In the quest for efficiency and cost-saving, small business leaders are turning to fintech solutions with impressive results. From a CEO and founder’s strategy to switch to Stripe for payment processing to a founder’s experience with cutting credit card fees using Square, discover the six innovative ways these entrepreneurs are saving money.
- Switch to Stripe for Payment Processing
- Wave Streamlines Accounting
- Automate Expenses with Expensify
- QuickBooks Automates Financial Tasks
- Recurly Manages Subscriptions Efficiently
- Square Cuts Credit Card Fees
Switch to Stripe for Payment Processing
We turned to Stripe for our payment processing, which significantly reduced our transaction costs compared to traditional banking services. Stripe’s transparent fee structure and seamless integration with our existing platforms allowed us to manage payments without the hidden fees often associated with other providers. The savings from lower transaction fees have been redirected into product development, enhancing our overall service offerings.
Alari Aho
CEO and Founder, Toggl Inc
Wave Streamlines Accounting
Wave has been a game-changer for our accounting and finance operations. The fact that it’s free is a huge plus, especially for small businesses. It offers a user-friendly interface that simplifies invoice preparation and client communication. The streamlined dashboard allows us to manage finances efficiently without the need for complex software. Wave has truly elevated our financial management processes.
Ilker Dalgic
Business Owner, Edi Gourmet Spice
Automate Expenses with Expensify
My business has saved money using fintech solutions by leveraging automated expense-management tools like Expensify. Before adopting this, our expense tracking was manual and time-consuming, often leading to errors and delayed reimbursements. Expensify’s automation streamlined the entire process, from receipt scanning to reimbursement, cutting down on administrative hours and reducing the likelihood of costly mistakes.
Additionally, it provided real-time visibility into our spending, allowing us to identify and eliminate unnecessary expenses quickly. This shift saved us money and improved our overall financial management efficiency.
Marcus Clarke
Owner, Searchant
QuickBooks Automates Financial Tasks
One way our small business has saved money using fintech solutions is by adopting cloud-based accounting software like QuickBooks Online. This tool has automated many of our financial processes, such as invoicing, expense tracking, and payroll management. By using QuickBooks, we’ve eliminated the need for costly third-party accounting services and reduced manual errors, which has directly saved us both time and money. Additionally, the software’s real-time financial insights allow us to make more informed decisions, helping us manage cash flow more effectively and avoid unnecessary expenses.
Naeem Shahzad
Digital Marketer, Siznam.co
Recurly Manages Subscriptions Efficiently
One way my entertainment website has saved money is by using fintech solutions for subscription management. We implemented Recurly to streamline our subscription services, which dramatically reduced the manual handling of payments and lowered our administrative costs.
Before this, managing subscriptions was a headache — tracking renewals, handling failed payments, and updating customer information was time-consuming and prone to errors.
After implementing this software, we did not have any human intervention. Recurring payments were effortlessly controlled, and transaction attempts in case of failure were monopolized by the system, hence minimizing churn.
The amount of administrative time that was clutched by needless occupations was considerable, meaning that we were able to concentrate and invest more time in producing content and winning the audience’s attention.
Thus, for instance, during the first few months, subscribers began noticing a 25% drop in the number of customer service calls and emails about payment, which immediately reflected in lower operational costs.
For other small business owners, especially those dealing with subscriptions, I recommend exploring fintech tools for subscription management. They help you cut costs in running the business but add the capability to grow the business in an organized manner. Jump in — you won’t regret it. It is a cost that pays back in time and money.
Soubhik Chakrabarti
CEO, Canada Hustle
Square Cuts Credit Card Fees
Mobile payment apps reduce fees. We’ve started using Square to process payments from customers. This has cut down on credit card processing fees and made it easier to get paid quickly. The app is simple to use, and our cleaners love it. Plus, it gives customers a convenient way to pay.
Justin Carpenter
Founder, Jacksonville Maids
