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Paul Petersen

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Why and Where to Invest in Fintech

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Heard of fintech? If you read the news with any consistency, then you’ve surely come across the term by now. 

Fintech, or financial technology, is quickly transforming the banking industry, and bringing significant changes to many other areas of the global economy as well, especially eCommerce. 

As of February 2020, there were 8,775 fintech startups in the USA, more than any other region, though the US is by no means the only country embracing this nascent industry. There were about 7,385 such startups across Europe, the Middle East regions, and Africa.

The industry has only grown since then, aided in part by a pandemic that created a sudden and global premium for remote services, especially remote financial services. 


Or as Forbes put it: “Frenzied at-home trading and sky-high asset valuations became hallmarks of the stock market’s pandemic year, fueling a period of explosive growth for a crop of investing-focused fintech companies at the center of it all.”

Though dismissed as a fad just a few years ago, now the biggest financial firms and publications have daily stories about how and where to invest in fintech. 

Why? 

Because fintech drastically lowers the service costs of many financial transactions while simultaneously providing streamlined outcomes with automated financial operations, said Bardya Ziaian, the CEO of Sittu Group and an innovator in the Canadian fintech industry. 

So for starters, fintech is cheaper for many customers than conventional banking. It’s also part of the larger trend of cashless transactions. 


Most people, especially in the younger generations, now eschew the use of cash in most transactions, Bardya Ziaian said. Whether it’s a morning smoothie or online banking, the use of cash declines every year. Fintechs will benefit from this change as they flourish when more transactions take place on their platforms. 

Digital payments actually comprise 25 percent of the fintech ecosystem. And it’s not like smart phones are going anywhere. According to TechCrunch, about 90 percent of smartphone users make payments on their phone.

The other salient point is about data. The fintech industry has been an early adopter of data-gathering, using it primarily to draw conclusions about customer spending patterns. While many media outlets continue to question the ethics of data-mining, the reality embraced by every major eCommerce retailer is that customers now expect online businesses to offer personalization — and that requires data. 

“Fintechs have proven themselves extremely adept at leveraging the huge amounts of data out there to provide solutions that modern consumers want,” Ziaian said. “This trend isn’t going anywhere. It’s the future.”

So we’ve established that fintech is here to stay and will continue to grow in future years. 

Where should you, the investor, start putting their money? 

You could start with one of the fintech companies you’re already using in your daily life. The main services in fintech are: payment processing, financial software, online and mobile banking, online and peer-to-peer (P2P) lending, and financial services, and person-to-person payments. 

Unless you’ve been living under a rock the last 10 years, you’ve likely already embraced at least one or more of those services. 

That’s why when Motley Fool announced their Top 5 fintech companies for investing, the candidates weren’t newcomers, but fintech companies that have shown reliable growth for a number of years. 

The picks include Square, which you’ve likely used at a coffee shop or farmers market to pay for small items. Square processes card payments at a rate of over $100 billion, according to Motley Fool, it has a thriving small-business lending platform, as well as increased use among larger vendors. 

There’s also PayPal, founded by now-richest-person-in-the-world Elon Musk. Now the leader of online payments, it also owns person-to-person payment platform Venmo, and is venturing into the eCommerce space as well. 

The third pick from Motley Fool is the most interesting: Goldman Sachs. It’s an odd choice for fintech, given that Goldman Sachs is one of the oldest companies in conventional banking. But the company is now embracing fintech, 

“And unlike most other fintechs, Goldman’s massive investment banking business tends to be better in turbulent markets, making this a less cyclical fintech stock,” Motley Fool wrote. 

There’s plenty to explore about fintechs and investing, but this should help you get started. 

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In Business

Cardinal Rules for Michigan Businesses to Prevent or Control Fires

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Sunday, October 8, 1871. The story goes that a cow on a nearby farm in Chicago knocked over a lantern and burned everything in its surroundings.

In reality, the summer of that year was unusually hot, and as fall came, almost everyone in Michigan, Illinois, and Wisconsin knew the condition wouldn’t change. Instead, it transformed farms, homes, and buildings into a huge kindling.

And so the Great Chicago Fire began in the early evening of that October, destroying acres of land and ending lives. Later in the day, the smoke crossed over to the tiny towns of Michigan, rousing families to shouts of “Fire!”

It took about three days before the flame died, but the story didn’t end there. The Great Lake State has dealt more fires since then. As of May 2021, the Colfax Fire is raging in the north and destroying at least 420 acres of land.

Overall, the state experiences at least 8,000 wildfires and more home fires each year, some of which eventually make it to the headlines because of their severity. It isn’t surprising then that Michigan implements a strict fire prevention code.

For those doing business in the state, here are essential fire-related points that matter:

  1. Create an Emergency Plan and Involve the Local Firefighters

According to the provisions of the construction and fire codes for enterprises in the state, a business needs to meet three requirements to have an effective emergency plan:

  • Firefighter right-to-know, which means both employees and local firefighters need to be aware of the type of hazardous materials used in the establishment and their corresponding danger. In line with this, local firefighters have the right and obligation to inspect the site regularly.
  • HAZWOPER, which stands for hazardous waste operations and emergency response. It obligates companies that produce or use chemicals officially labeled as hazardous or dangerous by OSHA (broadly defined as one that can cause physical harm) to prepare for any emergency and train employees in the process. Based on the code, this plan will include first aid and other types of emergency treatment, evacuation procedures and routes, and coordination with outside parties, like firefighters.
  • SARA Title III, or the Superfund Amendments and Reauthorization Act. Under this law, industries that produce or use extremely hazardous substances in volumes, which increases the risks of public exposure, may need to make their inventory or chemical data sheet public. Moreover, every county may have to set up a fund to cover emergency response and toxic waste clean-up.
  1. Work with a Qualified Electrician in the State

Many fires happen because of faulty or old electrical systems. This is especially true in industries that rely on huge power lines. When they are not maintained well, they can still begin a massive wildfire as trees or branches can touch the line.

Electrical wiring is one job that no layperson can do in the state unless they are duly licensed. This means that businesses need to work with an industrial electrician in at least two situations:

  • Before installing any electrical equipment in the building
  • Altering the electrical system (such as adding or replacing worn wires), especially if the cost of the equipment exceeds $100

Based on the local building code, in these two scenarios, the company needs to obtain an electrical permit. But a qualified contractor can already take care of that.

However, this electrician may need to coordinate with a state-licensed engineer or architect, who has to provide signed-and-sealed building plans and specifications. These are part of the requirements for getting an electrical permit.

The only time that alterations or rewiring won’t ask for a signed plan is if it is considered “minor.” The working area is no more than 3,500 square feet, and the electrical system rating doesn’t go beyond 400 amps.

  1. Obtain a Mechanical Permit

The 1972 Act 230 of the state says that a building that needs to use specific flammable equipment needs to obtain a mechanical permit. These include water heaters, chimneys and vents, cooling systems, incinerators, boilers, and air pollution control systems.

Businesses can only work with licensed contractors to get the permit. Local firefighters, meanwhile, may inspect the area and the quality and condition of this equipment regularly.

Fires cost a lot of money and endanger lives, but the good news is, in many cases, they are both preventable and controllable. If not, then companies have the means to prepare for an effective emergency action to significantly reduce human and property losses. It begins by following the state building codes and collaborating with the local fire department.

Meta title: Essential Fire Rules for Michigan Businesses

Meta desc: Every year, Michigan experiences thousands of fires. Businesses can decrease their risks of human and property losses with these three tips.

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In Finance

Why Private Money Lending Works Best For Your Investment Property?

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It can be tough and challenging to make your real estate company grow especially because with conventional financing options you might not find it easy to close your upcoming investment property. But in the case of real estate investors, there are several options available outside the realm of conventional ones. There are private lending companies too who could come ahead and help lend money for your real estate business when you need it the most. 

You can make the best use of private lending programs irrespective of the fact whether you need to flip, construct or improve your property. These kind of lending companies come with their own set of benefits that you can make the most use of:

  • Get approved quickly 

One of the best uses of getting assistance from a private money lending company is that the speed of the approval is very fast. When you see any property that well fits the requirements of your business needs, the goal should be to place the offer and get it closed as fast as you can. This is also a good way to make your offer look a potentially stronger one. With the help of private lenders, the approval notice is delivered in just a matter of a few days, sometimes not even weeks. This means you can use the cash and get the property closed. Using cash offers tends to close the deal quite quickly which again is a plus for any prospective seller. 

  • You get the time to make any improvement you need

Private investors are the ones who lend you a private loan or hard cash. The term of the loan can vary, which includes payments that would be interest-related, with principal payments or interest too, at the end of the cycle of the balloon payment. 

This means that in case you wish to get conventional finance for the long-term via a refinance, the lending company or lender will give you the capital you need. You also get time if you wish to make any kind of improvement to the property.

 

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In Finance

A Synopsis of the Binance Referral Program

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The Binance program is a new way of earning crypto and you do not need to do trading. You just need to invite your friends to join the Binance program or Binance community. Ho here is a guide regarding the way to create, set up, and manage your Binance referral link on your dashboard. 

The Way to Use the Binance Referral Program

Step 1: Create and login into your Binance account.

Step 2: After that visit the user menu in the top right corner and click for the referral.

Step 3: You can click on the link if you do not have a link.

Step 4: By sharing your Binance referral id you get a default referral rate that is twenty percent. This means you will get twenty percent of the fees paid by the friends to whom you referred. Apart from this if you want to share 0%, 5%, 10%, 15%, or 20% amount of your rewards with your friends then you can share it. Those accounts that have a daily average of 500 BNB or more will get an increase in their Binance referral rate up to forty percent. 

Step 5: You can see all the details on the top of the referral page when you will click on generate the link.

Step 6: Now you are fully ready. You can start to invite your friends and trade on Binance.

Step 7: To start inviting click on the invite now. Different image sizes can be chosen to download and share.

Step 8:  You can start inviting your friends through Binance referral id, Binance referral link, or by sharing the QR code.

Step 9: Once the invitees make an account and successfully register and start to trade the referral commissions are calculated and transferred to the account of the respective Binance accounts. Commissions from both parties are it the invitees or those shared with the invited friends will be transferred to your account. 

Step 10: The details of the referrals can be navigated by going through the sections on the referral page. It can be accessed quickly by going to the top menu.

It can be concluded that Binance is among one of the top and largest exchange platforms for cryptocurrency. This program is an excellent way and opportunity to earn some passive income and provides you a platform that is highly profitable to use. The only thing you need to do is share, and boom your income is transferred to you. The guide to using Binance is given above.

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In Featured

A complete overview of check cashing process

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What is the meaning of Check Cashing?

Check Cashing is defined as a way of instantly acquiring money in cash without the involvement of going to the bank. It is a very popular process but not many individuals are aware of this method. The process of check cashing is way too much easy and is becoming popular across the globe. People need not have a bank account forcheck cashing warren mi.  People need not have a bank account for check cashing. 

This service enables us to instantly cash all types of checks, such as paychecks, or any other checks without stepping into a bank.

Who provides check cashing services?

Checks can be cashed at any of the following spots:

  • Check cashing store, 
  • Grocery or retail shop, or 
  • Banks

The financial centers or stores that provide such services are recognized by a national trade organization known as Financial Service Centers of America (FiSCA). For example, CheckCashing247 is a popular website providing such services. The process also charges a certain amount of fee which serves as revenue for the check cashing service organization.

What is the process involved in Check Cashing?

The steps involved in Check Cashing process are as follows:

  • Firstly, you have to determine a location from where you’re going to cash the check. If you cash your checks from a bank or check cashing store, then you don’t need to buy any product before the conversion. But, if you convert the check from any other store, then you might need to purchase some products before conversion. 
  • Secondly, you must verify the check you’re cashing to ensure that the check cashing process is completed effectively. For example, if there is any mistake on the check, the check might get returned. 
  • Then you must sign the check and finally endorse it to the bank or the financial center for the process to be completed. 
  • The bank or check cashing store may ask you for your photo or any relevant details for the identification process. 

The Bottom Line

The check cashing process is likely to gain more popularity among people as it is the simplest and quickest process to cash your checks within a few minutes only.

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