This small post contains unpleasant moments from Fintech companies that small companies or entrepreneurs face. Best Online money transfer, Best Digital payment services… = High Fees, Big Saving on Customer Support, ….. But Virtual Selling Assistant without Real Support.
A characteristic feature of such companies is primarily enriching only shareholders and strategy without developing customer relations. Read Twitter of such companies and their leaders. You will see a lot of pleasant tweets to their investors and one tweet with thanks to customers. Only money. Therefore, automation in many cases, in order to reduce staff and does not pay attention to individual customer requests. But they will not miss automatic profits. Because soon robots will become cheaper than the price of human labor. And when the social responsibility of large businesses is words only, the level of stratification of society will be huge. We can talk a lot here. But such a future is almost here. Let’s get back to our topic.
When you want to open accounts in fintech companies, carefully study their work rules. Otherwise, you yourself will be to blame, because you succumbed to advertising. These are the dear possibilities of business growth from Fintech companies below.
1. No Chat Support. Ask community only or email support.
2. Inside payments between fintech company’s users on a free basis but NOT This beautiful option FOR ALL accounts. Fintech company decides who will have such an option and does not want to lose the commissions.
3. Commissions on every debit card transaction are 3%. But you can pay fees of $3-$11 only at other transfer companies even if send more than $1K.
4. Banking transfer process is too long (maybe more than 33 hours on the fintech company side).
5. Your money is under a microscope. If fintech support does not like the transaction, they can reject it. This microscope is for very small firms too!
6. Your money is “not yours”. When you want to close your account, you need to use this remaining money or it will be lost. The word “Lost” means Too Greedy Fintech company. Even traditional banks return your money if you close your account.
7. To add your bank account to your fintech account, a fintech company will check that it’s yours. Even if both banking accounts have the same account name (the same company name) fintech company can reject one.
8. If the account is under restriction you can not even close it and send your money to your other bank account. In this case, the restriction means “too many” actions for a very small company.
9. Even if your account is under restriction – they will have a $1 fee from you monthly… It’s one type of Not Blocked payments Only.
Conclusion: Such Big Fintech Companies’ services are NOT For Small businesses, especially not for African small businesses. Your fintech account may be your space for losing opportunities. They dictate the conditions to clients and earn on them automatically. Perfect business. Be careful. This is a mousetrap for your money. But we talk about some Fintech companies not all. Fintech can give big opportunities (from digital payments to quick investments) to small businesses if their owners and leaders are a social responsibility.
Are you agree with the above? Did you have the above experience?
Photo credit: Reynaldo #brigworkz Brigantty (Pexels.com)