IRVINE, CA / ACCESSWIRE / November 30, 2022 / Lives all around the world improve thanks to the technological discoveries. This happens at a very high speed and business is not immune to these changes. Almost everyone adopted cloud computing, artificial intelligence/machine learning (AI/ML) solutions, as well as the adoption of and data analytics tools allow all businesses to attain new levels of efficiency and productivity. "These groundbreaking technologies are smoothing the playing field for startups and small businesses, permitting them to improve cost structures, cyber security, and customer service," says Nick Kohlschreiber, founder of debt resolution platform AcuFi. "Importantly, these solutions have led to the rise of financial technology (fintech), which has democratized access to capital, thus addressing one of the key obstacles to small business growth."
The innovative products and services offered by fintech companies are considered a critical element in the pursuit of financial inclusion and greater equality on a global scale, especially after the devastating impact of the pandemic. Small businesses have been particularly disadvantaged, a massive number of them forced to discontinue operations due to their lack of funds or inadequate digitization. However, there is a growing realization that fintech offers tremendous opportunities to small enterprises, and improved access to capital is only one of them, according to Nick Kohlschreiber. Through the use of AI and data analytics, fintech companies can look beyond traditional metrics such as credit scores and tax returns to assess and approve small business loan applications. As a result, the process has become significantly faster, and far more young enterprises are breaking through the lending barrier.
"Aside from the obvious benefit of improved credit access, fintech can empower small businesses in various other ways," Nick Kohlschreiber says. "They can utilize fintech solutions to offer customers multiple payment methods, including online payment platforms, card reading services, and digital transfers. Critically for their daily operations and cash flows, small businesses can adopt fintech solutions to enable digital invoicing, which allows near-instant payment and eliminates the long waits previously associated with sending or receiving invoices and collecting dues. Last but not least, fintech has changed the game in account management - small companies rarely have a dedicated finance department, so this has traditionally been an extremely demanding aspect of running such a business. Now fintech makes it possible for entrepreneurs to easily manage payroll, track and make loan payments, monitor their business expenses, and keep track of their taxes."
Fintech is steadily changing the business landscape by virtue of providing lower-cost offerings, ease of use, faster services, improved features, and personalization. These are all advantages that small businesses cannot afford to overlook, especially in a world where transactions and customer interactions occur primarily in digital environments. According to Nick Kohlschreiber, adopting fintech solutions is critical for the success of any business in the modern world, but small enterprises stand to gain the most and should embrace fintech without delay.
An enthusiastic entrepreneur with a passion for innovation, Nick Kohlschreiber has spent his career developing solutions that support business growth and enable companies to deal with modern-day challenges. He is currently pursuing his vision as part of AcuFi, a debt resolution platform devoted to helping people gain financial freedom. Through its team of certified debt consultants, the company offers a personalized approach that maximizes outcomes for all of its clients.
Nick Kohlschreiber of AcuFi Explains the Reasons for Choosing Debt Consolidation over Bankruptcy: https://www.yahoo.com/now/nick-kohlschreiber-acufi-explains-reasons-023000546.html
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