Fintech Companies Can Help Small Businesses in Multiple Ways

Tag: fintech



Technology has played a big role in revamping the business sector in recent times, by providing innovative small business solutions. However, it has been especially helpful for small businesses, by aiding them with a wide range of functions. As small-scale businesses generally have access to limited resources, the use of technology can help them optimize resource utilization. Fintech or financial technology is mainly concerned with the proper utilization of funds and management of finances of an organization. So, here is a close look at the different ways in which fintech can help take your small business to a whole new level.

A Chance to Adopt Payment Gateways: The ability to accept online payments is crucial for small businesses nowadays. This is because customers are more inclined to make payments through digital routes such as card payments, online banking, and wallet payments. For such online payments, you need to engage the services of an online payment processor. And a reputed fintech company can promise you exactly that.A reliable payment gateway will be fast, efficient, safe and easy to integrate with your website or e-store. It will have no hidden fees or charges.Such a payment processor will also have good reviews in the market.Plus, you might get to try out a demo session before signing up for it.

            Also Read:5 Common Payment Processing Challenges Small Businesses Face

Simpler Payment Processing: Fintech also allows you to simplify the way your clients transact with you. Customers now prefer making payment through cards, be it debit, credit or a gift card. Such digital payments are not possible without the use of fintech tools or solutions. With the help of technology, you can prepare your business to accept a wide range of cards through payment gateway solutions. Further, your business should also be ready to accept other forms of digital payments such as wallet payments and mobile payments. The use of fintech tools will help you in setting up these systems. If you run an offline small business, then the latest fintech tools can help you get rid of old and bulky payment machines.

Better Customer Engagement: Fintech solutions can not only smoothen out the transaction process, but can also help businesses gain better consumer insights. With the help of these tools, you can gather data about the preferred mode of payment of your target market, their payment patterns, and other relevant details. Such data can help you design proper small business solutions. Your fintech apps can also allow you to interact directly with your clients with regard to their financial transactions. Many such apps have the feature to integrate your social media hangouts with your financial payment system. You can also design your marketing campaign and feedback system with the help of this integration.

            Also Read:Payment Gateway for Small Business

Automation: The use of fintech apps will allow you to automate your systems. You can undertake such automation on your own or engage the services of specialist services providers. As small businesses may not be in the position to hire accountants, it is advisable that you negotiate with your online payment processor as they may provide you with an automatic accounting feature. It is important to choose your online payment processor carefully as the good ones offer a wide range of financial services. Some of the most prominent types of services provided are streamlining of expenses, ability to accept foreign currencies, and real time record updating.

Secure Features: Security is of utmost importance for small businesses, especially when they go online. Security not only refers to the security of physical goods, but also of the intangible data such as personal and sensitive information of their clients. Fintech tools help small businesses conduct online transactions through robust payment gateway solutions and ensure that the data collected while processing these transactions is kept safe and secure. This will help small businesses add more volume to their revenue as they will be able to establish a dedicated customer base.

            Also Read:Five Payment Processing Challenges For Small Businesses

So, if you are looking for an effective technology solution for small businesses, fintech companies are your best bet. They can help infuse transparency and efficiency into your daily operations, without incurring significant expenses and outgoings. Optimal use of fintech tools and solutions can help small businesses provide more security features to their clients as well.



PayTabs is a leading payment gateway for businesses in Middle East. The processor mainly offers services to small and medium enterprises, helping them grow their business through a simple and secure online payment process. In order to further enhance its services, the company has now collaborated with Invoice Bazaar. This new collaboration is especially impactful in today’s work environment where businesses are facing multiple issues due to the outbreak of COVID-19 pandemic.

The Benefits

The collaboration between these market innovators seeks to provide cutting-edge support to their clients.

  • Crisis Management: Currently, businesses are facing a lot of issues due to the onslaught of a highly unexpected situation. However, the use of technology and relevant tools can help in minimizing losses caused. These tools may also help businesses in optimizing the use of their resources. The tie-up between PayTabs and Invoice Bazaar can go a long way in this direction. Now, merchants will be able to obtain economical working capital funding through the help of Invoice Bazaar.
  • Liquidity and Asset Management: The COVID-19 outbreak has impacted the businesses in a profound manner. This impact is even more palpable in the case of small and medium sized enterprises. According to IFC World Bank, these enterprises account for more than 50 percent employment and 90 percent of businesses globally. The collaboration between PayTabs and Invoice Bazaar seeks to provide working capital services to this segment. The businesses will be able to carry out mobile and online payments using PayTabs platform while Invoice Bazaar will assist with microfinancing activities.
  • Easy Operations: PayTabs and Invoice Bazaar offer an integrating platform for carrying out different operations. With Invoice Bazaar services, the existing client base of PayTabs in the UAE will be able to cash in their receivables in a prompt manner. They will also be able to carry out their online and mobile transactions in a more efficient mode. Further, the tie-up also offers a wide range of other services such as streamlined electronic invoicing and PayTabs comprehensive business manager dashboard.
  • State of the Art Technology: The collaboration brings forth many tools for serving its client base. The dashboard allows the businesses to handle their operations from a centralized location. It also helps in keeping proper track of all the expenses and incomes. Invoice Bazaar offers unique working capital solutions and MSMEs can ensure optimal utilization of their resources with the help of such solutions. The tie-up will also help in carrying out ecommerce activities and aid online payment. Due to the ongoing pandemic, the demand for online shopping has shot up as well.

About Invoice Bazaar

Invoice Bazaar is a FinTech company which is engaged in the receivables finance segment. The main aim of the company is to provide services to SMEs with regard to their working capital requirements. This is an essential service as several businesses are undergoing liquidity crisis on account of the current pandemic. These services are vital to ensure their survival.

Invoice Bazaar uses its in-house technologies and technology platform to provide state-of-the-art services to its clients. The company team has more than 50 years of experience in this domain and has offered its services to various multinational concerns such as Goldman Sachs, HSBC and Citi. So far, it has disbursed over AED 0.5 billion to its MSME clients. The company was bestowed with “MENA FinTech of the Year” award in 2019.

About PayTabs

PayTabs is a B2B payments solution provider. The company processed its first live payment in June 2014 and since then has come a long way. PayTabs now offers its services in 168 currencies through its integrated services platform. The company serves over 49 industries through its API plugins and Plug & Play features. PayTabs services are designed to help businesses save their time and money, optimizing the utilization of their resources.

PayTabs has dedicated offices in Saudi Arabia, the UAE and Egypt. These offices enable the company to lend a local touch to its services. It can further customize its products and services to meet your business’s distinct requirements in a more holistic manner.

The Saudi Fintech Tour

The Saudi Fintech Tour

Fintech is the short form of Financial Technology and is used to describe the use of technology for the purpose of facilitating financial transactions. However, it is not a new phenomenon as technology has been used by financial services for a long time. However, with the advent of internet and mobile use, the integration of technology and finance has reached a new level. Some of the most prominent examples of fintech products are Automatic Teller Machine or ATMs, mobile banking, Point of Sale machines and Credit Cards.

Fintech is making great strides in Saudi Arabia as people and businesses embrace the new changes. Fintech has received positive inducements from the rise in general economy and innovations in technology. This new trend has helped firms to grow their businesses by providing new services and products to their clients and other stakeholders. In order to ensure that fintech is fully adapted, it is important to create awareness among public and industries about fintech tools.

Evolution of Fintech

While there is no formal definition of fintech, it may be described as the application of technology for improving various financial activities. Thus, fintech may exist in the form of a business model, an application, a product or a process. Though, most of the time fintech involves use of internet, but it is not a necessary ingredient.

Fintech has seen steep increase in its usage and popularity since the mid-2000s. some of the main milestones in the journey of fintech are the launch of Apple iPhone in 2007 and the increased use of cloud computing. The launch of iPhone is a significant landmark as it heralded the era of smartphones. As smartphones became more commonplace and affordable, the use of internet banking also increased. This development allowed the financial services firms to target clients which were earlier inaccessible due to their geographic location.

Similarly, the developments in cloud computing area ensured that the financial services firms are able to store and transmit the data in a secure manner. For financial services, maintaining the integrity of sensitive data is highly important. It is also required to keep up prompt access to the data to provide fast and smooth services. All these prerequisites were facilitated by cloud computing.

Apart from these two factors, there are several other growth drivers, pushing the fintech market ahead. Today’s customers are less rigid about their financial services practices and are more amenable to using newer technologies. This willingness to embrace change made it easier for financial services firms to roll out new innovations. Further, the sector has seen interest from institutional investors as well. The injection of capital in the area allowed the firms to invest in research and development activities, ensuring that the newer technologies are developed at a fast pace. All these factors combined to make fintech mainstream in a short period of time.

About the Fintech Tour

Fintech Tour organized by Fintech Saudi is a cluster of events and activities hosted by Fintech Saudi’s partners to spread knowledge about fintech and support the development of fintech companies. To date, the Fintech Tour is the largest cluster of fintech events to take place in the Middle East.

Fintech Tour 19 will take place from 1st December – 12th December 2019 across Saudi Arabia and in selected international cities.

Themes this year are spreading fintech knowledge and accelerating fintech entrepreneurship

The Tour will consist of community events and workshops (open to everyone) organized in different cities by Fintech Saudi’s partners related to the themes. Fintech Tour 19 promises to be the most high-profile series of fintech events to take place in Saudi Arabia as it is an effective way to engage with the Fintech Community and other stakeholders.

About PayTabs

PayTabs is proud to be a part of the Saudi Fintech Tour, spreading knowledge about fintech. Join a workshop on the Future of Payments in KSA, presented by Ali Alshehri, Country Manager, PayTabs KSA. Register for the event here:

Ain’t No Mountain High Enough

Ain’t No Mountain High Enough

Thanks to the fact that the fintech industry is still in its early phase of development in the Middle East, it seems to be a given that the companies that make up the industry are those of modest beginnings and spectacular growth thereafter. Yet, investing in this sector of the economy in the region remains to be a risky proposition for a variety of factors, not least of which is the fact that, relative to other parts of the world, the surrounding infrastructure here requires further development and better integration with the financial markets. It would be understandable, therefore, for investment to gravitate toward other industries. But there’s a catch.

Easier and lower-risk investment opportunities may appear to exist outside of the nascent fintech industry, but such “easy” investment opportunities tend to attract the biggest numbers of attempts, which means that only be so many people who can succeed using the same hackneyed formula. That way, some people — scratch that: lots of people — are bound to find out that their returns are ever diminishing and that their resources are ill spent. To make it in the market, therefore, one must learn to ride the wave of constant change that markets so often experience and must learn to take calculated risks to capitalize on the market’s shifting tides.

If we look at the trends in the markets regionally and globally, one thing is as clear as day: fintech’s tide is ever-rising. The surrounding environment of a fintech startup is arguably just as important as the vision and strategy of the entrepreneur. Today, on the other hand, we find that establishing such an environment is written into the government’s long-term strategy. Consider how Saudi Arabia’s forward-looking Vision 2030 explicitly concerned with creating “incentives to foster use of cashless payment solutions,” for instance. As a result of that vision, the Saudi Arabian Monetary Authority has commissioned the giant financial firm Deloitte to oversee the process of turning Riyadh into a bustling fintech city. Relatedly, the economic vision has also resulted in the creation of a consortium of Saudi fintech startups to national banks to international technology powerhouses, all under the banner of “Saudi fintech.”

Saudi Arabia’s initiative, which was announced roughly a year ago, is now working on jumpstarts the fintech scene in the region’s biggest and most important economy. The rapid change and progress it’s experiencing are making host of advantages available to newcomers of tomorrow – not least of which is the fact that they have allies in the policymakers at the highest echelons of government.

The opportunities are there for the taking.

About the author

Mahmood Almahmood is a translator and editor at a national news service. Trained in the social sciences and the arts, he enjoys staying abreast of the business press and analyzing its trends.

PayTabs Wins Prestigious FiNext Top Companies in Payments Award

PayTabs Wins Prestigious FiNext Top Companies in Payments Award

Ever since it started operations in 2014, PayTabs has been single-mindedly focused on one thing – use robust technology to help small and medium businesses make simple and secure online transactions. The company has worked towards building innovative solutions to make the world go cashless and embrace new possibilities of accepting payments. It goes without saying that they are proud of the value and opportunities created for more than thousands of payment partners. And it cannot be more satisfying when others recognize this as well.

“After careful consideration and extensive research our awards committee is happy to let you know that ‘PayTabs’ has been selected for the Top Companies in Payments Award”

                                                                -FiNext Judging Committee

The recent award won in Singapore was collected by their distinguished Philippines Country Manager, MayFlor Jalandoni, at the latest FiNext Conference held on 25th-26th April, at Marina Bay Sands, Singapore.

FiNext Acknowledges the Torchbearers of Global FinTech Sector

FiNext is dedicated to bringing the global FinTech sector under one roof. They allow start-ups, investors, SMEs, incumbent tech providers, financial institutions and other stakeholders to connect and interact with industry innovators. This was the primary idea behind the FiNext Awards Singapore 2019. The FiNext ‘Top Companies in Payments Award’ is one of the premier business awards for achievement in the global payments sector.

While nominees were judged on 5 parameters – Spirit of Innovation, Overall Reach, Industry Impact, Future Readiness, and Market Demand, PayTabs walked away with the highest award distinction for companies specializing in the payments sector – the Top Companies in Payments Award. The judges agreed that PayTabs was a pioneer in the way it had impacted the global payments industry. And, that their brilliant insight and future readiness ensured they also captured the spirit of innovation.

PayTabs Innovative Approach

PayTabs has been providing a smooth way for entrepreneurs, financiers, practitioners, innovators, and enthusiasts to forge partnerships, grow businesses, and access global markets. They hold on to their core system of values to create a unique and secure gateway to their clients. Their smart dashboard is second to none in the way it helps businesses manage their deposits from one platform to the other. The fact that PayTabs gateway is equipped with a PCI DSS certification and anti-fraud protection allows them to enjoy global recognition.

With the latest award conferred upon them (among a series of other highly notable awards), PayTabs is geared to become a leader and pioneer in the payments gateway space.

Standing up to market trends 

The FiNext judging committee acknowledged hand-picking PayTabs from a list of incredible nominations. What worked in the favour of PayTabs was its ability to measure up to ongoing market trends and foresee client needs. They had increased their market demand by addressing these requirements of the market and responding uniquely to emerging trends. With the latest award, PayTabs continues to enjoy a successful journey as one of the premier payment gateway providers in the world.

About PayTabs:

PayTabs is a Saudi-based company that facilitates processing of online payments securely and efficiently. It was founded by Saudi entrepreneur Abdulaziz Al Jouf.

PayTabs caters to small, medium and large enterprises via different business models. PayTabs offers clients services to seamlessly ‘plug and play’ various features on to their websites. It prides itself on offering simple and EFFICIENT invoicing services for merchants and professionals.

PayTabs was awarded the title of ‘Fintech Company of the Year 2018’ at the prestigious Arabian Business Achievement Awards.

With dedicated offices in Saudi Arabia, UAE and presence in Bahrain, India and the Philippines, PayTabs is fast emerging as the preferred payment solution company.