To enable quicker and less expensive transactions for small and medium-sized businesses (SMBs) and peer-to-peer (P2P) users, VSoft has rolled out its new Bread merchant services network. The platform lets retailers take real-time payments from clients without a transfer or waiting period, according to a Wednesday (Sept. 16) announcement.
“Financial institutions, business owners and individuals are all looking for transactions that are processed faster and with lower fees,” VSoft Chairman and CEO Murthy Veeraghanta said in the announcement. “The introduction of Bread will be a gamechanger for both SMEs and peer-to-peer users alike.”
Payments on the Bread network are directed between financial institutions, and an intermediary does not possess the funds. Instead, the funds are moved from a sender straight to a recipient’s account at the time that a Bread user initiates a payment.
Recipients can include individuals in addition to businesses. VSoft said that its platform will let companies have quicker access to their money, enabling them to provide payments to workers in a more expedient manner.
VSoft also noted that Bread provides companies with touch-free payment technology. Funds will become available nearly immediately when a transaction is conducted via scanning a quick-response (QR) code.
The company pointed out that having instantaneous access to money has taken on increased importance amid the current economic reality, particularly for small and medium-sized firms.
Six in 10 business owners indicate that their workers are living paycheck to paycheck and requesting quicker, more frequent payroll, according to VSoft.
In separate news, Square recently unveiled the rollout of two new features that the firm says will make payroll easier for companies and workers. The "Instant Payments" offering allows companies to fund payroll nearly in real time, shrinking the lag between when funds depart a company's account to when they arrive in employees' accounts. Square also introduced an "On-Demand Pay" service to provide workers with quicker access to wages than they usually have with electronic payment startups.