The changing face of BFSI and how it's revolutionizing an industry

The banking industry in the country has been hugely influential on the economy as a whole. It facilitates business and promotes growth, but it's not without its shortcomings. While the product range and reach of banking in India is fairly mature, small businesses still find it a challenge to get credit facilities easily.

Credit plays an important role in the growth and expansion of small businesses. Due to the very nature of their business, a large portion of the capital gets locked up in receivables and inventory. This is the working capital that a business needs to meet its day-to-day requirements. Traditional banking demands collateral, which is hard to come by for these MSMEs. So they have to turn to the informal credit system to meet their cash needs.

The lengthy time involved, combined with the complicated processes in traditional banking, acts as a deterrent to those businesses that would otherwise be interested. These are the challenges that small businesses need to address to grow.

Small scale businesses often require quick funds to capitalize on narrow windows of opportunity. The ability to take advantage of time-sensitive deals, company schemes, etc., are just some of the benefits that a retailer can avail of with a more convenient stream of credit.

By providing a platform to overcome these hurdles, ePayLater helps these small businesses avail credit quickly and easily. The entire process takes less than 5 minutes and is designed to be as seamless and easy to use as possible.

This ease of use is exactly what businesses have been searching for to help them grow their businesses. For individual businesses, it means being able to maximize their profits. In turn, this means the ability to grow their sales, build a loyal customer base, and continually scale their business. On the whole, this helps act as the backbone of a growing industry striving to reach its fullest potential.