People like to give things a snappy name. Every business at some point must deal with payments in some shape or form. If you approach the term and the sector from this perspective you can focus on the possible opportunities for your own business.
Websites need to deal with payments, in a secure way, and to be accessible across a range of different devices by customers. If you can give your customers/clients a quick, painless and trouble free experience as they will value your service or product and recommend it to others. This type of referral by word of mouth is gold dust for the growth of your business. If you can achieve this, you will be on your way to a successful and growing business.
There are many more aspects to consider but it’s crucial that you have at least thought through and come up with some strategy to deal with this flow of actions. There will be no point in developing a fantastic product, marketing strategy, and then, on launch day, have an incomplete or difficult to use financial transaction system for your online e-commerce portal.
Traditional banks and banking services have realised that there are now many, many ways for people to buy things; products, services and experiences. Often these exchanges are made without any money moving between traditional banks. For this reason, traditional banks have realised they need to find a way to be involved where the business deals are taking place. If you look at FinTech as the name for the place where all future looking businesses need to be managing their transactions, then you will be making a useful and strategic step towards anticipating future methods of payment.
There are many possible answers to this, but the FineTech Mafia on Twitter is a great place to start. @FinTechMafia Tweets by @FinTechMafia This is a loose collective of FinTech thought leaders. They are all on twitter and frequently posting their latest thoughts and observations about current and upcoming trends. They are happy for you to pick their brains digitally, and most of them are quite likely to reply to direct questions you might ask them. This gives you a fantastic resource for spotting future trends and staying ahead of your less digitally connected rivals.
Whatever your business you goal will be to make enough money to cover your costs, and ideally a whole lot more. If you make it easy for people to buy and pay for what you are offering, they will be more likely to do so a second time and recommend you to others. We are also in a time of more rapid change, more and more of our business is being done online, and also with mobile devices that we carry around with us.
There are lots of FinTech incubators, accelerators and hackathons out there. Many large financial companies, Mastercard, BBVA, Santander, RBS and many others are putting money into events. Have a look at your own idea and see if it has the ability to potentially work in other markets beyond the one you are currently looking at. Realex, a successful Irish company recently bought for €140 million, developed by building a payments solution for a very small niche area, and then look for wider applications of the problem they had solved.
— Realex Payments (@RealexPayments) September 14, 2015
This wider view of the potential applications for your business idea offers you the chance to be successful in more than one area, and often instead of where you had initially thought you might have been successful.