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With so much focus on major corporations, many overlook the impact small businesses have on our economy — but we shouldn’t.
Small businesses and entrepreneurs dominate the global economy, with around 90% of the worldwide business population consisting of small- and medium-sized enterprises. And these numbers are only expected to go up as the U.S. and other countries see a start-up surge, likely prompted by the global pandemic. As these entrepreneurs, startups, and microfirms find solid footing in the market and move toward expansion and revenue growth, they need the economic resources to keep up with their unique and evolving demands. It’s clear that they will be doing a lot of the heavy lifting to generate wealth and financial security as the world emerges from the Covid downturn.
Thankfully, innovative B2B banking solutions are disrupting the financial sector to meet the start-up surge and provide services specific to emerging businesses. Digital payment processes have made it easier for people to network and connect worldwide, improving the overall consumer experience and accelerating the delivery of capital without geographical boundaries.
Today, automation is the driving force behind how we get paid, with paper checks being almost completely replaced by electronic transfers. Unfortunately, traditional business banking has been slower to turn the curve. While consumer banking has gone nearly completely digital, business banking has slogged behind with time-consuming manual processes and hidden costs and fees. And fintechs and challenger banks who tailor their services to customer needs, no matter their specific stage or location, have noticed. They are reaching out to a segment of the industry that’s too slow to change, no longer meeting the new demands of emerging businesses.
Quite frankly, a seamless digital experience plays a huge part in the value proposition of these B2B banking solutions. MeridianLink, for example, creates solutions that reduce friction and roadblocks in the financial industry by leveling the playing field for small- and medium-sized banks to compete digitally with their much larger competitors. As an easy means of money and data transfer between a bank’s systems and those of third parties, its tools pave the way for banking services to be embedded directly into a corporate customer’s own platform. Its quick digital loan process and transformational data and integration solutions are a few reasons why it was valued at over $2 billion.
Since customers are online now more than ever, keeping people happy by streamlining processes and simplifying technology interfacing is an important part of customizing the speed and flow of funds. The traditional payments process leaves the receiving end with little predictability or control over when payments will arrive or how quickly they can access their funds. Dwolla has pinpointed this particular concern, offering their clients innovative and flexible technology to build payments into a solution that settles in real-time, the same day, or instantly.
Their flexible API allows companies of all sizes and technical expertise to implement account-to-account payment solutions. Using low-code and configurable technology, businesses can quickly get their solution to market, enabling users to easily send and collect payments or facilitate transactions between two end-users. With Dwolla, companies can develop a scalable and customized solution, which is key in the time of the start-up surge.
In an era driven by digital innovators, B2B digital payments are here to stay, providing a greater level of safety than cash or checks and helping businesses become more agile.
This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.
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