B2B Payments

EVO Rolls Out Express Deposit B2B Push Payments With Visa Direct

EVO Rolls Out Express Deposit B2B Push Payments With Visa Direct

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.

In April, news surfaced that KyckGlobal, which is based in Georgia, is working with Visa to bolster the utilization of “push payments” to companies.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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