Several months after multinational online payments company Paysafe announced a partnership with Ingo Money to accelerate small businesses’ (SMBs) access to the funds they are paid, Paysafe is expanding that collaborative power to introduce new ways for small businesses to access their funds more quickly.
In a press release issued Monday (Sept. 10), Paysafe announced the launch of Express Funding, Same-Day Funding and Next-Day Funding. The solutions rely on daily transactional batch time, and enable SMBs to access funds after receiving payment from their customers in person. Businesses can access their funds on a debit card linked to their Paysafe accounts, the company noted.
“Today’s business owners rely on their sales to help pay for their expenses and keep the lights on,” said Paysafe CEO of Payment Processing for North America Todd Linden in a statement. “Unfortunately, this reliance can make it difficult when it typically takes one to two business days to receive the money generated by sales.”
He continued, “By leveraging the power of same-day funding technology, SMBs will be able to integrate seamless cash flow solutions into their day-to-day operations to disburse funds as required, and focus on improving the everyday efficiency and profitability.”
Paysafe added that the new features are the result of its earlier partnership with Ingo Money. In June, the companies announced the initial beta testing of the solution to help small businesses more quickly access funds from their sales. That initiative sees Paysafe integrate into Ingo Money’s push payments functionality, while a third partner, Company.com, bridges Paysafe’s access to Ingo technology.
“Same-day payment will become the standard across the industry, which merchants will require in the future,” predicted Bill Wade, CEO of Company.com, in an interview with Karen Webster at the time.