To help merchants receive faster access to funds, EVO Payments Inc. has rolled out its Visa Direct-enabled EVO Express Deposit real-time push payments technology. The offering lets eligible U.S. retailers instantaneously get funds for card transactions with actual fund availability depending on receiving bank and geographic area, according to a Thursday (Sept. 17) announcement.
“Our ability to accelerate our merchants’ access to funds, particularly when they need it most, will provide increased flexibility and enhance the financial strength of their businesses now and in the future,” Brendan F. Tansill, EVO’s President in the Americas, said in the announcement. “Our merchants will derive increased confidence and satisfaction knowing that Express Deposit is a fast and secure solution enabled by a leading digital payments company, such as Visa.”
The offering is meant to help small and medium-sized businesses (SMBs) with surmounting cash flow hurdles to make invoice payments, buy products to sell and meet other kinds of monetary responsibilities to keep their companies running.
Firms registered for the offering with a qualified debit card can start setting a time to receive funds from their card receivables payments and reshape their cash collection. Companies can have a deposit happen at all times — even on non-business days.
EVO Payments noted a recent study determined 76 percent of polled Main Street SMBs said they had cash flow shortages over the last four months. Moreover, over 90 percent of surveyed Main Street SMBs desire access to instantaneous fund settlement.
“In today’s challenging environment where businesses of all sizes have been impacted by the pandemic, it is more important than ever before that they have faster access to their funds to help mitigate cash flow challenges and stay afloat,” Gaurav Gollerkeri, Head of Visa Direct North America, said in the announcement.