What Belongs in a Small Business Global Fintech Stack?

4 min read

Fintech is one of the most prolific sectors of the tech industry. From payments to investments, accounting to lending, there’s a multitude of products out there designed to facilitate finance in whatever form it takes. It’s this broad ecosystem of technologies that’s enabling small businesses to expand their reach to an international marketplace.

Technology is the great equalizer, and fintech especially has democratized global commerce for even the smallest players. With the right tools in your fintech toolbelt, it’s possible to build an international business model right from the get-go. Here’s a look at how to do it, using a few essentials to build your fintech stack.

Bookkeeping and Accounting Software

Far and away the most important software in any financial tech stack is bookkeeping and accounting software. This is the bedrock of not only transactional record-keeping, but also business operations. Businesses that can’t fundamentally account for their finances can’t hope to succeed in a global marketplace.
Look for accounting software that’s intuitive and powerful enough to automate much of your business’ financial oversight. Bookkeeping software that’s properly set up, well-integrated and routinely managed is the de-facto foundation of a global fintech stack.

Top features to look for
  • Automations that reduce administrative data entry.
  • Intelligent tools that reduce mistakes and expedite audits.
  • Broad integration capabilities across the fintech stack.

Payment Processing Software

Global business takes place online, which means that’s where your transactions will happen. Whether you operate an ecommerce or sell your services to business abroad, you need some way to accept and process payments. Payment processing software opens the door to accepting credit cards, which gives you the ability to accept a ubiquitous payment option through any number of online portals.
This is also true if you’re working with contractors, companies, or service providers around the world. Processing payroll demands its own solution within your fintech stack. Thankfully, today’s cloud-focused processors make it simple to integrate, bridging the gap between your payroll system and your accounting software.

Top features to look for
  • Low fee structures and scalable tiers for affordability.
  • Reporting metrics that deliver transactional insights.
  • Simple UI that creates a seamless, intuitive UX.

Tax Compliance Software

Doing business internationally means staying tax compliant: a monumentally difficult task that’s made simple by modern tax compliance software. From sales tax to territory tax, small businesses need to know what they’re responsible for paying and how to plan for taxes and fees proactively, not reactively.
There are tax implications no matter what side of the international transaction you’re on. If you’re a merchant, sales tax and VAT taxes demand consideration. If you’re sending money to contractors or vendors, you’ll need to understand the significance of your business nexus in various regions of the world. Software makes it simple.

Top features to look for
  • Robust tax considerations for global countries and jurisdictions.
  • Proactive tax compliance tools that enable setup before sales.
  • Powerful reporting features that illustrate growing tax obligations.

International Payments and Transfers Software

Speaking of transacting with different countries and currencies, every global fintech stack needs a solution for international payments. It boils down to having a platform that provides the same easy process for international payments as it does for domestic payments. That means offering the flexibility and confidence needed to foster business relationships across the country or across the globe.
Look for a digital payments platform that enables flexibility in payments, so you can send or accept payments via wires or by a wallet transfer—just like an ACH. Regardless of the mode of transfer, the platform needs to have payment tracking visibility and transparency on both sides of the transaction.

Top features to look for
  • Built-in peer-to-peer communication tools (in-app or on-platform).
  • Payment tracking throughout the entirety of a transaction.
  • Access to multiple payment rails and flexible transaction channels.

Support Software

Keep in mind that a global fintech stack doesn’t solely benefit from finance-focused software and applications. If the goal is to do business seamlessly at an international level, the stack also needs to extend to support software that facilitates transactional efficiency.
From file sharing to video chat, digital signatures to collaboration software, whatever your small business needs to operate internationally needs to be part of the tech stack. So long as it supports financial operations, it belongs in the stack. And, you’re likely to find that your tech stack shares more than a few connections with your business’ sales ops stack.

Top features to look for
  • Pre-built integrations that connect to vital aspects of the fintech stack.
  • Secure Single Sign-On (SSO) that protects sensitive user data.
  • Low learning curve and resources that enable quick mastery of a platform.

Connecting Your Tech Stack Via Integrations

While there are plenty of ways to build a global fintech stack, technology is only as helpful as it’s enabled to be. That means taking the time to set up integrations and synergies, and the automations that power data sharing across the stack.

How do credit card transactions get from your processor to your accounting software? How does your tax compliance software know where to scan for taxable events? What connections do you need to move money between your bank account and your digital wallet? Software and data left in silos will hinder more than they help. Make sure to facilitate the flow of data between various software components in a stack, so they can contribute to an end-to-end transactional model.

A well-structured, well-understood, well-maintained tech stack will give any business a competitive advantage when doing business internationally. Even small businesses can compete in the global marketplace with a stack that’s built to make transacting across countries and currencies simple, efficient and transparent—for both the business and its partners.

Veem offers solutions that make the world more accessible for small businesses–simply. Request a demo to find out how Veem can be an integral part of your fintech stack.



* This blog provides general information and discussion about global business payments and related subjects. The content provided in this blog ("Content”), should not be construed as and is not intended to constitute financial, legal or tax advice. You should seek the advice of professionals prior to acting upon any information contained in the Content. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content.