PAYMENT SOLUTIONS
“ They can bridge the gap to plug into lenders ”
ROGER VINCENT MANAGING DIRECTOR UK AND IRELAND , TRADE LEDGER
“ Entrepreneurs are great at dayto-day execution , operating their business and setting the strategy of a business , but when it comes to management of finances , they often need help from their financial advisor or bank .
“ Usually , the help they need is around managing working capital , getting their invoices paid on time , and making sure they have enough liquidity to pay staff and suppliers versus their incoming revenue . Of course , if they need loans , there ’ s a plethora of solutions available to them , but the problem is that they don ’ t have a good enough understanding of what the right products are and whether they ’ re available to them when they need them .”
Roger Vincent , managing director UK and Ireland , Trade Ledger , also points out that small businesses have more in common with consumers than large enterprises and therefore have an expectation of tailored services from their banks .
He says : “ They may even manage their business finances alongside their personal finances , so they expect the same level of digital capabilities that they experience in their personal lives . Fintechs often understand this better than incumbent banks – and , more importantly , they have the technology and agility to innovate rapidly . This means they can very quickly create new products and solutions that serve the needs of small businesses .”
Products and services for small businesses Small businesses also have different needs when it comes to supporting services , and