Connecting your financial systems provides investors with an accurate view of your business and can help speed up the time to funding.
By connecting business systems, you make it faster and easier for investors to make a decision about financing your company. In addition, some investors or financing options on Hum's Intelligent Capital Market (ICM) are only available to companies that connect their data systems.
As a first step in helping you secure funding, Hum ICM analyzes your business performance, and then matches you with investors interested in businesses like yours. Connecting your systems as part of onboarding to Hum:
- Saves you the time and hassle of manually uploading files every time you talk to investors
- Gives investors access via a secure data room to the information they will need for due diligence
- Keeps your business data secure through a machine-to-machine connection
The ICM supports many of the major business systems. Below is a summary of some of the benefits of these business systems and how connecting them to the ICM can help with your fundraising process and also give investors access to the data they need for their due diligence.
- Benefits of connecting to Quickbooks
- Benefits of connecting to Stripe
- Benefits of connecting to Plaid
- Benefits of connecting to Shopify
- Benefits of connecting to Braintree
- Benefits of connecting to PayPal
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Benefits of connecting to Quickbooks
With regards to business systems, many companies choose to use Quickbooks, as it can give investors assurance about the following in regards to the data they are seeing from companies:
- Accurate financial reporting: Users of QuickBooks can potentially generate a number of financial reports. These comprise of year-over-year income, expenditure, trends and forecasting documents. Moreover, each and every report can be exported into a spreadsheet layout and delivered electronically by means of email.
- Transparent transactions: QuickBooks can make the recording of banking transactions much easier. All the banking transactions like deposits, ACH drafts, payroll drafts, debit card purchases, bank fees etc., can be recorded easily by using QuickBooks. This helps in saving time and energy along with proper maintenance of data.
- Assurance of centralized data: All of a company’s financial information is on a single platform. Therefore, companies are not deploying separate software to monitor their financial tasks such as Cash Flows monitoring and Inventory tracking.
Benefits of connecting to Stripe
With regards to business systems, many companies choose to use Stripe in this, as it can give investors assurance about the following in regards to the data they are seeing from companies:
- Stability: The system will work perfectly and accept payments without delays or errors.
- Transparency of payments: The Stripe online payment solution for a website does not charge hidden fees from businesses nor customers.
- Reliable reputation: The Stripe payment gateway has successfully operated on the market for several years and has proven itself as a trustworthy payment processor.
- Usability of the interface: The system of Stripe payments is easy-to-use and has extensive documentation for developers.
- Universality: Stripe works with all types of currencies, banks, and credit cards and can be introduced on any type of online platform.
Benefits of connecting to Plaid
With regards to business systems, many companies choose to use Plaid, as it can give investors assurance about the following in regards to the data they are seeing from companies:
- Reduce fraud: Plaid allows users to create an app that can verify user identities according to bank files.
- Comprehensive transaction history: Users can access transaction data from up to 24 months from thousands of financial institutions. The app also offers insights through updates on recent transactions to help improve the user experience.
- Show account balances in real-time: Plaid’s Balance product verifies account balances in real time.
- Borrowers’ assets verifications: The Asset Report shows transaction history, identity information, and account balances of the account holder. Users can reduce risks by using bank data and optimizing borrower experience with time-saving processes.
- User income validation: A comprehensive analysis of bank deposits allows the validation of employer information and user income with accuracy. The projection of the current year annual income is streamlined to leverage employment validation as well.
Benefits of connecting to Shopify
With regards to business systems, many companies choose to use Shopify, as it can give investors assurance about the following in regards to the data they are seeing from companies:
- Easy to use platform to ensure accuracy: This is by far the biggest reason companies choose Shopify. Shopify is built for the average user, not skilled developers.
- Safety and reliability: Security, especially with regard to sensitive data of customers, should be a top priority for every company. At the same time, the data must be reliably accessible at all times. Shopify takes care of both of these indispensable characteristics and carries out regular updates and maintenance work for this purpose. Furthermore, Shopify has an extremely good technical infrastructure, which prevents server time-outs even with increased access numbers.
- Expert support: Users can access technical support every hour of the day through phone, live chat, and email. Self-help options are available as well. Users like that Shopify’s support is available outside of regular business hours.
Benefits of connecting to Braintree
With regards to business systems, many companies choose to use Braintree, as it can give investors assurance about the the data they are seeing from companies. In particular, Braintree allows companies to layer additional security and flexibility into every transaction. Companies can securely share the most sensitive customer and payment data with a third-party.
Benefits of connecting to PayPal
With regards to business systems, many companies choose to use PayPal, as it can give investors assurance about the following in regards to the data they are seeing from companies:
- Accurate real-time data: PayPal is easy to use , so working within the system is seamless in getting real-time data.
- Security assurance: Using PayPal gives companies an extra level of security and fraud prevention.
- Data privacy: PayPal encrypts bank or credit card information, keeping that information safe