In today's world, financial technology (fintech) has become an indispensable tool for swift, efficient, and secure business operations, especially for companies. Entrepreneurs have started recognizing the benefits of fintech providers compared to traditional banking institutions, particularly in terms of payment systems. In this blog, we will explore why entrepreneurs often opt for fintech providers for their payment systems and what advantages this brings to their business processes.

Fintech, or financial technology, has developed in recent years and become a significant part of the business world. Entrepreneurs frequently use fintech providers for payment systems, and I'll explain why below.

Low Costs

Entrepreneurs are always mindful of operating costs. Fintech providers offer lower transaction costs and provide cost-effective solutions compared to banks and other institutions.

Speed of Execution

Fintech providers are known for their speed and efficiency. Entrepreneurs want their payment systems to operate swiftly and without delays, making fintech solutions a preferred choice to ensure such service.

Digitalization

Business operations have rapidly digitized in recent years. Fintech providers have timely adapted to this trend, offering a range of digital services. Entrepreneurs want to conduct business in ways that suit them, and fintech providers deliver on that.

Advanced Functionality

Fintech providers offer numerous advanced functionalities that are highly beneficial for entrepreneurs. For instance, tools for payment data analysis and risk management. These instruments can help entrepreneurs better understand their business and make informed decisions.

New Technology

Fintech providers are known for introducing new technologies. This is an advantage highly valued by entrepreneurs, as fintech can aid them in innovating payment processes, setting them apart from competitors.

Conclusion: There are many reasons why entrepreneurs choose fintech providers for payment systems. Low costs, speed of execution, digitalization, advanced functionality, and new technology are just a few reasons worth mentioning. Fintech providers have proven themselves as reliable and efficient solutions for payment systems.

The development of DigiAce is co-financed by the Republic of Slovenia and the European Union from the European Regional Development Fund.
The development of DigiAce is co-financed by the Republic of Slovenia and the European Union from the European Regional Development Fund, with a financial support of EUR 54,000 under the P2 2022 call.
 The aim of DigiAce is to automate the import of statements and transactions when dealing with FinTech providers. This promotes the transition to digital and more efficient business operations and encourages the recruitment of high value-added staff.
Short description of the results of the operation:
The operation has developed, refined and commercialised a web application for the conversion of business data through FinTech providers and its direct import into accounting and ERP software. In addition, we have developed and integrated the Bankconnect module, which allows a significantly simplified direct retrieval of bank statements also from traditional banks. Within the project, we have prepared the basics for building an API interface for more modern integration with other applications. In addition, the project implemented a number of other solutions, such as integration with the CRM system, integration with the payment and subscription system (Stripe) and a multilingual website - including a back-end multilingual interface (application).