And it’s all about cash flow management. Global card brand Visa and payment facilitator Wave have partnered together to launch a “limited release” payments solution that targets cash-flow management for small businesses.
Wave’s new Instant Payouts combines Worldpay’s acquiring platform with Visa’s real-time push payments product, Visa Direct, to offer a comprehensive financial solution that gives merchants faster access to their funds, according to the press release.
“As a PF who empathizes deeply with our customers and understands their needs extremely well, it made complete sense from a business perspective for us to ‘go the extra mile’ speeding up settlement for digital payments,” Wave Chief Financial Services Officer Les Whiting told PaymentFacilitator.com. “We see billions of dollars of entrepreneurs’ money in our purview as a PF and we felt it was our responsibility, on behalf of our customers, to remove every extra hour out of the process that lies between them and their money.We have invested heavily over the past several years to ensure we have the risk management systems necessary to move money instantly, which made the decision even easier. Visa is an amazing partner who has made the process seamless from conception to delivery.”
The ability to manage cash flow effectively and efficiently is a coveted benefit for any small business out there today. So much so, 85% of small business owners said they would switch to a new merchant acquirer who offered real-time payment options, with 81% agreeing they would pay for this as part of their payments program, Visa said in the release.
And according to Whiting, Instant Payouts more than meets this need.
“Wave has a robust digital platform that allows entrepreneurs to receive their payments digitally and quickly through credit card payments and bank transfers. What Wave and Visa have partnered on is a further improvement to eliminate the 2-3 day wait once your customer has paid. Now we can move money directly to an entrepreneur’s bank account within minutes of their customer paying them,” he said.
Instant Payouts is available now to a select group of Wave customers with plans for a North American release in the coming months, according to the release.