What Is Fintech and Why You Should Care

As a consumer in the 21st Century, chances are good you’ve used a mobile banking app to check your account balance. Or maybe you’ve used GoFundMe to help out a friend in need or PayPal to complete an online purchase. These are all examples of fintech, and they’re revolutionizing how we conduct transactions, manage our personal finances, and even obtain business loans. As an equipment dealer considering a partnership with a small business loan provider, it’s important to understand what is fintech and how it benefits you and your customers.

According to FinTech Magazine, “Fintech means financial technology, and refers to the innovation and technology aimed at challenging traditional methods used in the financial services industry.”

Fintech is about using technology to transform the processes and customer experience associated with financial services. Consumers are accustomed to it in their personal lives, and they’ve come to expect it from their business partners. In the case of small business financing, think easy online applications versus lengthy paper applications. Or online calculators that enable loan applicants to estimate their monthly payments with a few mouse clicks rather than meeting with a loan officer. And because everything is digital, the process is fast and easy. That’s fintech. 

Many companies like to claim that they’re fintech companies. Maybe they use DocuSign so that applicants can digitally sign paperwork that’s been scanned and uploaded to the web, or they’ve taken the paper loan application and recreated it line-by-line on a single web page. These are not innovative uses of technology, and they don’t necessarily make the loan process faster or easier for the applicant or the equipment dealer.

At Triton Capital, we’ve transformed the financing process from the ground up, leveraging technology to making funding faster, easier, and more transparent. We aren’t bound by old assumptions, nor are we attempting to apply a digital bandage to broken processes. We’ve revolutionized business lending to provide a frictionless path to financing. Using our platform, customers can apply and get approved and funded in as little as two days.

Not only have we transformed the lending process for small business owners, but we’ve also transformed how equipment dealers offer in-house financing. We are committed to providing you with a partnership and resources that complement your business. For example, our online calculator and application integrate easily with your website. Our customer service members focus on supporting your sale – not on selling a loan. We do everything we can to minimize your risk and improve business outcomes. 

Fintech is changing how we do business in our everyday lives, and it’s transforming small business financing for loan applicants and equipment dealers. If you’d like to learn more about the fintech advantage Triton Capital delivers, see how we compare to other small business lenders.