William Phelan

Automation and technology allow lenders to handle an evolving situation that changes by the day: adjustments are easily made to terms, timing and required data for loan forgiveness, says PayNet’s William Phelan.

As more national banks leave smaller communities and focus on large customers, fintechs are creating an "Uber effect" with an easier experience. Small businesses are increasingly looking to borrow money and fund their growth initiatives, and need a partner who can deliver, argues William Phelan, president of PayNet.

There is space for banks to enter a market they largely ignore, according to William Phelan, president of PayNet.