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How to Maximise the Benefits of FinTech for British Retailers
February 23, 2024
We’re excited to share with our audience a freshly published piece on Business First Online, titled “How to Maximise FinTech Benefits for British Retailers and E-Commerce Businesses”. The landscape of British retail and e-commerce is undergoing profound changes, propelled by innovations in financial technology (FinTech). In the current era of digitisation, financial platforms are increasingly essential for enhancing consumer experiences and streamlining business processes.
Payrow points out a principal benefit of FinTech firms: their dynamic and flexible technology. They offer an array of services, including various payment options, digital wallet capabilities, and advanced systems to combat fraud. This flexibility renders them highly suitable for e-commerce entities, allowing these businesses to customise payment solutions to suit their unique requirements.
For those interested, the article can be accessed below:
Advanced FinTech platforms are not just about facilitating transactions; they offer a broad spectrum of services. These range from automating routine tasks to providing efficient, cost-effective accounting and comprehensive payment and invoicing systems. Such automation not only reduces human error but also frees up valuable time for businesses to focus on their core activities.
- Optimising Working Capital: FinTech tools are instrumental in ensuring effective cash flow management. They help businesses maintain adequate liquidity to meet short-term financial obligations. This includes efficient billing, effective receivables collection, and strategic payment settlements.
- Expense Reduction: Utilising technology to automate repetitive tasks significantly cuts labour costs. Additionally, FinTech solutions often offer more favourable rates than traditional banking institutions, especially in areas like payment processing and foreign currency exchange.
- Improving Client Experiences: By offering expedient payment methods and faster transaction processing, financial technology enhances customer satisfaction. This improvement in customer service is crucial in boosting sales, fostering loyalty, and retaining customers.
- Data-Informed Strategies: With real-time data and analytics, FinTech platforms provide invaluable insights. This data, covering customer behaviour, sales patterns, and overall financial health, is crucial for informed decision-making. Leveraging this information enables businesses to make strategic decisions that propel growth and success.
- Ensuring Regulatory Adherence: Designed to comply with current regulations, FinTech solutions mitigate risks related to penalties and legal complications.
Business First Online made a strategic shift towards becoming an entirely digital platform at the start of 2018. Business First’s core mission is to Inform and Challenge the Business Community in Northern Ireland, with the aspiration that both online and previously printed articles contribute to this objective.