After the COVID-19 pandemic, people began conducting face-to-face business again, but they never reverted to their previous habits and payment activities became more digitized than ever before.
It was difficult for small and medium-sized businesses to cope.
“Many small businesses are still concerned that the change will take time and money, but as payments become more digital, they are beginning to realise the big overall benefit of having customers pay in their office at the time of service, rather than mailing invoices or having to read off their card numbers over the phone at a later date.”
Armstrong's company is an Austin, Texas-based fintech that provides online payment-acceptance services and software to small law and accounting firms that have long transacted with checks but are becoming interested in accepting other forms of payment in their offices.
To help these businesses participate in the digital age, AffiniPay needed to expand its offerings, and a major milestone in this effort was the acquisition of MyCase in 2022, which enabled AffiniPay to offer expense management and a virtual Visa card, which launched this year.
AffiniPay's work isn't over yet. “A big question mark for 2024 is how generative AI will impact the fintech industry, accelerating operations and streamlining workflows for professionals,” Armstrong says. “We're committed to addressing this important industry shift to embrace these tools and are permanently investing to further strengthen our position as one of the most trusted solutions in fintech.”
Armstrong said such an effort requires strong leadership, and that Afinipay is focused on staying flexible enough to identify trends and adapt quickly.
Armstrong joined Afinipay as CEO three years ago, having previously served as CEO of real estate technology company Grace Hill and co-founder and CEO of LilyPod, a consumer technology provider focused on parents and caregivers.