Enhanced simplicity in payment technology through innovative methods.

Finance Incorporated Limited is a customer of Business Reporter.

Finance Incorporated Limited is utilizing the capability of electronic transactions to offer solutions for independent contractors, larger companies and people, and financial institutions.

There is a transformation happening in financial transactions due to new technologies. Innovations like digital payments on mobile devices, blockchain, and artificial intelligence are shifting the focus from just the movement of money to also include data transfer. By having a solid infrastructure in place, financial organizations, companies, and individuals have the opportunity to improve customer experience and make payments a key strength in their business.

Reworded: Finance Incorporated Limited is dedicated to helping businesses embrace innovation. Founded in 2012, the company has grown to become a digital bank alternative and a strategic partner for other financial institutions. According to CEO Cenk Kahraman, “We collaborate with banks and financial institutions to facilitate their clients’ transactions through our platform. Additionally, we enable merchants, both physical and online, to process payments.” The company also serves retail and corporate clients who hold payment accounts with them, functioning as an alternative digital bank for these clients. Based in Malta, the organization now has plans to expand into the European market, with a focus on countries such as the UK, Germany, Spain, and Italy.

According to Kahraman, the business world provides ample services for big corporations, retailers, and small businesses in a competitive market. However, there is a lack of services for sole proprietors, such as sole traders or freelancers. This group makes up 69% of existing companies in Europe, outnumbering corporations. Traditional banks may not prioritize this group as the most profitable clients.

The Paymix SoftPOS was created with the sole trader in mind, allowing them to receive contactless payments through their phone without extra equipment or monthly charges.

Finance Incorporated Limited’s Mastercard debit card can be combined with this, resulting in faster processing times. This allows sole traders and freelancers to access their funds immediately without any delays. According to Kahraman, this service is beneficial to a wide range of potential customers, including taxi drivers, nail technicians, piano teachers, and small business owners like restaurants.

For big companies, Paymix Pro is a quick, clear, and convenient financial option that includes accounts, payments, and cards. It was created by Finance Incorporated Limited and also allows for bulk payments through a corporate website, allowing organizations to use their current ERP or accounting software for banking services.

Kahraman explains that their system allows for up to 50,000 payments to be initiated in a day with just the press of a button. This is made possible by a specialized risk-monitoring system that evaluates all incoming and outgoing transactions. As a result, clients can expect a higher level of service compared to traditional banks.

The e-commerce platform enables customers to make payments through various methods, regardless of the currency or country. It utilizes the SWIFT and SEPA networks. Businesses also have the option to provide their employees with Mastercard debit cards and customize the limits for different tasks or users.

On the opposite side of the spectrum, iPaymix is targeted towards individuals and provides an electronic wallet for those looking to participate in online banking. Users can add funds to their e-wallet from a credit or debit card linked to their primary bank, and they can also obtain a debit card connected to the account, enabling them to make purchases in physical stores.

The product is perfect for individuals living outside their home country in Europe. The main target markets are individuals residing in Malta, Germany, Italy and Spain. According to Kahraman, the account opening procedure can be completed entirely through your phone, even the verification of your ID. Additionally, a credit card option will be introduced in the near future.

In addition to these items, Finance Incorporated also provides supplemental offerings such as the ability for financial institutions or companies to issue their own payment cards to their staff or clients. They also offer a card data processing system that allows encrypted communication with Visa and Mastercard for financial institutions.

Kahraman predicts that in the future, financial institutions will be divided into two groups: traditional banks that focus on providing loans and deposits, and specialized digital payment companies. He also believes that cards will still play a role, but not the only one. Additionally, he expects there to be a consolidation in the market due to the abundance of current players.

Kahraman, CEO of Finance Incorporated Limited, plans for long-term growth by expanding to both the west and east of their Malta headquarters. He hopes to establish a presence in regions such as the Middle East, India, and the Pacific to the east, and in the UK and North America to the west.

Visit financeincorp.com to learn about how Finance Incorporated Limited can assist your business in creating financial solutions for the digital age.

Source: independent.co.uk