Do you remember life (and business) before fintech?
Before companies like PayPal, Stripe, or TransferWise, sending money across the world was a costly and time-consuming affair. Before companies like Betterment or Wealthfront, retail investors were limited to high-fee financial advisory services, which didn’t always serve their best interests. Thanks to innovative companies like this, consumers now have unprecedented choice when it comes to things like payments and investing.
As we move into the third decade of the 21st century, fintech has never been hotter. You could argue that companies like PayPal, Stripe, and Betterment are almost worthy of being called household names.
Yes, fintech has gone mainstream. Recent data shows that 64% of global consumers have adopted fintech—although the USA still lags the global average, with its adoption rate standing at 46%. But, given how things are going, it’s only a question of when, not if, nearly all consumers will begin using fintech to some degree or another.
With all this talk about how fintech innovation has benefited the consumer, there is one important element of the economy that is often left out of the conversation—the American business.
How Technology is (Positively) Disrupting the business Ecosystem
The American business continues to be the lifeblood of the economy, responsible for 44% of all economic activity and two thirds of net job creation. That’s huge.
And this business ecosystem has also been greatly impacted by fintech. Payment innovations now allow for fully remote teams, distributed worldwide. Accounting software such as QuickBooks, Xero, and AccountingSuite™ means that business owners can reduce their costs and save themselves time on top of it. No wonder accounting software is an industry now worth over US$11 billion and projected to reach over US$20 billion by 2026.
Despite these benefits, fintech adoption among businesses remains significantly behind consumer adoption—25% globally and 23% in the USA. The upside is that there is plenty of room for businesses to reap the benefits of fintech.
What are some of these benefits? To answer this question, let’s look at some of the companies chosen to join the Money 20/20 Startup Academy class of 2019—including Biller Genie.
The Money 20/20 Startup Academy Class of 2019 – Selected Participants
Every year, the prestigious Money 20/20 event hosts a forum where the who’s who of the fintech world come to share their insights, lessons, and experiences. On top of that, 100 elite startups deemed most likely to revolutionize the future of money and payments, receive guidance from their VC Advisory Board, and a chance to showcase their solution in front of the industry’s best.
Here are just a few of the problems these startups are helping businesses solve.
Dealing with the fallout from data breaches
What do Equifax, Facebook, and Marriott International have in common? Answer: they were all victims of data breaches. While we hear about the fallout from these mega data breaches, this doesn’t mean that smaller businesses are not vulnerable. Startup Academy member Breach Clarity helps demystify the impact of such breaches by detailing all the risks customers face as a result, and the mitigation steps they can take.
Handling compliance when onboarding customers
If you’re running a business in a regulated space—such as financial services—where customers must sign up for an account, there is a whole risk and compliance aspect you must grapple with when onboarding customers. Instnt and PXL Vision, both Startup Academy participants, allow businesses to outsource this function safely and efficiently.
Eliminating busywork by automating your billing
Most businesses waste countless hours through the tedious manual process of mailing invoices and sending constant reminders to get customers to submit payments. Biller Genie automates all that with its Automatic Invoice Messenger, from the invoicing to the reminders and even the post-payment thank-you notes. If your business has a late fee policy, well, Biller Genie’s Late Fee Manager can automate that for you, too.
Finally, Biller Genie removes friction and promotes self-service so your customers are more likely to pay you on time. Through its Branded Customer Portal, customers can pay you with just a few clicks through a variety of payment methods, from credit cards to ACH to ApplePay. By making it so easy for them, coupled with never-late invoicing and reminders, Biller Genie helps you get paid faster.
Learn More About Biller Genie and the Money 20/20 Startup Academy
Based in Miami, Florida, Biller Genie has quickly emerged as a leading developer of innovative features that automate the invoicing and accounts receivable processes. The new platform helps businesses work smarter and improve cash flow. Biller Genie also reduces administrative expenses by standardizing and automating invoice procedures and follow-up initiatives. It is a recent recipient of the CPA Practice Advisor Technology Innovation Award, the Electronic Payment Association’s NexTen Award, and has been accepted into the Money20/20 Startup Academy.