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It’s been a tough few years for the U.S. economy, especially for small and medium-sized businesses (SMBs). Rising interest rates and a tightening credit market are making it difficult for some businesses to access capital. Banks granted about 18.8% of loan applications in June, down sharply from early 2020, before the pandemic, when they approved nearly half of all loan requests. 

Recently, in an effort to combat this burgeoning credit crunch, the U.S. Small Business Administration (SBA) announced it was making it easier for nonbank lenders, such as fintechs, to issue SBA loans. Critics of the move argue that the new lenders face less regulatory supervision, which could be riskier for the borrower, lender and taxpayers, as some small business loans are guaranteed up to 85% by the SBA. 

Regardless of the source, small- and medium-sized business owners know that limited access to capital means that successfully managing cash flow is crucial to their ability to run their businesses.

Cash flow management is critical — and challenging — for SMBs. Delayed payments, emergency and seasonal expenses, and prolonged payment clearing and funds availability times can wreak havoc on SMB owners’ ability to manage their finances. The results can be dire. Running out of cash to cover operating costs is the second most common cause of SMB failure, with 38% of SMB closures attributed to it.

Access to real-time payments can help alleviate some of the challenges presented by the current credit crunch and the attendant cash flow concerns. With real-time payments, businesses can utilize their cash instantly to better manage unexpected expenses and prevent operationally devastating financial setbacks.

Here are three ways real-time payments can help SMBs during the current credit crunch:  

1. Remove financial uncertainty as to when payments are complete a… Read More

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