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Businesses

Overview​

Explore how JustiFi's concept of Businesses within Entities allows for detailed management and growth of business customers on your platform. This section will cover how to utilize Businesses to streamline operations, enhance customer relationships, and drive revenue.

Key Features and Benefits​

  • Data Management: Centralize business information, including banking details, contact information, and transaction history.
  • Customization: Tailor data fields to fit the specific needs of your industry or operational requirements.
  • Integration: Seamlessly connect with other JustiFi components for a cohesive financial management experience.

Real-World Application: General Contractor Management Platform​

Scenario​

A general contractor construction management platform uses JustiFi to manage a diverse portfolio of business clients, handling sub-contractor payments, vendor payments and providing unique financial insights.

Implementation Steps​

  1. Onboarding General Contractors: Collect and store essential business details using JustiFi's Business Entities and provision payment processing and sales of additional fintech products during the customer signup process.
  2. Onboard Vendors and Suppliers: Leveage Business Entities to securely store vendor and supplier information that can be reused throughout your platform, simplifying the experience for General Contractors.
  3. Onboard Sub-Contractors: Create Business Entities for Sub-Contractors utilized by your customers creating a simple workflow your Sub-Contractors to make future payments and store additional doccumentation related to the sub-contractor.
  4. Utilize Identities for Home Owners: Securely store homewoner information and payment methods to make it simple for your customers to get paid.

Benefits​

  1. Secure Payment Method Storage: Linking Entities and payment methods minimizes risk and simplifies General Contractor's workflows to pay Vendors and Sub-Contractors.
  2. Understand Platform Customer's Finacial Value: Business Entities centralize all fintech products utilized by General Contractors, Vendors, Suppliers, and Sub-Contractors. You can easily understand the revenue each of your customers add to your platform.
  3. Targeted Marketing Towards Vendors, Suppliers and Sub-Contractors: By creating Entities for each business, you are able to leverage your unique insights on outstanding invoices or deliverables to present present relevent offers. For example, when a vendor sends a General Contractor an invoice for a large delivery of concrete, both the Vendor and General Contractor likely have a need for a line of credit to meet cash flow demands.
  4. Targeted Marketing Towards General Contractors: Leverage the Business or Identity Entities to create timely revenue generating offers. Some examples: liability insurance, fleet insurance, equipment lending, line of credit, and many more.

Best Practices​

  • Data Security: Ensure sensitive business information is handled according to industry standards.
  • User Experience: Design a streamlined onboarding process for businesses using JustiFi's flexible data models.
  • Compliance: Stay informed about regulatory requirements affecting business data management and financial transactions.