How fintech is empowering SMEs to become more resilient
LONDON, UNITED KINGDOM, May 18th 2023
In an article published on Business Reporter, Ashley Mallet, Head of Business at Paysend talks about how fintech has made banking and finance easier for SMEs by removing hurdles in areas such as lending and cross-border payments via technological advancements in online and mobile banking. Following the 2008 Financial Crisis, banks reduced their banking activity, constraining small businesses’ potential to upscale. To increase competition in the sector and encourage new players to enter the financial market, new legislation has also been passed in several countries to create a level playing field.
As a result, an alternative finance market has emerged that pools deposits from individuals and businesses, so SMEs can take them out to fund their growth. Technologies driving online and mobile banking have also helped democratise banking for smaller businesses, while cross-border payments have been one of the most dynamically developing areas. The formerly prohibitive cost of money transfers to other countries with incumbent banks has become affordable thanks to fintech, and transactions got fast and transparent. The Business Paysend solution of online money transfer and payment service provider Paysend allows start-ups and SMEs to connect better with their clients’ accounts receivable teams and accelerate the collection of outstanding payments via its instant payment capabilities. This, in turn, will empower businesses to improve sluggish cashflows, as well as to concentrate their resources on tackling the difficulties that today’s rising interest rates, skills shortages and complex supply chains present for them.
To learn more about how Paysend empowers SMEs, read the article.
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About Paysend
Paysend is a next-generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Paysend is UK-based and has global reach having been created in April 2017 with the clear mission to change how money is moved around the world. Paysend currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.
Paysend can send money to over 170 countries worldwide and has attracted more than six million consumers to its platform. As a global end-to-end payment platform, Paysend has a global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal members and certified processors.
Download the Paysend app from the App Store or Google Play. More information about Paysend’s global reach can be found on the Paysend website.
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