Midsize companies usually have more financial resources than small companies, which allows them to have more complex and engage in multiple markets or lines of business. However, to continue to grow and expand into new territories, it is essential for medium-sized companies to have financial products and services that are in line with their needs. Here are some of the financial products and services that a medium-sized company might need.
Dedicated accounts
Dedicated accounts allow medium-sized companies to have greater control and management of their resources, as they allow simple and effective tracking of the company’s income and expenses. By having separate bank accounts, the company can keep an accurate record of transactions and evaluate the company’s overall financial performance, which is useful for auditing processes, as well as being a legal requirement for conducting business transactions.
Multi-currency IBAN accounts
Multi-currency IBAN accounts allow medium-sized companies to send and receive international payments, in addition to having access to a conversion system for more than 30 currencies, which is very useful when making frequent transactions between countries that have different currencies. It is essential to know that this type of account allows having balances in different currencies in the same account.
Simplified e-money service and intuitive platform
Simplified e-money services are financial solutions that are supported by a technological platform, which aims to facilitate the financial operations of a medium-sized company. These services are designed to facilitate and streamline a company’s financial processes thus reducing its dependence on cash or traditional payment systems.
It is significant to note that no matter how many functions a platform has, if its interface is not intuitive or easy to use, then the company will not be able to get the maximum benefit from the platform, as it will simply not be able to use all its functions or tools. For a platform to be intuitive, it needs to meet some basic criteria: that its interface avoids complexity, that it presents information in a clear and organized manner, that it has a logical workflow, and that it adapts to the user’s needs, among others.
Line of credit
This financial product usually consists of a loan that the medium-sized company receives (medium or long-term), through a contract issued by a financial institution. Medium-sized companies may request this type of load for a specific purpose, for example, the purchase or renewal of machinery/technology, financing their growth, purchase of assets, updating their processes/operations, business acquisitions, etc.
Wallet
Digital wallets allow medium-sized companies to manage their digital assets or cryptocurrencies in an effective, simplified, and more secure way. Digital wallets often provide an expense tracking and reporting tool, allowing mid-sized companies to track their transactions and expenses, which facilitates the financial management of their digital assets.
Batch payments
Batch payments allow medium-sized companies to process their payments automatically, allowing them to make payments to different suppliers or workers with a single operation, thus optimizing the group payment process, which considerably improves the financial efficiency of the business or company.
What do you think about this topic? Do you know of other financial products for medium-sized companies?
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