There are over 30 million small businesses in the US alone – that’s 99.9% of businesses in the country.
There’s a total of 58.9 million small-business employees, and they represent almost half (47.5%) of the US private. According to the latest data from the International Trade Administration (ITA), a total of 294,834 companies exported goods from the US in 2015. Out of these, 97.6% were small firms; they generated 32.9% of the United States’ $1.3 trillion in total exports.
The backbone of an agile, modern economy, small businesses means democratization of financing, opening up new frontiers for an huge number of entrepreneurs. Tech – that’s whyit’s possible to easily set up and run a business, sincel software that’s necessary to set up essential functions is in abundance. We’re talking Stripe Atlas, Holvi, QuickBooks, and a number of function-specific solutions that all work.
However, small-business banking services offered by the the traditional financial sector, are still rather… inadequate, when compared to the companies listed above. Think about it, traditional financial institutions are limited in their comprehensiveness to a mere line of credit, leading businesses to explore alternative options.
Before the development of FinTech, small business had to go to a large credit organization to receive payments abroad. Besides, the fixed stationary line is a necessity only when you’re really connected to a certain bank. But with today’s innovations in the financial sector, the process is easy and cheap. For instance, solutions, offered through Stripe, PayPal, and CreditPilot. Transactions through smartphone means that any client can pay for products, regardless of their physical location.
It’s vital that small businesses expect that the apps they use — including for banking are fast, easy, and modern. Real-time data, simplicity and consistency – across all channels, or else.
For FinTech companies, this means business. They know that rather than struggle with something that doesn’t quite fit their needs, small businesses can adopt new technologies that are easy to use, help run businesses better, and are state-of-the-art. For instance, the Any2Any platform, by CreditPilot. The company developed it especially for MNOs and MVNOs to provide financial services to their end-users. The range of products on the Any2Any is easily identifiable by a common thread. It offers MNO’s subscribers the means to control their money, transfer it to third parties, and pretty much – not need a bank Sich services, which allow to simplify life for small business and people all across the world. And since the transaction costs are low, and business can painlessly make financial transactions across national borders.
When it comes to financial transactions, we all need agile, modern solutions, especially small business. When banks can’t (or won’t) so what it takes to provides what small businesses needs, it wastes no time in going FinTech for their needs.
