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Payments tech to answer small business problems

Small-to-medium-sized businesses (SMB) are facing persistent problems with payments tech. They are still facing the same problems as last year.

Amir Jafari, CFO at Plastiq, says that SMBs can get rid of these challenges with automation. It will help in finding new innovative ways. Payment technology is the lifeblood of the business. Money is what businesses work for.

Half of the SMBs can go under with one missed payment. As per a recent survey, 80% of the SMB need financial support to survive another lockdown. The corona period worsened their growth. 74% out of today was once resilient.

The huge risk involved is the movement of transfer. The SMBs are asking for help from FinTechs. They tend to outsource with other companies to browse safer options.

They need a stable payment structure. It should aim for a long-term trajectory of success. Customers are opting for digital payments. But, the B2B side business is still very evident with friction.

FinTech can resolve this problem for SMBS. It will open an opportunity to move ahead of cash and checks. The Payment tech will lead them forward towards a new standard of payment.

SMBs lack the resources to adopt modern payment technology. The money is tight when it comes to investment in Payment Tech. Entrepreneurs own most of them. There are no CFOs to think of the financial part.

FinTech, through its platform, will help in mitigating risks. It will assist the firm to go from small to medium. Automation like account payable (AP) and account receivable (AR) is necessary. It will help SMBs change the face of their business.

With progress in payments tech, SMBs will steadily better manage the operation. They can opt for a platform like Plastiq. It will keep a watch out for money laundering. It will also help in reducing corruption at a later stage.

SMBs have a long way to go. It must have the knowledge of this technology. It will help them survive in the current economic condition.

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