New service offers merchants a ‘real funds’ settlement of their card receipts into their bank account in less than one second, 24/7 including weekends and holidays
OXNARD, Calif.–(BUSINESS WIRE)–May 30, 2018–
linked2pay, the award-winning risk management and payments technology provider, has teamed with PUSH Payments to develop and deploy Instant Merchant Settlements. The pair will soon provide this service under an agreement with a top five acquirer in the United States.
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Instant merchant settlements are available around the clock and even on holidays. (Graphic: Business Wire)
“This changes the cash flow options for millions of business owners. An instant merchant settlement solution that is available around the clock and even on holidays that settles in real funds reshapes the card acceptance value proposition,” according to Robert “Jay” McShirley, CEO of linked2pay.
Many acquirers and card service providers now offer merchants next- or same-day settlements as a premium funding option. While those offers are an improvement compared to the long waits of the past they still do not address the needs for the many businesses that do not operate during 9-to-5 business hours. The instant settlement approach enables the multitude of businesses that are open after normal business hours to instantly settle any time and as often as they want or need.
Utilizing linked2pay’s patent pending merchant enrollment and boarding process that instantly authenticates ownership of a debit card (connected to the merchant bank account), the secure delivery of service can be initiated. Once a business is enrolled, the acquirer manages and controls the merchant approval and funding process. Once approved, PUSH Payments facilities the transaction allowing the merchant to receive the funds instantly and manages the settlement process for the acquirer.
“Instant merchant settlements are an ideal application of real-time payments, providing game-changing value and liquidity for businesses. This deployment will forever change the expectations in terms of card settlement speed, and begin the inflection point where the true value of real-time payments begin to be realized,” says Travis Dulaney, CEO of PUSH Payments.
The service is provided under white label; for more information visit https://linked2pay.com/partners.
linked2pay® provides risk and payment solutions to deliver ACH, credit card, RTP and check processing automation. The company provides white label payment platform solutions for banks, channel partners, and their clients. The Company launched the first On-Demand check processing platform in 2002 and is a multiple industry award winner for banking and payments innovation.
About PUSH Payments
PUSH Payments provides payment processors and banks the ability to move money in real time across banks.
The slow, painful and complex process of interfacing with large payment networks is no longer an issue with the intuitive PUSH Payments platform. PUSH Payments does all the hard work; settlement, regulatory compliance and networks protocols, all a thing of the past, allowing businesses to focus on their business not how payments work.
Simple, secure and smart API interfaces empower banks and their fintech partners to create better user experiences and best-in-class market solutions via instant money movement.
Forward-looking Statements: This press release may contain statements of a forward-looking nature which represent our management’s beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties and assumptions and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Richard McShirley, CMO