8 Fintech Companies Helping Small Businesses Work Smarter

8 Fintech Companies Helping Small Businesses Work Smarter
Amy Fontinelle
on June 22, 2017
Read in 4 min

If you’re not following emerging fintech companies, your small business could be seriously missing out! With so many new ways to save money, improve efficiency, and enhance customer relationships, there are plenty of good reasons to adopt an agile approach to running your company, regardless of your industry.

But wait, what is fintech?

Fintech is a portmanteau of the words “financial” and “technology” and, according to FintechWeekly.com, it refers to a new breed of startups utilizing the latest technology to sell financial services and money management solutions to customers – a development that has the old-school banks scrambling to compete.

To get up to speed with what’s happening in the world of financial technology, check out these 8 fintechs serving small business banking, accounting, financing, and payment processing needs right now:

8 Fintech Companies to Know in 2018

Financial Technology

Autobooks

Autobooks is a cloud-based service for small businesses that integrates banking and accounting into a single platform.

You can use Autobooks to receive payments from customers via credit card, ACH transfer, or check and to pay bills online.

By making it possible to easily and simply manage cash flow in one place, Autobooks can save you time – no question there.

And by integrating with your business’s bank accounts, you can easily monitor your finances, even without an accounting background.

It eliminates the need to pay for and manage separate services to receive payments, send payments, and manage your books, and it goes beyond what banks typically offer to provide a full suite of services for small businesses.

As its name implies, Autobooks also automates routine accounting tasks like reconciling the books, invoicing clients, and paying bills to save you time and prevent costly mistakes.

Fintechs - Domuso

Domuso

Domuso offers a superior payment service for rental property owners that uses full-stack rental payment technology.

Instead of accepting payments by check, cashier’s check, or money order, landlords can use Domuso to accept risk-free payments online via credit card, debit card, and ACH transfer at low rates.

Meanwhile, residents have the flexibility to pay online or via smartphone.

One of Domuso’s most interesting features is its installment loan service, which enables residents to pay over 6 to 12 months while landlords get paid up front.

This service can make it easier for new residents to move in and pay their security deposit, and it helps property owners get paid even when a resident experiences an unexpected financial setback.

Plus, when a resident moves out, you can refund their deposits online within days.

Overall, renters appreciate the convenience and payment flexibility, and landlords appreciate the ability to get paid faster and more reliably.

Domuso also contains additional features that help property managers track and respond to maintenance requests, provide email receipts to residents for payments, and use reporting tools to facilitate accounting.

Payment TechnologyHyperwallet

This payment platform geared toward companies that employ gig workers, freelancers, distributors, and sellers makes it easy for business owners to pay earnings, commissions, or royalties worldwide.

Payees (think ridesharing service drivers, freelance writers, and salespeople who work on commission, for example) can use Hyperwallet to decide how they want to get paid and in what currency.

Hyperwallet makes it easy to pay freelancers across the globe despite different currencies and varying payment methods.

Proprietors can pay their workers daily, weekly, or on any other schedule that keeps them happy and encourages them to do more work.

Business owners can even integrate Hyperwallet into their own platform, website, or app to create a customized user experience.

Payment Tech

Adyen

Adyen is a payment technology company offering a simple and easy-to-expand way to accept payments from customers.

You’ve probably already used its software without even knowing it: the company provides the payment infrastructure for other tech companies such as Facebook, Netflix, Spotify, Airbnb, and Uber and it’s one of the e-commerce industry’s fastest-growing firms.

According to Forbes, this is in part because it can accept 250 payment methods and 187 currencies from users worldwide.

Adyen is also moving into physical stores such as Zara, Lacoste, and Crocs with a platform that helps retailers deter fraud and offer loyalty points and discounts at checkout.

Further, Adyen allows business owners to accept recurring subscription payments and increase credit card authorization rates, and you can customize the system’s design to fit with your business’s brand, too.

Merchant Services TechnologyElavon Converge

Elavon Converge’s financial technology provides payment acceptance solutions geared toward the retail, restaurant, and service industries.

Your business can accept payments in person, over the phone, through mail order, or online with Elavon’s software.

It offers e-commerce solutions such as hosted payment pages, secure transaction processing, and fully customized API integration.

It also allows business owners to accept contactless and chip card payments through its mobile app.

You can integrate Elavon with your existing hardware and payment infrastructure, or access it online without specialized hardware or software.

Fintech Companies - Wave AppsWave

Wave consists of accounting, invoicing, payment, and payroll software for small business owners.

The invoicing platform helps you create and track professional-looking invoices, estimates, and receipts, while the payment software enables you to accept credit cards.

The accounting software makes it easy to track income and expenses through receipt scanning and bank connections, which can speed up both ongoing accounting tasks and quarterly and annual tax preparation.

Meanwhile, their payroll software makes it possible to pay your employees accurately and easily from anywhere.

Fintech CompaniesZoho

Zoho calls itself “the operating system for business” and offers a variety of apps to help business owners manage their books, provide customer service, build custom apps, have a better email experience, and close more deals through customer relationship management software.

Its CRM bundle includes apps for customer surveys, sales and marketing automation, visitor tracking, and more, while its workplace bundle contains cloud apps for word processing, collaboration, and communication.

Everything is mobile and cloud-based so Zoho can be used anywhere, anytime.

Fintech Companies - LendGenius Small Business FinancingLendGenius

Last but certainly not least, LendGenius provides an online platform for small business owners to connect with a lender with relative ease. Gone are the days when you had to go in person to the bank to start the loan application process!

There’s only one form to fill out!

With some financing options available in as little as 24 hours, it’s a fast way to access small business funding in 2018!

See Business Lenders

B2B Fintechs – The Final Word

These fintech companies offer flexible, innovative, and low-cost solutions to a variety of problems small business owners face, from accepting payments to paying a dispersed, freelance workforce, to keeping accurate accounting records without a major time investment.

The intense and global competition among these firms, many of which are startups, means that financial technology services for business owners are constantly improving and becoming less expensive.

If you sense that your existing way of doing things could be made easier, faster, or more efficient, you’re probably right.

Check out some of these companies and see if finance technology can help you improve your business processes so you’ll have more time to focus on the aspects you love.

Amy Fontinelle Finance Journalist

Amy Fontinelle is a writer, editor, and personal finance expert.

Her articles have appeared at Investopedia, Bankrate, MassMutual.com, The Simple Dollar, Interest.com, Yahoo, Forbes.com, SFGate.com, Bankaholic, Mortgage-Calc.com, Saving Advice and other sites.

Amy’s clients include personal finance websites, financial institutions, public policy organizations, academic journals, and professional economists.

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