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percent went to male-backed ventures (see https://tcrn.ch/3JRm796). The lack of This often frees up time for small
equality in funding stifles economic progress, and entire markets fail as these business owners to focus on
founders can't bring their innovation to the industry due to a lack of financial memorable interactions with their
support. clientele, enabling them to better
serve the needs of their customer
Further compounding this is the reality that traditional lending models often base and establish an enjoyable
require collateral which some women lack primarily due to cultural norms and experience.
legal inequalities.
Adoption of modern solutions is not
Financial institutions must acknowledge the cultural norms and also work to only a way for business owners to
change their perspective regarding loan approval. control hardware costs, as newer
devices are often quite affordable
A survey by Inter-American Development Bank in Latin America found that compared to terminals of the past,
women were 18 percent less likely to have their loans approved even though their but these solutions also offer value-
online loan applications may have the exact wording (see https://bit.ly/3JR1AS2). added services that can be significant
To mitigate this bias, financial institutions should consider anonymizing loan revenue accelerators. For example,
applicants' gender, and launching inclusive training programs that raise payment solutions that are integrated
employees' awareness of gender biases, and educating loan officers on how with cloud-based technology enable
they can work to increase their loan approval rates for women. business owners to access real-time
data and analytics that provide
Payments power to fuel female entrepreneurs further insight into consumer
The proliferation of digital payments and the expansion of new technology payment patterns, as well as patterns
can also level the playing field for women-owned businesses. That's because around buying behavior.
transactions between customers and vendors have evolved so that solutions,
such as tap-to-pay or mobile POS terminals, offer a faster and simpler way of This ultimately empowers owners to
completing a purchase. make data-driven decisions, which
can be leveraged to power loyalty
programs, enhanced inventory
management, and even marketing
and social media campaigns that help
female entrepreneurs tap into new
markets and expand their customer
reach.

It's estimated that improving
women's access to financial services
could unlock $330 billion in annual
global revenue. Investing in women-
owned businesses is imperative,
whether it's through funding or by
creating critical technology that
can empower future generations
of female founders. The structural
and cultural inequalities that are
set as barriers for women must be
addressed, and financial institutions,
as well as payments providers, have a
significant role to play.

Lori Griboski, vice president of petroleum
sales for Paysafe's Petroleum Card Services,
leads the company's mid-market sales team,
as well as its referral partners. With a pas-
sion for innovation and operational efficiency,
she focuses on driving revenue by creating
an exceptional customer experience for PCS
merchants, agents, banks and partners. To
contact her, please email kandice.satterfield@
paysafe.com.
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