How can startups save money with Fintech!
Startups are tight on cash! They have the brains, they have the grit, but not the financial capital yet. This means they try to save money from wherever they can. Here we show you 3 ways where startups save money using Fintech!
Easier payment services
Paytech has changed the game when it comes to transactions. People now do not need bank accounts or credit cards to send and receive money. With services like Paypal, one can send and receive money without a bank account. This has really opened up avenues for underserved communities who were not able to open bank accounts. They were kept out of the loop of online transactions, but not anymore! These technologies can also be used by startups to pay their employees and carry out transactions easily, saving them money bank charges and account fees.
This comes in handy specially when startups hire remote employees from companies like Gaper.io, who provide software engineering teams to companies across the world. Through PayTech innovations, you can easily pay your remote employees who live across the world without going into bank details and fees, saving you money and time!
Faster and cheaper loans
Earlier on, if a business had to take a loan it had to go one of two routes: the first being through a bank and the other through a wealthy entity or individual. Banks needed a certain level of security to give a loan and new startups didn’t have that. Secondly, you needed to be in touch with wealthy individuals and entities if you wanted a personal loan for your business. However, most people starting businesses don’t have access to either of these things. This is where Fintech is helping startups! It is now possible to get loans through Fintech companies that don’t need such high levels of security deposits etc. They have new means to judge whether you qualify for a loan and these loans can be dispatched in a few days. Startups can get to work faster, cheaper, and not waste time waiting for capital to come.
Bill consolidation and tracking
Regular bills like utilities, services, rent, etc can sometimes be difficult to manage for startups. With limited manpower and everyone working on the bigger picture, managing administrative tasks like bill payments can seem like not the prime place to expend one’s energy. Luckily, Fintech comes in to save the day once again! Apps are there to save your bill’s due date, keep track of whether they are being paid on time or not, and remind you of when it is time to pay. Just one in many ways Fintech helps startups save money!
Better and affordable Financial Management
“Hiring a financial advisor will cost you more than you hope to save through the advice they give” is true if you go the orthodox route, but in this day and age you can hire Fintech companies who use machine learning algorithms to give you financial advice. Such a platform is Suplari. You can access your spending and see the analysis the software provides about procurement and other services. You can also see how efficiently your money is being spent and if you are reaching your financial targets or not. This will not only allow you to make more money in the future, but also save you money right now. A great tool and expertise at your fingertips, for which people used to hire financial advisors in a previous time.
There are not many ways to cut costs when you are trying to grow your startup, but the aforementioned tips can definitely help startups save money and not let those dollars escape!