Small Businesses Turn to Fintechs to Boost Revenue
Many independent, local businesses that once relied on cash and checks for financial transactions are turning to community banks and financial technology (fintech) to continue to profit during and post-pandemic.
These businesses recognize the need to explore different avenues to reach consumers – with online being the most obvious. Selling directly to customers through an e-commerce platform provides flexibility and the ability to expand a consumer base and business model beyond traditional markets.
Creating or expanding a digital presence to sell directly to customers can be extremely lucrative but can also bring payment processing challenges for businesses previously limited to cash and check transactions. E-commerce requires additional technology that these businesses could previously avoid.
Local and community banks have recognized this trend and are actively trying to expand banking relationships. Many have partnered with fintech companies, like Sync, to support these customers with best-in-class e-commerce solutions.
The agriculture industry has been a prime example of this shift. Farmers across the United States have worked with their banks and engaged fintech companies to take them into the digital age. These farmers are seeing sales explode. At the same time, the elimination of traditional payments is helping streamline processes and cut costs – increasing overall profits.
The combination of advanced financial technology and partnering with local banking institutions is resulting in significant growth for agriculture businesses. It can do the same for you.
The right fintech partner can help your sales explode to new heights.
Contact us below for more information and a member of our team will be in touch or give us a call at 314-782-3465.