In the past it was difficult to start a small business. The business would have to go to a bank to get loans or investment. And, if the business wanted to accept credit cards, they would have to contract with a credit provider.
Fintech has solved many of these issues making it easier than ever to be an entrepreneur. First of all, crowd funding services allow small businesses to raise capital without the help of a bank or investor. As Forbes writer Bernard Marr says crowd funding has, “It has democratized the process of finding startup capital and shortened the timeline from perhaps months of meetings to as little as a few weeks”. Also, through companies like Square and PayPal, small businesses everywhere are able to collect payment by debit and credit cards. There are even companies offering mobile technology payment systems to small businesses. Although these companies require a small fee, they are nowhere near the fees traditional credit providers required, and they include less hassle. Finally, Fintech has resolved the problem of international payments. Services like PayPal, automatically convert currencies, and TransferWise allows for larger international money transfers.
I really like the advancements FinTech has made for start-ups. I think by lowering barriers to entry Fintech is creating competition among businesses, which promotes innovation and efficiency.
http://www.forbes.com/sites/bernardmarr/2017/02/10/a-complete-beginners-guide-to-fintech-in-2017/#349284077542