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Fintech affects businesses most directly through how they accept and move payments, how lenders assess them for credit, and the apps that connect them with financial services. It can make some transactions more convenient and create alternative routes to finance, but the benefits depend on a business’s location, infrastructure, size, and access to digital services.
For a small business, the key question is not simply whether fintech is available, but whether a particular payment or lending service fits its operations and offers useful terms.
How does fintech change business payments?
Digital payment services can give businesses more ways to accept payments and can make it faster or more convenient to move money. The Bank for International Settlements (BIS) describes retail fast payment systems as improving payment speed and convenience for individuals and businesses. These systems can also help spur adoption of finance apps.
Payment acceptance and payment movement are related but distinct. A business may use a card terminal or app to take a customer’s payment, while a separate service or payment system handles the transfer and settlement. A device alone does not provide merchant processing; the business needs a compatible processing service, and availability depends on the provider and country.
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What to compare in a payment service
- Which payment methods it accepts and whether they match customer preferences.
- When funds are settled and made available to the business.
- Transaction charges and any other fees.
- Compatibility with existing hardware, software, accounting tools, and online stores.
- Local support and how disputes are handled.
How does fintech help small businesses get loans?
Fintech can change how lenders assess applications, including by using digital data and alternative underwriting methods. That may matter for small and medium-sized enterprises (SMEs) that have limited financial histories or little collateral—barriers discussed in BIS analysis of emerging market economies. Digital innovation could reduce reliance on collateral, but it does not automatically resolve deeper obstacles to lending. As BIS authors Julián Caballero, Sebastian Doerr, Aaron Mehrotra, and Fabrizio Zampolli put it in BIS Bulletin 99, published February 27, 2025: “Digital innovation by itself may not be enough to substantially improve SME lending without further progress in overcoming more deep-seated obstacles.”
What one U.S. study found
A BIS study using proprietary, pre-pandemic data from Funding Circle and LendingClub found that these platforms lent more in U.S. ZIP codes with higher unemployment and more business bankruptcy filings. In the study sample, the platforms’ internal scores also predicted future delinquencies more accurately than traditional scores. These are findings about particular platforms, data, and a historical period—not evidence that every fintech lender reaches underserved firms, uses the same methods, or performs better today.
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How to assess a business loan
- Compare total repayment cost, including fees, rather than looking only at the advertised rate.
- Check the repayment schedule and whether it fits the business’s cash flow.
- Review eligibility rules and the information used to assess the application.
- Understand how the lender uses and reports business data.
- Check the lender’s status and the oversight that applies in the business’s jurisdiction.
What do finance apps add?
Payment systems can encourage businesses to use apps that connect to other financial services. Depending on the services available to a business, these apps may offer additional ways to borrow, invest, or buy insurance. Access is not universal, and an app’s availability does not establish that its products are suitable, affordable, or available to every business.
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Digital finance does not always mean a business must operate entirely online. A World Bank document discussing South Africa’s informal sector identifies handheld point-of-sale (POS) devices, mobile apps, and payment cards as tools that can connect businesses to digital financial solutions. These are examples of possible tools, not requirements for every firm. A POS device must also work with a compatible processing service in the business’s country.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the effects differ from one business to another
Fintech’s impact depends on more than the technology itself. Business size, geography, digital access, payment infrastructure, lender practices, and regulation all affect which services are available and how useful they are. A service that improves convenience for one firm may not be accessible or appropriate for another, and digital delivery alone does not remove underlying credit barriers.
Fintech therefore should not be treated as a guarantee of lower costs, easier borrowing, or better financial outcomes. The relevant question is whether the specific service’s terms, compatibility, and eligibility match the business’s needs.
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