For business owners, Financial Technology (Fintech) vernacular can be overwhelming. Understanding these terms is key to choosing the right tools to grow your business, serve your customers, and stay competitive.
At Celero, we believe in making payments simple, secure, and accessible. Here are 10 essential fintech terms every small business owner should know, explained in easy-to-understand language:
1. Payment Gateway
A payment gateway is the digital bridge between your customer’s payment method and your bank. It securely transmits data during online transactions. With Celero’s Connect® Gateway, you can accept payments across multiple channels: online, in-store, or mobile.
2. PCI Compliance
PCI compliance means your business follows strict security standards to protect cardholder data. Celero’s PCI Security Bundle helps reduce fraud risks, keep customer information safe, and protect your business from regulatory penalties.
3. Business Intelligence (BI)
Business Intelligence tools transform raw data into actionable insights. With CeleroBI®, you can analyze sales trends, track performance, and make smarter decisions about your business.
4. CRM (Customer Relationship Management)
A CRM system helps you manage customer relationships by organizing data, automating communications, and streamlining onboarding. Celero’s Compass® provides real-time reporting and easy-to-use dashboards to simplify client management.
5. Merchant Services
Merchant services are the tools and support businesses use to process customer payments. Celero offers a wide range of merchant services, from point-of-sale systems and eCommerce payments to loyalty programs.
6. Residual Income
For financial institutions and sales partners, residual income refers to ongoing earnings from merchant payment processing. With Celero’s partner programs, banks and ISOs can earn recurring revenue while helping their customers succeed.
7. Underwriting
Underwriting is the risk evaluation process when approving a new merchant account. Celero’s automated tool, Confirm®, streamlines underwriting for faster approvals and secure onboarding.
8. Fraud Prevention
Fraud prevention tools protect businesses and customers from unauthorized transactions. Celero’s solutions, like PCI Security and advanced AI-powered tools, help detect threats before they cause harm.
9. Contactless Payments
Contactless payments let customers tap their phone or card to pay quickly and securely. Celero offers mobile and NFC solutions like Apple Pay and Google Pay to speed up transactions and enhance customer convenience.
10. Point-of-Sale (POS) System
A POS system is the hub for managing sales, inventory, and customer data. Celero provides innovative POS solutions customized to your industry and growth needs.
Why This Matters for Small Businesses
Knowing these terms empowers you to make informed decisions about the solutions your business needs. Whether it’s safeguarding customer data, improving cash flow, or expanding into new markets, the right fintech tools can make your operations more efficient and profitable.
At Celero, our high-tech, high-touch approach means you’ll have the tools you need and the support to use them effectively. Contact us today to learn how our solutions can help you succeed.