The Small Business Administration (SBA) is proposing to remove the limits of non-depository companies, referred to as small business lending companies (SBLC), that can make loans under SBA’s Section 7(a) program and also create a new mission-based SBLC type.
As a fintech, one of the most difficult feats is ensuring that your services and operations comply with government regulations. For example, let’s say you run as a payment facilitator – there are considerable money transmission risks when settling funds to sub-merchants through your own bank accounts. Additionally, if you facilitate bill payments or loan disbursements for others and receive/transmit any funds within those processes? You may also be in jeopardy of facing hefty risk associated with money transmissions laws – best to stay informed on all applicable guidelines! To mitigate the risks, Fintechs can team up with banks to open Custodial Accounts for their customers, which will allow the fintech to avoid specific licensing or regulations governing money transfer. FBO accounts offer the same services without having to obtain licensing or compliance with money transfer regulations.
To fight against repeat offenses, the US Consumer Financial Protection Bureau (CFPB) has proposed a registry that could disclose court judgments and legal proceedings taken against mortgage servicers, payday loan providers, as well as other nonbank finance entities.
In an ever-more digital world, mobile payments have become increasingly popular. Businesses of all sizes now need to make sure they are optimizing their payment processing processes in order to capitalize on the trend and increase their profits in 2023. Mobile payments present many advantages over traditional payment options, such as faster checkout times, better security protocols, and more secure data storage. By taking advantage of these benefits and streamlining your mobile payment process, you could be looking at a substantial growth in sales this year! In this blog post we will discuss how businesses can easily optimize their mobile payment processes to ensure that customers have a smooth purchasing experience and gain maximum benefit from using them for transactions.
As the world of accounting and finance continues to evolve, businesses must prioritize cash flow management trends in order to maximize their success. In 2023, a new wave of sophisticated solutions are enabling companies to stay ahead of fluctuating market conditions, anticipate cash requirements and optimize liquidity. This blog post will explore the top trends that will shape the future of cash flow management so your business can keep up with industry changes while preserving profitability objectives.
A subscription business is a great way to earn a steady stream of recurring revenue while maintaining a long-term relationship with customers. Some subscription services, like popular magazines or the Book of the Month subscription box, have been successfully in service for decades. Others have cropped up in the past generation through the added convenience of the internet. One thing is for sure, though: these subscription businesses aren’t going anywhere anytime soon.
Simply fill out the form below and we'll be in touch shortly.