Fintech innovation has transformed the financial industry by offering new solutions, maximizing efficiency, and enhancing customer experience. The fintech industry is like that underdog who went from the sidelines to stardom. The adoption rate of the fintech industry has significantly grown over the past four years. The market value of the industry was $133.84 billion in 2022 and is expected to reach $556.58 billion by 2030.
Financial technology has been a vital force behind the transformation of many industries. One such industry is the entertainment industry. The industry relies heavily on fintech solutions for paying vendors, managing cross-border payments, etc.
Wondering how fintech solution helps the entertainment industry? Fintech platforms like Zil.US offer comprehensive financial services that can help the industry handle the financial complexities of B2B transactions. To understand how it helps, it is important to understand the common payment challenges faced by the industry. Here are some of the challenges that can be solved by using Zil.US.
- Entertainment productions, from films to events, may have numerous vendors and freelancers, such as set designers, sound engineers, and more. Paying each of them on time is important. The same-day ACH offered by the cloud-based platform makes sure that the payment is delivered within the next business day.
- Each vendor may prefer different payment options. Paying them the way they like can lead to better terms, discounts, or priority service. The all-in-one platform offers multiple payment options.
- The entertainment industry often works with global partners, such as international film distributors, talent from different countries, etc. The cloud-based platform offers wire transfers, which makes international fund transfers easy and timely.
- Productions and events in the entertainment industry may have to deal with numerous expenses. These may include equipment rentals, travel expenses, and many more. Tracking all these expenses manually may contain human errors. The all-in-one platform allows the industry to track each transaction without any additional expenses.
Same Day ACH
Fintech platform like Zil.US allows you to avoid the usual delays associated with traditional payment systems. Zil.US offers payment options like same-day ACH, which delivers your money within the next business day.
Same-day ACH helps companies to manage their payment schedules effectively. It lets companies make time-sensitive payments to vendors or service providers without delays.
Same-day ACH is processed via the ACH network, which is controlled and monitored by NACHA. The cloud-based platform is an official member of NACHA, which makes ACH payment via the platform easy and cost-effective.
ACH is one of the cheapest payment options available today, making it an ideal choice for most B2B transactions. Moreover, these transactions are more secure than manual transactions since both parties can set up recurring payments instead of requesting payment information each time.
Check By Mail
Zil.US offers a check-by-mail service, which lets users satisfy vendors who prefer traditional payment methods. Users can make check payments without going through the usual hassles associated with this method.
The users do not need to do the mailing process manually. The platform will handle everything from printing, labeling, and enveloping your checks to sending them via USPS/FedEx.
For mailing, there are four options; you can choose one depending on your urgency to settle the payment. The first one is overnight check mailing. This feature lets you deliver your checks within the next business day. The second one is first-class mailing, which delivers checks within 1-5 business days. The third and fourth are priority mail and express mail. Priority mail delivers checks within 1-3 business days, and express mail delivers within 2 business days.
Wire Transfers
With Zil.US, you can easily pay your international clients and vendors. The platform offers international wire transfers at an affordable cost. International wire transfer enables individuals and businesses to send money across borders. It facilitates cross-border trade, investments, and personal transactions.
You can also send domestic wire transfers using the cloud-based platform. International wire transfers often require SWIFT or IBAN codes, whereas a domestic wire transfer only requires a routing number and account number.
Wire transfers are also the best for the transaction of large amounts. It offers a higher transaction limit than other payment options. This is particularly beneficial for large industries that require substantial payments.
Fee-Free Checking Account
Zil.US offers fee-free checking accounts. That is, the platform’s checking account comes with no initial fees, monthly fees, or any minimum balance requirements. There are no other hidden charges or fees. This helps businesses to manage their financial accounts cost-effectively.
Moreover, you can open a US checking account with the cloud-based platform from anywhere in the world. That is, you can open a US checking account without having to visit the US. All you need is a subscription to the all-in-one platform. This is particularly beneficial for businesses that have a busy schedule.
Conclusion
Fintech solutions, particularly those offered by Zil.US, are transforming the entertainment industry. The platform helps in solving the common payment challenges faced by the industry and enhancing overall financial management. The platform’s same-day ACH, check-by-mail feature, wire transfer, and fee-free checking account contribute to the growth of the entertainment industry.
