Fintech Development opens new business opportunities of DailyCoin

In recent years, fintech startups in Europe have reached a level of development that has allowed them to compete seriously with traditional banks. For decades, the payments market in the UK was dominated by several financial giants, but the rise of digital financial services has changed the situation.

New players on the British market have rolled out new tools for international business that greatly simplify the control of transnational cash flows and increase payment security. Fintech companies not only provide customers with attractive terms for opening and using accounts, but also help with bookkeeping, provide acquisition services and simplify business processes.

A representative of Payrow, a UK fintech startup, spoke to us about the business opportunities that modern payment systems offer and their advantages over traditional financial institutions.

Digital Financial Services vs Traditional Banks Fintech companies offer virtually the same services as traditional banking institutions, including deposits, settlement transactions, international transfers and lending. Unlike banks, however, the procedure for opening an account with a payment service provider involves significantly less bureaucracy and can be done remotely and quickly.

The following infographic shows how payment systems stack up with traditional banks.

Digital financial services for businesses New payment system accounts are usually opened to diversify cash flows, access new services and increase confidentiality. In addition, many companies have come to rely on fintech because it has allowed them to speed up international payments and carry out cryptocurrency operations.

Consider the list of features and benefits for users of digital financial services provided by Payrow.

• Access to individual IBAN accounts

Most payment system accounts have an IBAN identification number that enables international payments. This gives account access to various payment gateways, just like a normal bank account. Customers and partners will not even realize that the company has opened an account outside the bank because nothing changes on their side; they still send money to an account with the same number as a normal bank account operating in the SEPA sphere. Another advantage of digital financial services is the speed with which they can process transactions. Unlike wire transfers, which can take several days, fintech platforms can process transactions instantly. Almost all payment systems allow you to open an account remotely, without a personal visit. In some cases, you have to go through an interview, usually via a messenger.

• Low commission on payments

The right service allows you to save on transactions. When choosing a digital financial service for businesses, you should clearly understand which option is best for you: a service with initially low transfer fees or one with a slightly higher fee but lower monthly maintenance cost. Payrow guarantees transparent prices and no hidden fees on payments. Multi-currency payment processing allows you to accept credit and debit card payments from customers in foreign currencies. Payment systems make it easier to access international markets. A number of fintech platforms offer corporate card options for their customers when they sign up. Corporate card accounts allow company employees to manage their business and travel expenses, among other things. They also allow you to see card statements and set limits on how much employees can withdraw with their cards. For example, Payrow allows you to set card limits, identify and enable/disable certain payment categories, set time and location restrictions on purchases and handle accounting in real time.

• Acceptance of several payment methods

Typically, the integration of payment options such as e-wallets, mobile and online banking, and debit and credit cards may incur additional costs. With digital financial services, you can add them to your business account for free. One challenge entrepreneurs face is understanding where and how much money they have spent and how to fill out the documents about their expenses. Payrow allows you to save time and avoid errors with automated accounting and administration services, along with fully automated receipt recognition. Online bill payment helps businesses save time and simplifies accounting for customers. Payment systems help reduce the excessive costs associated with physical transactions.

For example, Payrow simplifies the process of invoicing for businesses and provides convenient ready-made customizable templates that you can use as a basis for invoices. Customers can pay for incoming invoices directly from your Payrow account without additional transfers between accounts. Payrow’s transaction planner helps you schedule upcoming payments and manage recurring payments easily.

To improve security, Payrow uses the new 3d secure v.2 protocol which provides cardholders with a fast, simple and convenient authentication process. With 3d secure v.2, the method of payer authentication has changed. Now it is done not only via SMS verification, but also with additional authentication methods, including those that can be performed without the active participation of the user.

Continue reading at DailyCoin