How Fintech Companies are Helping SMBs Foster Growth and Resilience

The U.S. is often seen as a land of opportunity for entrepreneurs. Data shows that more than 600,000 businesses open each year.

Launching a business seems easy. But running it is getting challenging. Rising tariffs and global uncertainties are pushing up the cost of consumer goods and services. As a result, small and medium-sized businesses (SMBs) are feeling the squeeze.

Adding to that is the constant juggle of finances. Thankfully, fintech is stepping up to ease the burden. From digital payment solutions and instant loans to automated tools like check printing software for businesses, fintech companies have diverse solutions that are helping business owners reclaim time and reduce errors.

In this article, we’ll discuss how fintech companies are helping SMBs grow stronger and stay resilient.

1. Simplifying Access to Capital

It used to be hard to get a business loan. You had to fill out lots of paperwork. You would then wait for weeks to get an answer.  

But now, fintech has changed this process. Many fintech lenders let you apply online. You can get an answer in hours or minutes. These platforms often look at your venture’s health. 

They use smart algorithms and data analysis to evaluate loan applications in ways traditional banks never could. This gives more businesses a chance to get the funding they need.

One study by McKinsey found that 35% of SMEs in the U.S. used fintech companies for lending.

Invoice financing is a powerful tool here. It helps when you are waiting for a customer to pay. You can get a cash advance on an unpaid bill. This money helps cover costs like payroll or rent. You get the funds in one to two days. This is a lot faster than other loans.

2. Automating Everyday Financial Tasks

The challenge of being a jack of all trades often leaves small business owners feeling overwhelmed and perpetually short on time.

The countless hours you spend on manual, repetitive tasks such as data entry, invoice creation, and bank reconciliation are a major pain point. They divert attention and energy away from the core operations and strategic growth of your business.

Fintech offers a great solution with integrated platforms that bring multiple functions together into one easy-to-use dashboard. These tools can automatically track expenses, reconcile bank accounts, and send invoices without you lifting a finger. Payroll and tax calculations also run in the background, reducing costly errors.

Even traditional tasks, like issuing checks, are getting a fintech upgrade. Check printing software, for instance, lets you create and print professional checks directly from your office printer. It saves trips to the bank, eliminates the need for pre-printed check stock, and allows you to pay vendors quickly while keeping a digital record. To get started with these modern check solutions, explore our fintech development services and discover the tools that align with your business needs.

SmartPayables further adds that check printing services include advanced security features to comply with the Check 21 Act and protect businesses from fraud. Besides, they include watermarks, microprinting, holograms, and void pantographs.

3. Streamlining Payment Processes for Speed and Convenience

Do you know that nearly half of small business leaders say the complexity of international payments stops them from expanding their operations abroad?

Traditional systems often route money through multiple intermediary banks, leading to delays and layers of fees that are difficult to track. Foreign transaction fees can range from 1% to 3% of the total amount. Sometimes, banks even charge a markup on the exchange rate, further eroding profits for smaller firms.

Fintech platforms are democratizing global commerce by simplifying international payments and making them as easy as local transactions.

These platforms offer significantly faster transactions, with funds reaching recipients in 24 to 48 hours. That is a major improvement over the multiple days or even weeks it can take with traditional banks.

Transparency and cost-effectiveness are key advantages. Fintech providers offer competitive exchange rates and eliminate hidden fees, which allows businesses to save on international transfers and allocate funds more efficiently.

It’s because of these factors that adoption is growing. About 23% of SMEs in the UK regularly use fintechs and other non-bank providers for their cross-border payments. This is significantly more than the 13% that use them for domestic transactions.

The Path to a More Resilient Business

Fintech companies are democratizing access to financial tools and opportunities that help SMBs compete on a global scale.

As they remove traditional barriers and bureaucracy, they empower entrepreneurs to focus on what they do best. That is, growing their businesses and serving their customers.

You don’t have to choose between using a bank or a fintech provider. The best approach is to use both. You can build the strongest possible business if you combine a bank’s trustworthiness with a fintech’s speed. So, start exploring these tools and you’ll build a resilient business.