4 Embedded finance platforms empowering SMEs in the USA

By Delisha Fernandes

Embedded finance transforms how individuals interact with financial services, opening up many possibilities for financial and non-financial businesses to reach a wider market.

Embedded finance seamlessly integrates financial services into the everyday operations of small businesses, enabling them to manage larger transactions without relying on expensive external assistance or cumbersome paperwork. These features streamline administrative tasks, ensure compliance with regulations, and reduce costs and time spent on routine activities, freeing business owners to focus on more strategic and growth-oriented endeavours.

Furthermore, embedded finance platforms offer diverse payment options, from credit cards to digital wallets, facilitating quick and secure payments for customers. This empowers small businesses to expand their offerings to online platforms, previously restricted by the complexities of online payment acceptance.

Here are 4 embedded finance platforms empowering SMEs in the USA, highlighting their unique offerings to the financial landscape of  Small and Medium Enterprises:

Plaid is a data network that powers the fintech tools for millions of people. Headquartered in San Francisco, the company was founded in 2013. Third-party embedded finance providers like Unit use Plaid to safely and securely gain access to the financial data they need to create and fund new accounts. They also gain deeper insights into things like balances and transactions. Using Plaid Transfer, companies can seamlessly offer embedded payments by authorizing customers, analyzing risk, and moving money with a single API.

Stripe is a financial infrastructure platform for businesses. Millions of companies from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. The platform offers embedded finance products, including accounts, cards, and lending. Companies such as Shopify and Housecall Pro offer embedded financial services tailored specifically to their core users to attract more customers, add new lines of revenue, and improve their customer experience.

Square is a FinTech offering a payment terminal to facilitate card payment acceptance for SMEs. The platform builds integrated, omnichannel solutions to help sellers sell online, manage inventory, run a busy kitchen, book appointments, engage loyal buyers, and hire and pay staff. Across it all, they have embedded financial services tools at the point of sale, so merchants can access a business loan and manage their cash flow all in one place.

TreviPay is a B2B payments and invoicing network enabling enterprises to provide payment choices and convenience, open new markets and automate accounts receivables. With more than four decades of experience, TreviPay serves leaders looking to build loyalty while driving efficiency and embracing new digital channels, especially in industries with large distribution networks such as manufacturing, retail, and transportation. It specializes in providing effective embedded B2B financing solutions, from different types of invoice financing to payment and Net 30 terms.

ALSO READ: Global Digital Banking Vendor & Landscape Report Q2 2023