EXCLUSIVE: “All the Smarts” – SimplyPayMe in ‘The Fintech Magazine’

SimplyPayMe is a case study in how the next generation of providers is able to respond to the needs of one of the world’s biggest, yet the least understood and most under-served business markets – SMEs

SMEs and sole traders often experience challenges in traditional banking. There is a lack of products tailored to their needs and they often have to use time-consuming manual platforms to upload their data.

Meanwhile, many financial providers struggle to serve this complex market and, with minimal ability to view a business’s financial position, they find it difficult to secure SME financing. As SMEs continue to grow worldwide at an average rate of 7.1 per cent a year, the demand for digital-first solutions with automated tools to remedy this mismatch is rapidly increasing.

This has been a growing opportunity for fintech companies, with payment technologies being introduced that allow an expansive ecosystem to develop, stimulating further growth of the market. One of the best examples of operators to emerge in this new sector is the award-winning global payments company, SimplyPayMe.

It provides SMEs with a personalised invoicing solution, core banking services and digital tools that enable small to medium-sized businesses to take control of their finances. SimplyPayMe’s disruptive payment technology and fully-fledged payment, invoicing and software solutions provide a complete payments infrastructure over a Cloud-based platform, allowing its customers’ clients to run their businesses and get paid from a single application – and all through a smartphone.

“As SMEs grow worldwide, demand for digital-first solutions with automated tools is rapidly increasing. SimplyPayMe is demonstrating how they can be helped to find their full potential”

Like many startups, SimplyPayMe was originally a B2C company that pivoted to a B2C2B model, but its core objectives remained constant: to research and develop technology solutions that are fully integrated into the financial ecosystem. These allow enterprises to deliver merchant services such as invoicing, point-of-sale, PayLink, quotes, status reports, paperless receipts, and more via multiple integrated payment processors, which has been achieved by SimplyPayMe onboarding APIs in an unprecedented way.

Fully digital businesses, like SimplyPayMe are able to focus energy and resources on providing the best no-hardware solutions – in this case, saving SMEs money while improving access to the financial ecosystem, all the while delivering a great customer experience.These new fintechs were born with a partnership mindset and scalable technology – SimplyPayMe is already building relationships with North American and European key partners with the aim to create an even larger SME ecosystem.

These collaborations will provide individual software solutions and an all-in-one, innovative platform, facilitating on-the-go payments, removing hardware, card readers and provider accounts, and offering complete financial inclusion for SMEs, through integrations with Paysafe (US) and DNA Payments (UK).

Ultimately, the app will open payment features for SMEs where cash is often the only payment option.In this digital-smart era for SMEs, SimplyPayMe is demonstrating how businesses in a largely overlooked and vastly underserved sector can be helped to find their full potential.

This article was published in The Fintech Magazine Issue 25, Page 147