunately, companies like OFX allow you to run an international eCommerce business with little cost and more protection against market fluctuations. With OFX specifically, you can avoid international transfer fees and exchange rate unpredictability altogether. For example, they’ll help you set up a local bank account in the country(ies) where you do business overseas, and let you secure an exchange rate for a certain period of time.
Daily Cash Payouts with Payability Instant Access As you’re likely very familiar, Amazon’s payout schedule can cause cash flow hurdles. After all, having your income tied up for two weeks or longer limits your ability to re-invest in inventory or take advantage of other opportunities to boost sales.But what if you could get your Amazon income in real time? While Amazon won’t be changing its payout schedule anytime soon, you can get your payouts the next day, every day with Payability’s Instant Access. All you have to do is fill out a quick 10-minute application, connect your Amazon account and, if approved, start getting real-time payouts within one business day. There are no credit checks as approval is based on account health and sales performance. Instant Access is also available on Walmart, Newegg, and other marketplaces that pay on delayed terms.
Capital Advance with Payability Instant Advance Sometimes, you might need to make an investment in bulk inventory, a marketing campaign, or other large expense. Rather than dip into whatever savings you might have or try getting a loan, opt instead for Payability’s Instant Advance.With Instant Advance, you can get up to $250,000 as soon as tomorrow based on your Amazon and eCommerce sales. Similar to Instant Access, the application process is simple and requires no credit checks. Instant Advance is available on Amazon, Shopify, and other eCommerce channels. It works great either alongside or in the place of Shopify Capital, Amazon Lending, or other financing solutions you may already have in place.To get started, learn more about Payability’s Instant Access and Instant Advance.
Bookkeeping Software If you’re looking for ways to streamline accounting and take control of your expenses, then online bookkeeping software can help. Generally speaking, it’s more cost-effective than using an accountant and more seamless than manually managing your books. But that’s not all.Because many cloud-based accounting programs have mobile apps, you can access your books anywhere and anytime. Plus, you can get more accurate and real-time reporting on your financials, allowing you to spot trends, forecast with confidence, and more.
At the end of the day, fintech solutions can help you simplify and strengthen your financials — whether it’s with an online bank account that saves and makes you money, currency conversion services that don’t eat at your profits, cash flow solutions specifically designed for you, or software to help you optimize your books.
Riverbend Consulting would like to thank Victoria Sullivan for this guest post. Victoria is a Marketing Manager at Payability. Prior to joining the Payability team, she developed social media content and strategies for top technology brands such as Skype and Samsung. Victoria holds a degree in Advertising from Syracuse University’s S.I. Newhouse School of Public Communications. She can often be found in a yoga class or working on her fashion blog.