Impact of COVID-19 on SMEs

As of 2020, there were 31.7 million SMEs in the United States, which is 99.9% of all businesses (SEMrush, 2021). It is no secret that these enterprises have faced adversity over the last few years- specifically amidst the pandemic. Some of the greatest challenges these businesses are facing include reduced revenue, unforeseen expenses, and a lack of capital. As a result, many small businesses have seen diminishing growth or have been forced to close entirely.

Insufficient solutions during a critical time

In addition to these obstacles, SMEs have traditionally been inadequately serviced by their banking providers. The current services do not sufficiently meet the needs of these small businesses. Consequently, numerous SMEs have been compelled to rely on unfavorable loans and other financial funding. As these services remain stagnant, SMEs demands continue to evolve in today’s pivotal economic conditions. These businesses are ambitious for recuperation as we enter a post-pandemic era.

A faster financial recovery

Luckily, FinTech is in touch with innovation. Nucleus Commercial Finance chief executive Chirag Shah says: “We firmly believe fintech lenders are best positioned in the industry to support SMEs thanks to the ability to design flexible products, powered by cutting-edge technology. Future innovation will further reinforce that FinTechs can no longer be considered an alternative; we are the true mainstream lender.” Prospering in the FinTech industry, KyckGlobal is a next generation platform that aggregates corporate disbursements simplifying the complexity of funding, reporting and compliance while providing numerous alternative payment choices to recipients. Ashish Bahl and KyckGlobal stand ready to offer solutions to help them make a faster financial recovery.

Robust payment types

Traditional payroll solutions fall short for businesses with gig and freelance workers. Through KyckGlobal’s flexible payment platform, they are able to give businesses the ability to stay agile with their hiring while they try to rebuild. With access to a robust array of payment types, these businesses are able to improve their day-to-day operations by drastically reducing their overhead, risk of IRS penalties, improving worker satisfaction and retention, and consistent end-to-end payee experience.

Flexible Banking Options

Insubstantial banking options have left SMEs with outdated solutions. KyckGlobal offers the perfect off-cycle payment solution for a modern workforce. With unemployment at historic lows, KyckGlobal is solving the puzzle with an exciting suite of services for salary and hourly workers – all from a single point of settlement. KyckGlobal’s cloud-based solution provides your bank fast, secure, and cost-effective access to digital disbursements for an unlimited range of use cases. The platform is also ready for white-labeling, generating new revenue with branded portals and enhancing your treasury management portfolio.

Looking Ahead

It is likely that there will be further demand for funding in the months and even years to come. Moving forward, innovation, flexibility, and technology will all play a vital role in combating the economic effects of coronavirus. KyckGlobal and Ashish Bahl stand at the forefront of change- with robust payment types and flexible banking options to ensure SMEs are set up for success while they try to rebuild. Visit www.kyckglobal.com and @KyckGlobal to learn more.

Published On: June 1st, 2021 / Categories: FinTech Industry, Payment Industry /