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Fintech is affecting businesses most directly through how they accept and move payments, how lenders assess credit applications, and how financial apps connect firms with services such as borrowing, investing, and insurance. These tools can make transactions more convenient and offer some businesses additional routes to finance, but they do not guarantee lower costs or easier credit. Their effects depend on factors such as location, business size, digital access, infrastructure, lender practices, and regulation.
How is fintech affecting businesses?
Fintech brings digital technology into financial activities that businesses already need to manage. For a firm, that can mean taking electronic payments, transferring money through a fast payment system, applying for financing through a digital channel, or using an app that connects to other financial services.
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The practical effect varies. A digital service may improve convenience or expand the ways a business can transact, but the business still has to consider fees, settlement timing, compatibility, eligibility, and the rules that apply where it operates.
How fintech changes business payments
Faster ways to move money
The Bank for International Settlements (BIS) describes retail fast payment systems as improving the speed and convenience of payments for individuals and businesses. Wider access to these systems can also help spur the use of finance apps. For a business, the value depends on whether its customers, suppliers, bank, and payment service can use compatible rails and whether the timing suits its cash-flow needs.
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More ways to accept electronic payments
Businesses may use payment cards, mobile apps, or handheld point-of-sale devices to accept electronic payments. A World Bank document discussing South Africa’s informal sector identifies these as tools that can connect businesses with digital financial solutions. They are examples, not prerequisites for every business; the right setup depends on how and where a firm sells.
A card reader or terminal is only the acceptance hardware. The business also needs a compatible payment-processing service, and availability and compatibility depend on the provider and country.
What to compare before choosing a payment service
- Which payment methods customers can use, and whether the service is available to the business in its location.
- When funds settle and how that schedule fits the business’s cash flow.
- The full fee structure, including transaction charges and other applicable costs.
- Compatibility with the business’s hardware, software, accounting tools, and online store.
- What support is available for disputes and service problems.
How does fintech help small businesses get loans?
Digital lending can change how an application is submitted and assessed, and digital data may help lenders evaluate businesses with limited conventional records. This matters because small and medium-sized enterprises (SMEs), particularly in emerging market economies, may have short financial histories or lack collateral that a lender would traditionally require.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →However, moving an application online does not remove the underlying reasons a lender may decline it or limit the amount offered. The BIS authors of Bulletin 99, published on 27 February 2025, caution that technology alone may not overcome deeper obstacles to SME lending. Digital delivery is a channel, not a guarantee of approval or affordable credit.
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What one U.S. lending study found
A BIS study using proprietary data from before the pandemic examined loans from Funding Circle and LendingClub. In that study sample, the platforms lent more in ZIP codes with higher unemployment and business bankruptcy filings. The lenders’ internal scores also predicted future delinquencies more accurately than traditional scores in the sample.
These are bounded findings from a historical study of two platforms and their proprietary data. They should not be treated as evidence that every digital lender serves the same communities, that the results describe current lending, or that a particular applicant will receive a better outcome.
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What to check in a financing offer
- Total repayment cost, including fees, rather than only the advertised rate.
- The repayment schedule, its flexibility, and how payments would fit expected cash flow.
- Eligibility requirements and the information used to assess the application.
- How applicant and business data are handled and reported.
- The lender’s status and the oversight that applies in the business’s jurisdiction.
How financial apps can connect businesses to other services
BIS analysis notes that finance apps can give small firms alternative ways to borrow, invest, or buy insurance. That can make services easier to access through digital channels, but an app does not by itself establish that a product is suitable, inexpensive, or available to every business. Firms should assess the service and its terms just as they would through another channel.
Why the impact differs from one business to another
Fintech’s effects are not uniform across businesses or countries. Digital access and payment infrastructure affect whether a service can be used; local rules affect which services may operate; and business size, records, collateral, and lender practices can shape access to credit. A tool that adds convenience for one firm may offer little benefit to another if it is incompatible with existing systems or does not address that firm’s financing constraints.
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