Advancements to FINSYNC’s payments platform provide simple, secure payments and more control than ever over your cash flow.
By FINSYNC
Technology advancements have revolutionized the way small businesses manage their finances and access capital, from automating invoices to applying for financing in a matter of minutes online. So why are you still making payments with paper checks?
You’re not alone. According to “The B2B Payments Tipping Point” report by PYMTS and Mastercard®, only 9% of businesses use a credit card as their primary form of payment for B2B expenses. And while checks are still the most prominent form of payment, businesses aren’t exactly happy using this outdated format.
The same survey shows that business owners are more satisfied with ACH, electronic bank transfer and credit card payments than checks. So where’s the disconnect? It’s time for payments to catch up to the rest of the advancements that are changing the way that SMBs do business.
FINSYNC Pay is the first tool on the market to streamline B2B credit card payments to vendors that aren’t set up for merchant processing or existing members of a network (like Venmo or PayPal). And making credit card payments is easy for both you and your vendors.
This unprecedented payment flexibility can give you ultimate control over your cash flow.
Simple and Secure
Remember when you had to give out your account information over the phone in order to make a payment? Perhaps you’re tired of wondering (okay, worrying) if your sensitive financial info was handled properly. Fortunately, those days are long gone.
FINSYNC Pay allows you to request to make a payment via check, ACH or credit with only your vendor’s email address. Want to pay via check? FINSYNC will print out your check and mail it for you. What about using your credit card to pay a vendor that doesn’t accept credit? We make it easy for both you and the payee, even if they’re not set up for merchant processing.
All you have to do is send your vendor an email request to pay via credit card. They can accept your payment — along with future credit card payments from you — in a few quick clicks. And you never have to hand over your account information.
Free Up Cash for Immediate Needs
You shouldn’t need to take out a loan just to get through the occasional lean month, or to capitalize on growth opportunities that may be fleeting. FINSYNC Pay gives you the freedom and flexibility your business needs — and deserves. You qualified for that business credit card for a reason, right? Shouldn’t you be able to use the credit you’ve been approved for?
Now you can. Paying traditionally cash-only payments like your commercial rent with a credit card can free up your cash flow for immediate needs, like payroll. Using a credit card buys your business a bit more time, which can be crucial with today’s increasingly longer payment terms, not to mention seasonal business swings.
Centralized, Easy-to-Track Payments
FINSYNC Pay centralizes control of payments by allowing you to securely send and receive electronic payments via check, ACH and credit card from a single inbox. Your payments also include remittance details and are automatically reconciled for streamlined tracking.
Within FINSYNC, communication tools and synchronized calendars give you at-a-glance clarity on the status of payments. You can even get an advance on future payments in a single click.
By now, you’ve probably heard the disheartening statistic that 82% of businesses fail due to cash flow problems. FINSYNC Pay gives you more control than ever over your cash flow, which can help your business avoid a similar fate.
FINSYNC’s integrated payments platform can save you both time and money by helping you process payments and manage cash flow with a lot less time and effort. Perhaps it’s time for a payments upgrade that provides security and flexibility along with options your business never had before now.
Trusted financial institution Randolph-Brooks Federal Credit Union is now offering its 60,000+ business members access to FINSYNC’s cash flow management platform. What does this mean for RBFCU members looking to better manage their businesses?
By FINSYNC
FINSYNC recently partnered with Randolph-Brooks Federal Credit Union (RBFCU), a trusted financial partner and innovative credit union. Now anyone interested in FINSYNC can walk into any RBFCU branch and speak to employees trained on the benefits of the platform, specifically how it improves business operations.
Headquartered in Live Oak, Texas, RBFCU is one of the largest credit unions in the United States, serving more than 500,000 members across Texas.
RBFCU is also the first financial institution in the nation to offer its business customers the ability to pay virtually any business with their credit card via FINSYNC Pay — including businesses that are not set up for merchant processing.
Through this partnership, RBFCU members leverage FINSYNC’s other advanced payments capabilities including analytics, document storage, and other types of payments including ACH and remote-cut check.
This partnership represents RBFCU’s ongoing mission to better serve their members and help their businesses succeed. According to RBFCU, “Our goal as a credit union is to provide the best service possible to our members, and we believe this partnership will help them save time and focus on what is most important: running a business.”
What advantages does the FINSYNC - RBFCU partnership provide to small businesses? Let’s break down the biggest benefits of the partnership.
Helping Small Businesses Manage Their Finances
FINSYNC is an all-in-one payments platform designed to help businesses get all of their finances in sync. FINSYNC has partnered with RBFCU around the shared goal of helping businesses grow in new and empowering ways.
RBFCU members can now take advantage of FINSYNC’s innovative software and the many advantages it can provide their business. Here are four ways this partnership is helping the credit union help more businesses.
- Payment Flexibility
- Cash Flow Analysis
- Access to Expert Insight
- Improved Efficiency
“Cash flow management is statistically the biggest reason small businesses fail and FINSYNC is uniquely positioned to help handle that piece better than others because we are the payments engine. We are the accounting engine. We are the payroll engine. We automate all of these functions, so a small business owner doesn’t have to spend a large chunk of their time doing so.”Eddie Davis, FINSYNC’s VP of Business Development, sits down with Business RadioX to discuss how FINSYNC is revolutionizing the way business owners manage their cash flow. He shares insight into the inner-workings of how our cloud-based financial platform enables owners to conduct better business through automation and advanced analytics in real-time. From centralizing control of payments to accessing better financing, Davis discusses how and why FINSYNC came to be and what to look forward to in the near-future. Listen to the full segment below or here. About Eddie Davis:
In his role as VP of Business Development at FINSYNC, Eddie Davis has the great pleasure of introducing its cloud financial platform to forward thinking partners ranging from financial institutions to accounting, advisory, payment and others parties interested in facilitating better business through automation and analytics advances.
The future of business technology excites him, and he enjoys studying and providing feedback on new applications as well as writing for publications on topics including FinTech, AI, Blockchain, E-Commerce, Millennial Business and other emerging technology trends.
This year, National Small Business week is May 5th through the 11th. How will you celebrate? Here are five ideas for inspiration.
By FINSYNC
Entrepreneurs are the foundation of the American economy, and it’s time to celebrate them. According to the Small Business Administration’s 2018 Small Business Profile, small businesses account for 99.9% of U.S. firms, employing nearly half of the country’s workforce and generating 1.9 million new jobs annually.
National Small Business Week has been recognizing the country’s small businesses since 1963. We know how busy you are, but why not take a well-deserved break from your hectic regular schedule to celebrate your achievements and those of your colleagues? Here are five ideas to get you started
Attend an Event
The SBA is hosting events throughout the week that you can attend either in person or virtually. Can’t make it to the #SmallBusinessWeek Hackathon or the National Small Business Week Awards ceremonies in D.C.? You can watch the latter live on the SBA’s Facebook page.
In addition to streaming the awards ceremonies, you can also watch live workshops on the SBA’s Facebook page. On Sunday, May 5, tune in for the Next Wave in Digital Commerce Workshop at 4 p.m. EST. On May 6, you can get some helpful Social Media Tips for Your Small Business at 10:30 a.m. EST.
It’s also a great time to check in with your local district SBA office to find out what events they’re hosting near you.
Join the SBA Free Virtual Conference
In addition to streaming awards ceremonies and workshops, the SBA and SCORE are hosting a two-day virtual conference. The free conference will take place on Tuesday, May 7 and Wednesday, May 8 between 11 a.m. and 5:30 p.m. EST.
Designed to help small businesses succeed, the virtual conference will give you the opportunity to meet other business owners, chat with industry experts and participate in webinars on various topics. Beyond the invaluable advice and inspiration, there will also be giveaways, free resources and networking chat rooms.
Live Webinar Topics Will Include:
- The U.S. Economic Outlook and Its Impact on Small Businesses
- Making Sense of Online Marketing: A Simple Checklist for Success
- Mastering Control of Your Cash Flow
- Creating Effective Online Ads
- The Culture Imperative: Drive Growth with Customer Obsession
- SBA Funding Programs Explained
- How to Do Business with the Federal Government
- Disasters Happen: How to Prepare Your Business and Recover
FINSYNC expects to have over 2,000 banks in its lending network within 24 months.
FINSYNC, Inc., a cash flow management platform for small to midsize businesses, is adding new banks to its lending network at an accelerated rate. FINSYNC makes it easy for the businesses who use the platform for cash flow management or modeling to connect with banks, credit unions and lenders online for quicker access to capital.
“Businesses who apply for financing through FINSYNC can now request their current bank be added to the FINSYNC Lending Network, in the event the bank is not already a listed member. Since introducing this new capability, a new bank has been added every day, and we see this number climbing quite sharply for many reasons,” says Tucker Mathis, CEO of FINSYNC, Inc.
Why Banks are Flocking to FINSYNC’s Lending Network
- According to a recent FDIC report, approximately 80% of banks currently do not offer their business customers the ability to apply for financing online in any form. Tucker adds, “An even greater percentage share with us that they don’t feel equipped to efficiently and effectively underwrite loans below $500,000.”
- FINSYNC solves some very specific problems that are resonating with business owners, including the ability to apply for financing with their bank online, and getting credit for where their business has been and where it’s going. When applying for financing through FINSYNC, the business syncs their bank account, which allows FINSYNC to help business owners understand their loan options based on actual cash flow and assumptions about the future.
- When businesses apply for financing from their bank through FINSYNC, the bank benefits from advanced analytics that include projected cash flow and tools that can help a business illustrate where it believes it is going.
- In addition to advanced analytics, member banks benefit from seeing alternative loan options that are available through a network of lenders. The member bank can present the best loan option to their business customer alone or in partnership with any other member lender that’s part of the network.