1. What is your name and title?
Eddie Davis – SVP Sales & Operations
2. Tell us about your role at FINSYNC?
I work on the revenue side of the business. Communicating between sales, marketing, support and product teams as well as our partners to determine how we can best serve our business users.
3. Can you tell us about your journey into this market?
I was a consumer of small business, back-office software and found the options clunky and inefficient. When I was connected with a platform that was looking to solve a lot of the pain points I experienced in my own businesses, I jumped at the opportunity.
4. How do you think technology will transform the financial sector, in general and in response to the challenges presented by the COVID pandemic?
With the transition from baby boomers to gen x and millennial business owners, we’ve already been on the path to more digitally- oriented relationships. We’re only seeing more pressure to move to paperless and asynchronous processes as physical meetings are no longer advisable.
5. How has technology contributed to businesses in your customer base easing payment methods?
Any recent examples with regards to the last 2 months (and impact of COVID) you’d also like to share? We’ve seen the acceptance of credit cards in a limited use case grow.
Businesses that would not normally consider taking a credit card payment are willing to make exceptions if faced with a choice between that or not being paid until their customer can come up with the cash.
6. Can you explain how your platform helps in better accounting and cash flow management?
In our platform, the integration allows most of the accounting and cash flow analytics to be created as business is conducted. Invoicing someone creates the sales and A/R entries as well as an uptick in cash flow projections on the due date. That invoice being paid electronically creates the cash entry and A/R adjustment as well as moving the future cash inflow to the date of payment. Very few manual journal entries need to be created.
8. What features of your payment platform differentiates it in the market?
We combine the 3 primary payment channels for businesses in the USA (ACH, charge card and paper check) in both directions and add notifications, a secure portal for customers and vendors and remittance advice. The convenience of P2P apps with the tools businesses need to transact efficiently.
9. What advice would you like to give to new fintech solutions entering the market – such as other startup founders based on the journey FINSYNC has had?
Find a piece of the financial transaction chain, e.g., consumer to retail to wholesale to manufacturer, that has become a logjam or bottleneck, and create a better way to move money or simplify one transaction in that particular place.
10. What are some upcoming major developments FINSYNC is planning for mid-year 2020?
Our PPP loan forgiveness solution is already helping PPP lenders and borrowers to comply with PPP forgiveness requirements by connecting the lender and the borrower electronically before the submission to the SBA.
11. Can you tell us about your team and how it supports you?
Our teams can turn on a dime, as exemplified by the COVID19 economic situation, in which the PPP program was created and dumped on the banking system in a matter of days. Fintech was center stage for that event, and we rolled out two new offerings for lenders and borrowers in the span of just a few weeks.
12. What movie inspires you the most?
The Pursuit of Happyness
