Embedded lending is growing in popularity around the world. It promises convenient, streamlined access to financing for specific expenses from within merchant, business and other platforms. This is true for individuals and microbusinesses and small businesses (MSBs) that want to align their cash flow and expenses.
\nIn Germany, 14% of consumers and 10% of MSBs overall have recently used this type of lending. We find much greater adoption among key segments. For example, 20% of millennial consumers have recently taken advantage of embedded lending. Among smaller businesses, 18% of those generating between \u20ac1.5 million and \u20ac9.3 million in annual revenue have used it.
\nHowever, users widely experience friction. The biggest problem area is the application process. The fact may be one factor limiting the adoption of this type of lending in Germany. Lenders that address these issues will reach and retain many more customers.
\nThese are some of the key findings explored in \u201cThe Embedded Lending Opportunity: Germany Edition,\u201d a PYMNTS Intelligence report commissioned by Visa. This edition details the state of play for embedded lending in Germany for the consumer and MSB market segments. The report draws on a 360-degree study of lenders and end users, conducted between Jan. 13 and March 15.
\nThis report includes crucial information for lenders looking to become market leaders in embedded lending. Download the report to learn more about what\u2019s next in Germany.
\nThe post Consumers and Smaller Businesses Form an Untapped Embedded Lending Market in Germany appeared first on PYMNTS.com.
\n", "content_text": "Download the Data Brief\n \n The Embedded Lending Opportunity: Germany Edition\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nEmbedded lending is growing in popularity around the world. It promises convenient, streamlined access to financing for specific expenses from within merchant, business and other platforms. This is true for individuals and microbusinesses and small businesses (MSBs) that want to align their cash flow and expenses.\nIn Germany, 14% of consumers and 10% of MSBs overall have recently used this type of lending. We find much greater adoption among key segments. For example, 20% of millennial consumers have recently taken advantage of embedded lending. Among smaller businesses, 18% of those generating between \u20ac1.5 million and \u20ac9.3 million in annual revenue have used it.\nHowever, users widely experience friction. The biggest problem area is the application process. The fact may be one factor limiting the adoption of this type of lending in Germany. Lenders that address these issues will reach and retain many more customers.\nThese are some of the key findings explored in \u201cThe Embedded Lending Opportunity: Germany Edition,\u201d a PYMNTS Intelligence report commissioned by Visa. This edition details the state of play for embedded lending in Germany for the consumer and MSB market segments. The report draws on a 360-degree study of lenders and end users, conducted between Jan. 13 and March 15.\nInside \u201cThe Embedded Lending Opportunity: Germany Edition\u201d:\n\nWhat embedded lending is and how it differs from traditional products\nHow the market in Germany compares to those in other major economies\nWhich consumers and businesses are more likely to use this type of lending\nThe critical role of cash flow stability in predicting demand\nThe pain points consumers and MSBs experience when using this type of lending\nThe obstacles that lenders in Germany face in rolling out products\n\nThis report includes crucial information for lenders looking to become market leaders in embedded lending. Download the report to learn more about what\u2019s next in Germany.\nThe post Consumers and Smaller Businesses Form an Untapped Embedded Lending Market in Germany appeared first on PYMNTS.com.", "date_published": "2024-09-26T04:03:41-04:00", "date_modified": "2024-09-25T21:47:41-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/embedded-lending-germany-edition.jpg", "tags": [ "business growth", "cash flow", "consumer lending", "embedded finance", "embedded lending", "Featured News", "Germany", "Microbusinesses", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "small businesses", "SMBs", "Visa" ] }, { "id": "https://www.pymnts.com/?p=2106072", "url": "https://www.pymnts.com/smbs/2024/iwallet-enables-small-businesses-use-zelle-invoicing/", "title": "IWallet Enables Small Businesses to Use Zelle for Invoicing", "content_html": "FinTech startup iWallet now enables small- to medium-sized businesses (SMBs) to use Zelle for invoicing.
\nWhile Zelle is often considered a tool for peer-to-peer transactions, iWallet developed a notification system that uses Zelle to provide an efficient way for SMBs to send and track invoices, according to a Wednesday (Sept. 25) press release.
\nThe combination of iWallet and Zelle for invoicing eliminates processing fees when Zelle is used, enables easy reconciliation and tracking, and provides real-time notifications on payment status, according to the release.
\n\u201cAdding the ability for [SMBs] to receive invoice payments via Zelle democratizes payments,\u201d iWallet founder and CEO Jim Kolchin said in the release. \u201cThe Zelle integration builds upon our commitment to innovation and expanding the accessibility of digital payments.\u201d
\nIWallet\u2019s field service point of sale app is designed to accept payments in the field, according to the company\u2019s website. The app\u2019s users include home service businesses like appliance repair, lawn care and cleaning services.
\nThe integration of Zelle is the latest in a series of capabilities added to the iWallet payment app. In earlier enhancements, the firm integrated PayPal and Venmo and enabled real-time mobile check deposits powered by the FedNow\u00ae Service.
\nFifty-one percent of Americans regularly use peer-to-peer apps like Zelle and Venmo for quick and easy money transfers, according to the PYMNTS Intelligence report \u201cP2P Payment Potential: Promoting Convenience While Protecting Consumers.\u201d
\nThe appeal of these apps includes convenience, speed and the added security of dealing with a trusted financial partner, the report found.
\nDuring the first quarter, consumers\u2019 and businesses\u2019 use of Zelle increased about 30% year over year, Early Warning, the company behind Zelle, said in April.
\nThe number of transactions completed using the service rose 29% to 639 million, and the amount of money sent grew 31% to $180 billion. In addition, the number of financial institutions on the Zelle network topped 1,900 in the first quarter.
\n\u201cIt\u2019s clear that our user base for Zelle is growing and ever-more engaged, and we are committed to continuing to bring trust to the financial moments that matter to them through strong fraud prevention and robust regulatory oversight and compliance,\u201d Albert Ko, who was CEO of Early Warning at the time, said when announcing the figures.
\nThe post IWallet Enables Small Businesses to Use Zelle for Invoicing appeared first on PYMNTS.com.
\n", "content_text": "FinTech startup iWallet now enables small- to medium-sized businesses (SMBs) to use Zelle for invoicing.\nWhile Zelle is often considered a tool for peer-to-peer transactions, iWallet developed a notification system that uses Zelle to provide an efficient way for SMBs to send and track invoices, according to a Wednesday (Sept. 25) press release.\nThe combination of iWallet and Zelle for invoicing eliminates processing fees when Zelle is used, enables easy reconciliation and tracking, and provides real-time notifications on payment status, according to the release.\n\u201cAdding the ability for [SMBs] to receive invoice payments via Zelle democratizes payments,\u201d iWallet founder and CEO Jim Kolchin said in the release. \u201cThe Zelle integration builds upon our commitment to innovation and expanding the accessibility of digital payments.\u201d\nIWallet\u2019s field service point of sale app is designed to accept payments in the field, according to the company\u2019s website. The app\u2019s users include home service businesses like appliance repair, lawn care and cleaning services.\nThe integration of Zelle is the latest in a series of capabilities added to the iWallet payment app. In earlier enhancements, the firm integrated PayPal and Venmo and enabled real-time mobile check deposits powered by the FedNow\u00ae Service.\nFifty-one percent of Americans regularly use peer-to-peer apps like Zelle and Venmo for quick and easy money transfers, according to the PYMNTS Intelligence report \u201cP2P Payment Potential: Promoting Convenience While Protecting Consumers.\u201d\nThe appeal of these apps includes convenience, speed and the added security of dealing with a trusted financial partner, the report found.\nDuring the first quarter, consumers\u2019 and businesses\u2019 use of Zelle increased about 30% year over year, Early Warning, the company behind Zelle, said in April.\nThe number of transactions completed using the service rose 29% to 639 million, and the amount of money sent grew 31% to $180 billion. In addition, the number of financial institutions on the Zelle network topped 1,900 in the first quarter.\n\u201cIt\u2019s clear that our user base for Zelle is growing and ever-more engaged, and we are committed to continuing to bring trust to the financial moments that matter to them through strong fraud prevention and robust regulatory oversight and compliance,\u201d Albert Ko, who was CEO of Early Warning at the time, said when announcing the figures.\nThe post IWallet Enables Small Businesses to Use Zelle for Invoicing appeared first on PYMNTS.com.", "date_published": "2024-09-25T18:01:21-04:00", "date_modified": "2024-09-25T18:01:21-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/03/Zelle.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Digital Payments", "FinTech", "invoice payments", "iwallet", "News", "PYMNTS News", "SMBs", "startups", "What's Hot", "What's Hot In B2B", "Zelle" ] }, { "id": "https://www.pymnts.com/?p=2105882", "url": "https://www.pymnts.com/smbs/2024/bill-debuts-international-and-instant-payments-for-small-businesses/", "title": "BILL Debuts Cross-Border Instant Payments for Small Businesses", "content_html": "BILL has introduced new payment offerings for small businesses and accountants.
\nThe new capabilities, announced by the financial platform Wednesday (Sept. 25), include Local Transfer \u2013 an international payment option for small- to medium-sized businesses (SMBs) \u2014 along with upgrades to BILL\u2019s instant payment and invoice financing payment offerings.
\n\u201cSMBs are increasingly facing more complexity as they make payments to vendors, partners, and customers both locally and around the world,\u201d Mary Kay Bowman, general manager for payments and financial services at BILL, said in a news release.
\n\u201cThis is why BILL continues to enhance our payment experiences to give SMBs more flexibility to make the payment choices businesses need and to manage and optimize their cash flow,\u201d she added. \u201cBILL\u2019s sophisticated payment infrastructure gives SMBs the ability to meet unique customer and supplier payment needs, while accelerating payment speed and reducing risk.\u201d
\nWith Local Transfer, businesses can make faster same-day international payments to vendors in their local currency without having to work with intermediary banks and take on the associated fees, the release added. Transactions are delivered directly to local banks abroad, letting businesses pay overseas vendors \u2018like a local\u2019 from anyplace in the world.
\nMeanwhile, BILL\u2019s enhanced payments experience now lets businesses send payments to their vendors in the U.S. within minutes with the new BILL Accounts Payable Instant Payment option. Businesses can also get easier access to capital via the company\u2019s Accounts Receivable Invoice Financing offering.
\nPYMNTS Intelligence has been monitoring some of the challenges facing SMBs recently, with research showing that these businesses often find themselves locked in an endless battle to manage cash flow, forcing them to focus on survival rather than growth.
\n\u201cMany SMBs use outdated cash management practices, which leads to mounting pressures from delayed payments and inefficient processes,\u201d PYMNTS wrote recently. \u201cFor many SMBs, limited cash reserves force a focus on immediate survival rather than long-term growth. Seventy percent of these businesses hold less than four months\u2019 worth of cash reserves, leaving them vulnerable to operational disruptions.\u201d
\nAnd with the vast majority of revenue eaten up by operational costs, SMB owners are often left juggling a fragile cash flow that threatens their stability.
\nAdditional research shows that many SMBs are turning to FinTech solutions to overcome manual processing constraints.
\n\u201cDespite a forecasted 50% surge in payment volumes and a 46% rise in invoicing over the next three years, many SMBs remain saddled with outdated systems,\u201d PYMNTS wrote.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post BILL Debuts Cross-Border Instant Payments for Small Businesses appeared first on PYMNTS.com.
\n", "content_text": "BILL has introduced new payment offerings for small businesses and accountants.\nThe new capabilities, announced by the financial platform Wednesday (Sept. 25), include Local Transfer \u2013 an international payment option for small- to medium-sized businesses (SMBs) \u2014 along with upgrades to BILL\u2019s instant payment and invoice financing payment offerings.\n\u201cSMBs are increasingly facing more complexity as they make payments to vendors, partners, and customers both locally and around the world,\u201d Mary Kay Bowman, general manager for payments and financial services at BILL, said in a news release.\n\u201cThis is why BILL continues to enhance our payment experiences to give SMBs more flexibility to make the payment choices businesses need and to manage and optimize their cash flow,\u201d she added. \u201cBILL\u2019s sophisticated payment infrastructure gives SMBs the ability to meet unique customer and supplier payment needs, while accelerating payment speed and reducing risk.\u201d\nWith Local Transfer, businesses can make faster same-day international payments to vendors in their local currency without having to work with intermediary banks and take on the associated fees, the release added. Transactions are delivered directly to local banks abroad, letting businesses pay overseas vendors \u2018like a local\u2019 from anyplace in the world.\nMeanwhile, BILL\u2019s enhanced payments experience now lets businesses send payments to their vendors in the U.S. within minutes with the new BILL Accounts Payable Instant Payment option. Businesses can also get easier access to capital via the company\u2019s Accounts Receivable Invoice Financing offering.\nPYMNTS Intelligence has been monitoring some of the challenges facing SMBs recently, with research showing that these businesses often find themselves locked in an endless battle to manage cash flow, forcing them to focus on survival rather than growth.\n\u201cMany SMBs use outdated cash management practices, which leads to mounting pressures from delayed payments and inefficient processes,\u201d PYMNTS wrote recently. \u201cFor many SMBs, limited cash reserves force a focus on immediate survival rather than long-term growth. Seventy percent of these businesses hold less than four months\u2019 worth of cash reserves, leaving them vulnerable to operational disruptions.\u201d\nAnd with the vast majority of revenue eaten up by operational costs, SMB owners are often left juggling a fragile cash flow that threatens their stability.\nAdditional research shows that many SMBs are turning to FinTech solutions to overcome manual processing constraints.\n\u201cDespite a forecasted 50% surge in payment volumes and a 46% rise in invoicing over the next three years, many SMBs remain saddled with outdated systems,\u201d PYMNTS wrote.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post BILL Debuts Cross-Border Instant Payments for Small Businesses appeared first on PYMNTS.com.", "date_published": "2024-09-25T14:52:20-04:00", "date_modified": "2024-09-25T22:16:26-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/BILL-SMBs-b2b-payments-global-payments.jpg", "tags": [ "B2B", "B2B Payments", "bill", "bill pay", "commercial payments", "faster payments", "Global Payments", "instant payments", "International Payments", "News", "PYMNTS News", "real time payments", "small businesses", "SMBs", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2104925", "url": "https://www.pymnts.com/smbs/2024/amount-introduces-small-business-lending-suite/", "title": "Amount Introduces Small Business Lending Suite", "content_html": "Digital origination/decisioning company Amount has debuted a small-business-focused lending suite for banks and credit unions.
\nThe new SMB (small- to medium-sized business) Suite, announced Tuesday (Sept. 24), is designed to support secured and unsecured lending, while streamlining deposit account origination, among other benefits.
\n\u201cThe financial services industry has long struggled with a range of issues in the SMB lending space,\u201d Amount said in a news release. \u201cAccurately assessing the credit risk of small businesses, adhering to complex regulatory requirements, and overcoming slow loan approval processes are just a few of the hurdles institutions face. Additionally, high operating costs and competitive pressure from fintech companies have intensified the need for more efficient and effective solutions.\u201d
\nThe release pointed to a survey conducted last year by the Federal Reserve that showed that 80% of small businesses expect their banks to deliver streamlined digital services and faster loan processing to stay competitive and efficient.
\n\u201cWe developed these enhanced capabilities to help financial institutions sharpen their competitive edge in attracting and retaining small business customers,\u201d said Adam Hughes, CEO of Amount.
\n\u201cIn today\u2019s market, where small business owners prioritize exceptional service and comprehensive solutions, our platform enables banks and credit unions to deliver a seamless, integrated experience for both credit and deposit origination \u2014 driving customer satisfaction and operational efficiency,\u201d Hughes added.
\nPYMNTS spoke last week with Andrea Moe, vice president of customer success at Amount, about the need for lenders to embrace digital processes.
\n\u201cDigital basically upends manual, paper-heavy and operationally cost-intensive processes,\u201d Moe said during a conversation for the PYMNTS series \u201cWhat\u2019s Next in Payments: How Do You Do Digital?\u201d adding that these processes have traditionally defined legacy banking systems.
\nShe stressed that adopting digital tools within the financial services space not only improves operations and customer engagement, but also leads to greater profitability.
\nThis shift is especially crucial as customers have increasingly come to favor speed, convenience and automation, the report added.
\n\u201cPart of our role is helping our clients with their own customers by looking at the overall effectiveness of their funnel, of their policies, of the ways that they\u2019re mitigating fraud,\u201d Moe said.\u00a0\u201cAnd each of our customers comes to us with some nuance as it relates to their own unique priorities and what\u2019s important. Together, we help them in striking a balance between risks and outcomes.\u201d
\nThe post Amount Introduces Small Business Lending Suite appeared first on PYMNTS.com.
\n", "content_text": "Digital origination/decisioning company Amount has debuted a small-business-focused lending suite for banks and credit unions.\nThe new SMB (small- to medium-sized business) Suite, announced Tuesday (Sept. 24), is designed to support secured and unsecured lending, while streamlining deposit account origination, among other benefits.\n\u201cThe financial services industry has long struggled with a range of issues in the SMB lending space,\u201d Amount said in a news release. \u201cAccurately assessing the credit risk of small businesses, adhering to complex regulatory requirements, and overcoming slow loan approval processes are just a few of the hurdles institutions face. Additionally, high operating costs and competitive pressure from fintech companies have intensified the need for more efficient and effective solutions.\u201d\nThe release pointed to a survey conducted last year by the Federal Reserve that showed that 80% of small businesses expect their banks to deliver streamlined digital services and faster loan processing to stay competitive and efficient.\n\u201cWe developed these enhanced capabilities to help financial institutions sharpen their competitive edge in attracting and retaining small business customers,\u201d said Adam Hughes, CEO of Amount.\n\u201cIn today\u2019s market, where small business owners prioritize exceptional service and comprehensive solutions, our platform enables banks and credit unions to deliver a seamless, integrated experience for both credit and deposit origination \u2014 driving customer satisfaction and operational efficiency,\u201d Hughes added.\nPYMNTS spoke last week with Andrea Moe, vice president of customer success at Amount, about the need for lenders to embrace digital processes.\n\u201cDigital basically upends manual, paper-heavy and operationally cost-intensive processes,\u201d Moe said during a conversation for the PYMNTS series \u201cWhat\u2019s Next in Payments: How Do You Do Digital?\u201d adding that these processes have traditionally defined legacy banking systems.\nShe stressed that adopting digital tools within the financial services space not only improves operations and customer engagement, but also leads to greater profitability.\nThis shift is especially crucial as customers have increasingly come to favor speed, convenience and automation, the report added.\n\u201cPart of our role is helping our clients with their own customers by looking at the overall effectiveness of their funnel, of their policies, of the ways that they\u2019re mitigating fraud,\u201d Moe said.\u00a0\u201cAnd each of our customers comes to us with some nuance as it relates to their own unique priorities and what\u2019s important. Together, we help them in striking a balance between risks and outcomes.\u201d\nThe post Amount Introduces Small Business Lending Suite appeared first on PYMNTS.com.", "date_published": "2024-09-24T13:01:42-04:00", "date_modified": "2024-09-24T22:38:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Amount-SMB-loans.jpg", "tags": [ "Amount", "B2B", "B2B Payments", "commercial payments", "decisioning", "digital origination", "Lending", "loans", "News", "PYMNTS News", "small businesses", "SMBs", "spend management", "What's Hot", "What's Hot In B2B", "working capital" ] }, { "id": "https://www.pymnts.com/?p=2103321", "url": "https://www.pymnts.com/smbs/2024/update-uk-adoption-of-embedded-lending-falls-short-of-potential/", "title": "Update: UK Adoption of Embedded Lending Falls Short of Potential", "content_html": "Embedded lending promises convenient, streamlined access to financing within merchant and business platforms. This proves especially impactful for individuals and microbusinesses and small businesses (MSBs) wanting to align their cash flow and expenses.
\nDespite most lenders in the U.K. offering this type of lending, use in the U.K. lags other markets. PYMNTS Intelligence finds that just 12% of U.K. consumers and 14% of U.K. MSBs have recently used it. There are bright spots, however, with greater adoption among key segments. For example, 21% of Generation Z consumers have recently taken advantage of this type of lending, as have 20% of small businesses generating between \u00a31.4 million and \u00a38 million in annual revenue.
\nEmbedded lending users widely experience frictions that detracts from their experience. The biggest problem area is the application process. We find 48% of consumers and 60% of MSBs that recently used this type of lending report application issues. Lenders that address these issues could reach and retain more customers.
\n\u201cThe Embedded Lending Opportunity: U.K. Edition,\u201d a PYMNTS Intelligence and Visa collaboration, explores the state of play for embedded lending in The U.K. for the consumer and MSB market segments. The report draws on a 360-degree study of lenders and end users, conducted between Jan. 13 and March 15, 2024.
\nThis report includes crucial information for lenders looking to become market leaders in embedded lending. Download the report to learn more about what\u2019s next in the U.K.
\nThe post Update: UK Adoption of Embedded Lending Falls Short of Potential appeared first on PYMNTS.com.
\n", "content_text": "Download the Data Brief\n \n The Embedded Lending Opportunity: United Kingdom Edition\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nEmbedded lending promises convenient, streamlined access to financing within merchant and business platforms. This proves especially impactful for individuals and microbusinesses and small businesses (MSBs) wanting to align their cash flow and expenses.\nDespite most lenders in the U.K. offering this type of lending, use in the U.K. lags other markets. PYMNTS Intelligence finds that just 12% of U.K. consumers and 14% of U.K. MSBs have recently used it. There are bright spots, however, with greater adoption among key segments. For example, 21% of Generation Z consumers have recently taken advantage of this type of lending, as have 20% of small businesses generating between \u00a31.4 million and \u00a38 million in annual revenue.\nEmbedded lending users widely experience frictions that detracts from their experience. The biggest problem area is the application process. We find 48% of consumers and 60% of MSBs that recently used this type of lending report application issues. Lenders that address these issues could reach and retain more customers.\n\u201cThe Embedded Lending Opportunity: U.K. Edition,\u201d a PYMNTS Intelligence and Visa collaboration, explores the state of play for embedded lending in The U.K. for the consumer and MSB market segments. The report draws on a 360-degree study of lenders and end users, conducted between Jan. 13 and March 15, 2024.\nInside \u201cThe Embedded Lending Opportunity: U.K. Edition\u201d:\n\nWhat embedded lending is and how it differs from traditional products\nHow the market in the U.K. compares to those in other major economies\nWhich consumers and businesses are more likely to use this type of lending\nThe critical role of cash flow stability in predicting the demand\nThe pain points consumers and MSBs experience when using this type of lending\nThe obstacles U.K. lenders face in rolling out these products\nWhich consumers and businesses are more likely to switch to providers offering this type of lending\n\nThis report includes crucial information for lenders looking to become market leaders in embedded lending. Download the report to learn more about what\u2019s next in the U.K.\nThe post Update: UK Adoption of Embedded Lending Falls Short of Potential appeared first on PYMNTS.com.", "date_published": "2024-09-23T04:00:57-04:00", "date_modified": "2024-09-22T22:12:45-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/embedded-lending-united-kingdom.jpg", "tags": [ "business growth", "cash flow", "consumer lending", "embedded finance", "embedded lending", "Main Feature", "Microbusinesses", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "small businesses", "SMBs", "United Kingdom", "Visa" ] }, { "id": "https://www.pymnts.com/?p=2103232", "url": "https://www.pymnts.com/smbs/2024/big-techs-ai-tools-are-helping-democratize-growth-for-small-businesses/", "title": "Big Tech\u2019s AI Tools Are Helping Democratize Growth for Small Businesses", "content_html": "Small- to medium-sized businesses (SMBs) face a unique set of challenges.
\nThese challenges, as sprawling as they are complex, are commonly ill-suited to be met by one-size-fits-all tools and generic solutions. Rather, they require dynamic and agile innovations \u2014 innovations like artificial intelligence (AI).
\nAnd with the news Thursday (Sept. 19) that Amazon has introduced a new generative AI (GenAI) initiative aimed at helping sellers streamline business operations and scale their businesses, tapping AI to enhance operational efficiency, improve customer experiences and drive growth is becoming key for SMBs.
\nThat Amazon news is just one of many data points, from this month alone, when it comes to the opportunities AI holds for SMBs.\u00a0
\nElsewhere, Gusto announced Sept. 11 that it will soon add an AI-powered assistant called\u00a0Gus to the human resources (HR), payroll, benefits and compliance platform and products it offers for small business owners; while Google on Sept. 12 introduced a pair of initiatives to help small businesses integrate AI into their operations.
\nAlthough AI is often associated with large enterprises, its impact on SMBs is becoming more profound, enabling these businesses to scale and compete in ways previously unimaginable.
\nRead more: Small Business Transformations Put the AI in Main Street\u00a0
\nFor many SMBs, operational inefficiencies are a constant struggle. Manual processes, resource constraints and disorganized systems often result in lost time and revenue. AI, however, is changing that narrative. Through automation and intelligent data analysis, AI can significantly reduce the administrative burden, allowing small business owners to focus on strategy and growth.\u00a0
\n\u201cAI can help integrate data from across spreadsheets, PDFs and business units, unlocking insights that can improve operations and progress toward business goals,\u201d\u00a0IBM\u2019s Head of Sustainability Software\u00a0Christina Shim told PYMNTS in an interview.\u00a0
\nRecent research by PYMNTS Intelligence shows that\u00a096% of SMBs that have used AI tools \u2014 though not necessarily GenAI \u2014 view it as an effective way to streamline tasks.
\nOne of the most impactful areas of AI adoption is automated administrative tasks. For example, AI-powered tools like chatbots, virtual assistants and automated scheduling software can manage customer inquiries, appointment bookings and routine communications, freeing up valuable human resources for more strategic tasks.
\nSeparately, AI tools that leverage natural language processing (NLP) can assist in drafting emails, documents and reports, reducing the need for manual input and allowing businesses to operate more efficiently.
\nAndre Machicao, senior vice president at\u00a0Visa Acceptance Solutions, and\u00a0Josh Scheer, president and owner of\u00a0White Lotus Travel Design, told PYMNTS over the summer that SMBs can use AI to create marketing plans and product descriptions in minutes without a big marketing team to do it. The tech can also help streamline back-end operations so that scheduling, reminding a customer of upcoming payment deadlines and keeping on top of trends and news become automatic.
\nRead more:\u00a0SMBs Race to Critical Mass on AI Usage
\nWhile AI tools are still\u00a0fairly new, their future possibilities and applications are nearly endless \u2014 with most firms only\u00a0scratching the surface of AI\u2019s potential impact across their operations.
\nFindings revealed in \u201cInnovators and Cost Cutters: Growth Strategies for SMBs,\u201d a PYMNTS Intelligence report, show that while 37% of SMBs on average use AI, 51% of those with increasing revenues use it. Businesses with increasing revenues, and those generating more than $1 million in revenue, are twice as likely to use AI as ones with decreasing or stable revenues.
\nStill, many SMBs remain hesitant to embrace AI, often due to concerns over cost, complexity and implementation.
\nAgainst this backdrop, platforms that offer AI-as-a-Service are also gaining traction, allowing SMBs to access advanced AI capabilities \u2014 such as machine learning algorithms, predictive analytics and automation \u2014 on a subscription basis. This democratization of AI technology enables small businesses to compete on a level playing field with larger enterprises that have more extensive resources.
\nUltimately, by leveraging AI to streamline operations, enhance customer experiences and drive growth, small businesses can position themselves as competitive players in their respective markets. And as the adoption of AI becomes more widespread, it is becoming more and more clear that the technology will be a game-changer for SMBs, empowering them to not only survive but also excel in an increasingly complex business environment.
\nThe post Big Tech\u2019s AI Tools Are Helping Democratize Growth for Small Businesses appeared first on PYMNTS.com.
\n", "content_text": "Small- to medium-sized businesses (SMBs) face a unique set of challenges.\nThese challenges, as sprawling as they are complex, are commonly ill-suited to be met by one-size-fits-all tools and generic solutions. Rather, they require dynamic and agile innovations \u2014 innovations like artificial intelligence (AI). \nAnd with the news Thursday (Sept. 19) that Amazon has introduced a new generative AI (GenAI) initiative aimed at helping sellers streamline business operations and scale their businesses, tapping AI to enhance operational efficiency, improve customer experiences and drive growth is becoming key for SMBs. \nThat Amazon news is just one of many data points, from this month alone, when it comes to the opportunities AI holds for SMBs.\u00a0 \nElsewhere, Gusto announced Sept. 11 that it will soon add an AI-powered assistant called\u00a0Gus to the human resources (HR), payroll, benefits and compliance platform and products it offers for small business owners; while Google on Sept. 12 introduced a pair of initiatives to help small businesses integrate AI into their operations. \nAlthough AI is often associated with large enterprises, its impact on SMBs is becoming more profound, enabling these businesses to scale and compete in ways previously unimaginable. \nRead more: Small Business Transformations Put the AI in Main Street\u00a0\nAI\u2019s Role in Streamlining SMB Operations\nFor many SMBs, operational inefficiencies are a constant struggle. Manual processes, resource constraints and disorganized systems often result in lost time and revenue. AI, however, is changing that narrative. Through automation and intelligent data analysis, AI can significantly reduce the administrative burden, allowing small business owners to focus on strategy and growth.\u00a0\n\u201cAI can help integrate data from across spreadsheets, PDFs and business units, unlocking insights that can improve operations and progress toward business goals,\u201d\u00a0IBM\u2019s Head of Sustainability Software\u00a0Christina Shim told PYMNTS in an interview.\u00a0\nRecent research by PYMNTS Intelligence shows that\u00a096% of SMBs that have used AI tools \u2014 though not necessarily GenAI \u2014 view it as an effective way to streamline tasks.\nOne of the most impactful areas of AI adoption is automated administrative tasks. For example, AI-powered tools like chatbots, virtual assistants and automated scheduling software can manage customer inquiries, appointment bookings and routine communications, freeing up valuable human resources for more strategic tasks. \nSeparately, AI tools that leverage natural language processing (NLP) can assist in drafting emails, documents and reports, reducing the need for manual input and allowing businesses to operate more efficiently.\nAndre Machicao, senior vice president at\u00a0Visa Acceptance Solutions, and\u00a0Josh Scheer, president and owner of\u00a0White Lotus Travel Design, told PYMNTS over the summer that SMBs can use AI to create marketing plans and product descriptions in minutes without a big marketing team to do it. The tech can also help streamline back-end operations so that scheduling, reminding a customer of upcoming payment deadlines and keeping on top of trends and news become automatic.\nRead more:\u00a0SMBs Race to Critical Mass on AI Usage\nThe Future of AI for Main Street SMBs\nWhile AI tools are still\u00a0fairly new, their future possibilities and applications are nearly endless \u2014 with most firms only\u00a0scratching the surface of AI\u2019s potential impact across their operations. \nFindings revealed in \u201cInnovators and Cost Cutters: Growth Strategies for SMBs,\u201d a PYMNTS Intelligence report, show that while 37% of SMBs on average use AI, 51% of those with increasing revenues use it. Businesses with increasing revenues, and those generating more than $1 million in revenue, are twice as likely to use AI as ones with decreasing or stable revenues.\nStill, many SMBs remain hesitant to embrace AI, often due to concerns over cost, complexity and implementation. \nAgainst this backdrop, platforms that offer AI-as-a-Service are also gaining traction, allowing SMBs to access advanced AI capabilities \u2014 such as machine learning algorithms, predictive analytics and automation \u2014 on a subscription basis. This democratization of AI technology enables small businesses to compete on a level playing field with larger enterprises that have more extensive resources.\nUltimately, by leveraging AI to streamline operations, enhance customer experiences and drive growth, small businesses can position themselves as competitive players in their respective markets. And as the adoption of AI becomes more widespread, it is becoming more and more clear that the technology will be a game-changer for SMBs, empowering them to not only survive but also excel in an increasingly complex business environment.\nThe post Big Tech\u2019s AI Tools Are Helping Democratize Growth for Small Businesses appeared first on PYMNTS.com.", "date_published": "2024-09-20T14:53:06-04:00", "date_modified": "2024-09-20T14:53:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/SMB-AI-artificial-intelligence.jpg", "tags": [ "AI", "artificial intelligence", "B2B", "Connected Economy", "digital transformation", "GenAI", "generative AI", "Innovation", "Main Street", "News", "PYMNTS News", "small businesses", "SMBs", "Technology" ] }, { "id": "https://www.pymnts.com/?p=2103179", "url": "https://www.pymnts.com/smbs/2024/small-businesses-will-benefit-from-restrictions-late-payments-united-kingdom-government-says/", "title": "Small Businesses Will Benefit From Restrictions on Late Payments, UK Government Says", "content_html": "The U.K. government aims to crack down on late payments, saying it will propose new laws and step up the enforcement of existing ones to speed up large firms\u2019 payments to small businesses and the self-employed.
\nLate payments cost small businesses 22,000 pounds (about $29,000) a year on average, resulting in 56 million hours of lost productivity across the economy, according to a Thursday (Sept. 19) press release. They also cause 50,000 business closures each year.
\n\u201cWe know how important it is for business owners to have the peace of mind and certainty around their cash flow to keep their businesses alive,\u201d Prime Minister Keir Starmer said in the release. \u201cLate payments cost businesses tens of thousands of pounds and is one of the biggest reasons businesses collapse.\u201d
\nTo tackle this problem, the government will propose new legislation in the coming weeks requiring all large companies to include payment reporting in their annual reports, according to the release.
\nThe requirement will make clear how these firms treat small businesses and will enable company boards and international investors to see how they are operating, the release said.
\nThe government will also step up enforcement of existing late payment performance reporting regulations, per the release. Current laws require large companies to report their payment performance twice a year and impose criminal prosecutions on the responsible directors at companies that fail to do so.
\nThe government will also propose other measures addressing poor payment practices in the coming months, according to the release.
\n\u201cLate payments are simply unacceptable, and this government is determined to level the playing field for small business,\u201d Business Secretary Jonathan Reynolds said in the release. \u201cWhen the cash flow runs dry, small firms go under, which is why we need to hold larger [businesses] to account with their payment practices and foster an environment that supports growth and jobs.\u201d
\nPaul Stoddart, president of bank payment company GoCardless, welcomed the news that the government plans to tackle late payments.
\n\u201cStamping down on late payments through the measures laid out by the government will lead to economic growth,\u201d Stoddart said in a statement emailed to PYMNTS. \u201cThis will encourage an environment that allows small businesses to thrive, invest in new employees, boost wages and do business overseas, rather than spending time and resources chasing down late payments.\u201d
\nThe European Commission has also been looking to clamp down on late payments, saying these efforts will benefit small- to medium-sized businesses (SMBs), PYMNTS reported in January 2023.
\nThe post Small Businesses Will Benefit From Restrictions on Late Payments, UK Government Says appeared first on PYMNTS.com.
\n", "content_text": "The U.K. government aims to crack down on late payments, saying it will propose new laws and step up the enforcement of existing ones to speed up large firms\u2019 payments to small businesses and the self-employed.\nLate payments cost small businesses 22,000 pounds (about $29,000) a year on average, resulting in 56 million hours of lost productivity across the economy, according to a Thursday (Sept. 19) press release. They also cause 50,000 business closures each year.\n\u201cWe know how important it is for business owners to have the peace of mind and certainty around their cash flow to keep their businesses alive,\u201d Prime Minister Keir Starmer said in the release. \u201cLate payments cost businesses tens of thousands of pounds and is one of the biggest reasons businesses collapse.\u201d\nTo tackle this problem, the government will propose new legislation in the coming weeks requiring all large companies to include payment reporting in their annual reports, according to the release.\nThe requirement will make clear how these firms treat small businesses and will enable company boards and international investors to see how they are operating, the release said.\nThe government will also step up enforcement of existing late payment performance reporting regulations, per the release. Current laws require large companies to report their payment performance twice a year and impose criminal prosecutions on the responsible directors at companies that fail to do so.\nThe government will also propose other measures addressing poor payment practices in the coming months, according to the release.\n\u201cLate payments are simply unacceptable, and this government is determined to level the playing field for small business,\u201d Business Secretary Jonathan Reynolds said in the release. \u201cWhen the cash flow runs dry, small firms go under, which is why we need to hold larger [businesses] to account with their payment practices and foster an environment that supports growth and jobs.\u201d\nPaul Stoddart, president of bank payment company GoCardless, welcomed the news that the government plans to tackle late payments.\n\u201cStamping down on late payments through the measures laid out by the government will lead to economic growth,\u201d Stoddart said in a statement emailed to PYMNTS. \u201cThis will encourage an environment that allows small businesses to thrive, invest in new employees, boost wages and do business overseas, rather than spending time and resources chasing down late payments.\u201d\nThe European Commission has also been looking to clamp down on late payments, saying these efforts will benefit small- to medium-sized businesses (SMBs), PYMNTS reported in January 2023.\nThe post Small Businesses Will Benefit From Restrictions on Late Payments, UK Government Says appeared first on PYMNTS.com.", "date_published": "2024-09-20T12:45:29-04:00", "date_modified": "2024-09-22T20:26:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/SMBs-late-payments-UK.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Government", "international", "late payments", "Legislation", "News", "PYMNTS News", "regulations", "SMBs", "uk", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2102397", "url": "https://www.pymnts.com/smbs/2024/cardless-enters-small-business-space-with-alibaba-credit-card-partnership/", "title": "Cardless Enters Small Business Space With Alibaba Credit Card Partnership", "content_html": "Co-branded credit card FinTech Cardless is entering the small business space.
\nThe move is designed to offer small- to medium-sized businesses (SMBs) financial products and rewards designed to improve their financial stability, the San Francisco-based company announced Thursday (Sept. 19).
\n\u201cEntering the SMB space allows us to tap into a growing market and address the specific needs that traditional financial services often overlook,\u201d Michael Spelfogel, Cardless president and co-founder, said in a news release. \u201cOur experience across the airline sector has shown us how to tailor solutions effectively, and we\u2019re now applying that expertise to help small and medium-sized businesses overcome their unique challenges.\u201d
\nThe company is launching this effort with Chinese eCommerce giant Alibaba as it prepares to roll out its first U.S. co-branded credit card.
\n\u201cThe decision made by Alibaba.com to partner with Cardless, over traditional financial giants, highlights the fintech\u2019s unique value proposition and establishes the company as a leader in delivering innovative, flexible, and tailored financial solutions,\u201d the company said.
\nAccording to the release, Cardless has also recently made a pair of \u201cstrategic hires\u201d: Joe Wold, former head of credit cards for Wells Fargo, as Cardless\u2019 head of partnerships, former Robinhood compliance chief Ailien Phan, who will take on that same role for Cardless.
\n\u201cBy leveraging its specialized expertise and innovative approach, Cardless is well positioned to grow its footprint in the SMB space, bringing impactful financial solutions that empower SMBs to navigate their most pressing challenges and fuel their growth,\u201d the company said.
\nPYMNTS has been monitoring some of the challenges facing SMBs, including the persistent issue of delayed payments. It\u2019s a problem that stems from \u201coutdated processes and slow manual systems,\u201d and is something that \u201cthreatens the stability and growth potential of SMBs,\u201d PYMNTS wrote recently.
\nAs the landscape changes, a PYMNTS Intelligence/American Express study, \u201cEnd the Wait: SMBs and the Protracted Challenge of Delayed Payments,\u201d poses a question: Could a new wave of digital transformation spell the end of this chronic delay?
\nDelayed payments aren\u2019t just an inconvenience for SMBs, that report added, but a severe threat to cash flow and operational stability. Close to one-third of SMBs still rely on manual processes for ad hoc payments, which account for a substantial chunk of their revenue. And surveys have shown that 46% of SMBs without automated accounts receivable (AR) software consider delinquent payments their chief concern.
\nThe post Cardless Enters Small Business Space With Alibaba Credit Card Partnership appeared first on PYMNTS.com.
\n", "content_text": "Co-branded credit card FinTech Cardless is entering the small business space.\nThe move is designed to offer small- to medium-sized businesses (SMBs) financial products and rewards designed to improve their financial stability, the San Francisco-based company announced Thursday (Sept. 19).\n\u201cEntering the SMB space allows us to tap into a growing market and address the specific needs that traditional financial services often overlook,\u201d Michael Spelfogel, Cardless president and co-founder, said in a news release. \u201cOur experience across the airline sector has shown us how to tailor solutions effectively, and we\u2019re now applying that expertise to help small and medium-sized businesses overcome their unique challenges.\u201d\nThe company is launching this effort with Chinese eCommerce giant Alibaba as it prepares to roll out its first U.S. co-branded credit card.\n\u201cThe decision made by Alibaba.com to partner with Cardless, over traditional financial giants, highlights the fintech\u2019s unique value proposition and establishes the company as a leader in delivering innovative, flexible, and tailored financial solutions,\u201d the company said.\nAccording to the release, Cardless has also recently made a pair of \u201cstrategic hires\u201d: Joe Wold, former head of credit cards for Wells Fargo, as Cardless\u2019 head of partnerships, former Robinhood compliance chief Ailien Phan, who will take on that same role for Cardless.\n\u201cBy leveraging its specialized expertise and innovative approach, Cardless is well positioned to grow its footprint in the SMB space, bringing impactful financial solutions that empower SMBs to navigate their most pressing challenges and fuel their growth,\u201d the company said.\nPYMNTS has been monitoring some of the challenges facing SMBs, including the persistent issue of delayed payments. It\u2019s a problem that stems from \u201coutdated processes and slow manual systems,\u201d and is something that \u201cthreatens the stability and growth potential of SMBs,\u201d PYMNTS wrote recently.\nAs the landscape changes, a PYMNTS Intelligence/American Express study, \u201cEnd the Wait: SMBs and the Protracted Challenge of Delayed Payments,\u201d poses a question: Could a new wave of digital transformation spell the end of this chronic delay?\nDelayed payments aren\u2019t just an inconvenience for SMBs, that report added, but a severe threat to cash flow and operational stability. Close to one-third of SMBs still rely on manual processes for ad hoc payments, which account for a substantial chunk of their revenue. And surveys have shown that 46% of SMBs without automated accounts receivable (AR) software consider delinquent payments their chief concern.\nThe post Cardless Enters Small Business Space With Alibaba Credit Card Partnership appeared first on PYMNTS.com.", "date_published": "2024-09-19T13:52:03-04:00", "date_modified": "2024-09-19T22:37:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Alibaba-Cardless-credit-cards-SMBs.jpg", "tags": [ "alibaba", "B2B", "B2B Payments", "branded credit cards", "cardless", "commercial payments", "credit cards", "ecommerce", "News", "partnerships", "PYMNTS News", "small businesses", "SMBs", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2101723", "url": "https://www.pymnts.com/smbs/2024/mastercard-offers-grants-and-mentorship-to-women-entrepreneurs-in-canada/", "title": "Mastercard Offers Grants and Mentorship to Women Entrepreneurs in Canada", "content_html": "Mastercard is inviting women entrepreneurs in Canada to apply to receive one of 10 $10,000 CAD ($7,396) grants and access to mentorship opportunities to help them grow and scale their businesses.
\nThe company will accept applications for the\u00a0Mastercard x Pier Five Small Business Fund until Nov. 3, it said in a Wednesday (Sept. 18)\u00a0press release.
\nMastercard is offering this opportunity at a time when fewer than two in 10 small businesses in Canada are owned by women and when women small business owners\u2019 companies historically receive 150% less funding than male-owned companies, according to the release.
\n\u201cWe are committed to furthering inclusivity and levelling the playing field for small business owners in Canada by opening access to resources, opportunities and partnerships for every business to flourish,\u201d Nishant Raina, vice president, small and medium enterprise, Mastercard, Canada, said in the release.
\nTogether with the funding, recipients will receive access to a Priceless Experience in Toronto that includes mentorship opportunities with Mastercard executives and partners as well as networking opportunities with other entrepreneurs, according to the release.
\nMastercard\u2019s partner in offering this program,\u00a0Pier Five, is a platform that supports creatives, entrepreneurs and\u00a0small businesses and organizes events, fundraising programs and content series, according to its website.
\nThis year\u2019s Mastercard x Pier Five Small Business Fund is the third, following ones offered in\u00a02022\u00a0and\u00a02023, per the release. Previous winners included Canadian entrepreneurs in markets that include health and wellness, food and beverage, pet care, fashion, beauty, florist and outdoor excursions.
\nOne of the 2023 recipients,\u00a0Helen Yin, founder of\u00a0Inoki Bathhouse, said in the release: \u201cAll small businesses need to be part of a community, to have a place to connect on things that only small business owners understand. I\u2019m grateful to Mastercard for offering me not just important financial tools and resources, but in opening that community to me.\u201d
\nMastercard also offers the\u00a0Strive fund, saying in December that the fund awarded nearly $2 million in grants to organizations that support\u00a0small businesses. The Strive Innovation Fund announced at that time will support 11 organizations around the world.
\nThe post Mastercard Offers Grants and Mentorship to Women Entrepreneurs in Canada appeared first on PYMNTS.com.
\n", "content_text": "Mastercard is inviting women entrepreneurs in Canada to apply to receive one of 10 $10,000 CAD ($7,396) grants and access to mentorship opportunities to help them grow and scale their businesses.\nThe company will accept applications for the\u00a0Mastercard x Pier Five Small Business Fund until Nov. 3, it said in a Wednesday (Sept. 18)\u00a0press release.\nMastercard is offering this opportunity at a time when fewer than two in 10 small businesses in Canada are owned by women and when women small business owners\u2019 companies historically receive 150% less funding than male-owned companies, according to the release.\n\u201cWe are committed to furthering inclusivity and levelling the playing field for small business owners in Canada by opening access to resources, opportunities and partnerships for every business to flourish,\u201d Nishant Raina, vice president, small and medium enterprise, Mastercard, Canada, said in the release.\nTogether with the funding, recipients will receive access to a Priceless Experience in Toronto that includes mentorship opportunities with Mastercard executives and partners as well as networking opportunities with other entrepreneurs, according to the release.\nMastercard\u2019s partner in offering this program,\u00a0Pier Five, is a platform that supports creatives, entrepreneurs and\u00a0small businesses and organizes events, fundraising programs and content series, according to its website.\nThis year\u2019s Mastercard x Pier Five Small Business Fund is the third, following ones offered in\u00a02022\u00a0and\u00a02023, per the release. Previous winners included Canadian entrepreneurs in markets that include health and wellness, food and beverage, pet care, fashion, beauty, florist and outdoor excursions.\nOne of the 2023 recipients,\u00a0Helen Yin, founder of\u00a0Inoki Bathhouse, said in the release: \u201cAll small businesses need to be part of a community, to have a place to connect on things that only small business owners understand. I\u2019m grateful to Mastercard for offering me not just important financial tools and resources, but in opening that community to me.\u201d\nMastercard also offers the\u00a0Strive fund, saying in December that the fund awarded nearly $2 million in grants to organizations that support\u00a0small businesses. The Strive Innovation Fund announced at that time will support 11 organizations around the world.\nThe post Mastercard Offers Grants and Mentorship to Women Entrepreneurs in Canada appeared first on PYMNTS.com.", "date_published": "2024-09-18T15:07:50-04:00", "date_modified": "2024-09-18T22:21:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/SMBs-Mastercard-grants-Canada.jpg", "tags": [ "B2B", "B2B Payments", "canada", "commercial payments", "grants", "MasterCard", "News", "Pier Five", "PYMNTS News", "small businesses", "SMBs", "What's Hot", "What's Hot In B2B", "Women-owned businesses" ] }, { "id": "https://www.pymnts.com/?p=2100723", "url": "https://www.pymnts.com/smbs/2024/how-rpa-makes-ap-ar-automation-more-accessible-for-small-businesses/", "title": "How RPA Makes AP/AR Automation More Accessible for Small Businesses", "content_html": "Many hands make light work, but digital solutions remove the need for hands.
\nAnd scaling operational productivity without scaling headcount, particularly within the back-office, is increasingly top of mind for today\u2019s businesses of all shapes and sizes.
\nAfter all, among the core processes that directly impact a company\u2019s financial health, the accounts payable (AP) and accounts receivable (AR) functions especially are ripe for innovation and modernization.
\nFor decades, AP and AR processes have remained largely unchanged, relying on spreadsheets, paper-based approvals, and slow, error-prone manual inputs. This approach has left many businesses, particularly small and medium-sized businesses (SMBs), grappling with inefficiencies, cash flow constraints and a lack of real-time financial visibility.
\nBut increasingly, after years of being bogged down by manual work and fragmented workflows, technologies like robotic process automation (RPA) are helping modernize AP and AR departments \u2014 with their implementation requiring a minimal technical and labor lift while resulting in a significant productivity lift.
\nFor SMBs in particular, the adoption of RPA is not just a modernization effort; it\u2019s a lifeline toward AP/AR automation that enables more efficient operations, better cash flow management and ultimately survival in a competitive market.
\nRead more: OCR\u2019s Key Role in Scaling Paperless Invoicing and AP/AR Automation
\nIn an increasingly digital-first world, businesses of all sizes are under pressure to modernize their financial operations to remain competitive.
\nFor many SMBs, the challenge in AP/AR lies in dealing with the volume and variety of documents, many of which are still paper-based or siloed across disparate systems. The PYMNTS Intelligence report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience\u201d found that 75% of companies still use paper checks. RPA offers a way to automate data entry, verification, and processing, thus reducing the manual labor and potential for human error associated with these tasks.
\nRobotic process automation refers to the use of software robots or \u201cbots\u201d that mimic human actions to perform repetitive, rule-based tasks. Unlike artificial intelligence (AI), which can learn and adapt over time, RPA is designed to follow specific instructions, making it well-suited to automating structured, predictable processes.
\nIn the context of AP and AR, this means tasks like invoice processing, payment scheduling, and reconciling accounts can be handed off to RPA systems, freeing human workers to focus on higher-value tasks such as strategic financial planning and vendor management.
\nThe introduction of RPA into AP and AR functions is a game-changer for SMBs looking to modernize without overhauling their entire financial infrastructure. RPA can work within existing systems, acting as a bridge that connects disparate processes and systems into a seamless, automated workflow. This capability is particularly important for SMBs, which may not have the budget to invest in a full-fledged enterprise resource planning (ERP) system but still need to improve their operational efficiency.
\nSee also:\u00a0Businesses at Risk: The High Cost of Manual AR Processes and What to Do About It
\nPYMNTS earlier this month examined the challenges facing SMBs, noting that these operations deal with a persistent issue:\u00a0delayed payments.
\nAgainst that backdrop, RPA can help firms automate the extraction of invoice data, verify the information against purchase orders, and process payments according to predefined rules. This not only speeds up the process but also reduces errors associated with manual data entry. For SMBs, this can ultimately mean fewer late payments, better vendor relationships and improved cash flow management.
\nAccounts receivable management is often an overlooked area of financial operations, especially for SMBs, but it has a direct impact on cash flow. RPA can help automate the sending of payment reminders, track overdue accounts, and even initiate collection processes. By automating these tasks, SMBs can reduce their days sales outstanding (DSO), improve cash flow predictability and avoid the need for costly collection agencies.
\nStill, despite its benefits, integrating RPA driven solutions is not without challenges. Some SMBs may face resistance to change, particularly if employees are wary of automation replacing their jobs. Additionally, while RPA can handle repetitive, rule-based tasks, it is not a cure-all for more complex financial processes that require judgment or nuanced decision-making.
\nBut at the same time, by automating repetitive tasks, SMBs that turn to RPA for their AP and AR functions can operate more efficiently, reduce overhead costs and improve the speed and accuracy of their financial operations \u2014 advantages that were previously out of reach for smaller companies.
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post How RPA Makes AP/AR Automation More Accessible for Small Businesses appeared first on PYMNTS.com.
\n", "content_text": "Many hands make light work, but digital solutions remove the need for hands.\nAnd scaling operational productivity without scaling headcount, particularly within the back-office, is increasingly top of mind for today\u2019s businesses of all shapes and sizes.\nAfter all, among the core processes that directly impact a company\u2019s financial health, the accounts payable (AP) and accounts receivable (AR) functions especially are ripe for innovation and modernization.\nFor decades, AP and AR processes have remained largely unchanged, relying on spreadsheets, paper-based approvals, and slow, error-prone manual inputs. This approach has left many businesses, particularly small and medium-sized businesses (SMBs), grappling with inefficiencies, cash flow constraints and a lack of real-time financial visibility.\nBut increasingly, after years of being bogged down by manual work and fragmented workflows, technologies like robotic process automation (RPA) are helping modernize AP and AR departments \u2014 with their implementation requiring a minimal technical and labor lift while resulting in a significant productivity lift.\nFor SMBs in particular, the adoption of RPA is not just a modernization effort; it\u2019s a lifeline toward AP/AR automation that enables more efficient operations, better cash flow management and ultimately survival in a competitive market.\nRead more: OCR\u2019s Key Role in Scaling Paperless Invoicing and AP/AR Automation\nUnderstanding RPA: What It Is and How It Works\nIn an increasingly digital-first world, businesses of all sizes are under pressure to modernize their financial operations to remain competitive.\nFor many SMBs, the challenge in AP/AR lies in dealing with the volume and variety of documents, many of which are still paper-based or siloed across disparate systems. The PYMNTS Intelligence report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience\u201d found that 75% of companies still use paper checks. RPA offers a way to automate data entry, verification, and processing, thus reducing the manual labor and potential for human error associated with these tasks.\nRobotic process automation refers to the use of software robots or \u201cbots\u201d that mimic human actions to perform repetitive, rule-based tasks. Unlike artificial intelligence (AI), which can learn and adapt over time, RPA is designed to follow specific instructions, making it well-suited to automating structured, predictable processes.\nIn the context of AP and AR, this means tasks like invoice processing, payment scheduling, and reconciling accounts can be handed off to RPA systems, freeing human workers to focus on higher-value tasks such as strategic financial planning and vendor management.\nThe introduction of RPA into AP and AR functions is a game-changer for SMBs looking to modernize without overhauling their entire financial infrastructure. RPA can work within existing systems, acting as a bridge that connects disparate processes and systems into a seamless, automated workflow. This capability is particularly important for SMBs, which may not have the budget to invest in a full-fledged enterprise resource planning (ERP) system but still need to improve their operational efficiency.\nSee also:\u00a0Businesses at Risk: The High Cost of Manual AR Processes and What to Do About It\nCompetitive Edge: How RPA Levels the Playing Field for SMBs\nPYMNTS earlier this month examined the challenges facing SMBs, noting that these operations deal with a persistent issue:\u00a0delayed payments.\nAgainst that backdrop, RPA can help firms automate the extraction of invoice data, verify the information against purchase orders, and process payments according to predefined rules. This not only speeds up the process but also reduces errors associated with manual data entry. For SMBs, this can ultimately mean fewer late payments, better vendor relationships and improved cash flow management.\nAccounts receivable management is often an overlooked area of financial operations, especially for SMBs, but it has a direct impact on cash flow. RPA can help automate the sending of payment reminders, track overdue accounts, and even initiate collection processes. By automating these tasks, SMBs can reduce their days sales outstanding (DSO), improve cash flow predictability and avoid the need for costly collection agencies.\nStill, despite its benefits, integrating RPA driven solutions is not without challenges. Some SMBs may face resistance to change, particularly if employees are wary of automation replacing their jobs. Additionally, while RPA can handle repetitive, rule-based tasks, it is not a cure-all for more complex financial processes that require judgment or nuanced decision-making.\nBut at the same time, by automating repetitive tasks, SMBs that turn to RPA for their AP and AR functions can operate more efficiently, reduce overhead costs and improve the speed and accuracy of their financial operations \u2014 advantages that were previously out of reach for smaller companies.\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post How RPA Makes AP/AR Automation More Accessible for Small Businesses appeared first on PYMNTS.com.", "date_published": "2024-09-17T11:39:47-04:00", "date_modified": "2024-09-19T22:35:31-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/B2B-payments-AR-AP-automation.jpg", "tags": [ "accounts payable", "accounts receivable", "automation", "B2B", "B2B Payments", "commercial payments", "News", "PYMNTS News", "robotic process automation", "small business finance", "small businesses", "SMBs", "Technology" ] } ] }