Credit and debit card payments processing company Vantiv and Visa announced news on Thursday that they have jointly debuted FastAccess Funding, which allows merchants to more quickly receive settlement payouts.
FastAccess Funding is the first merchant payment solution available across Vantiv’s push-to-card platform.
In a joint release, Vantiv and Visa said that the settlement time — received by merchants upon funding of debit cards — now takes minutes rather than one to three days, as is typical with ACH processes.
The firms explained that more than one-third of small businesses (SMBs) in the United States say that cash flow management and consistency present a major challenge in day-to-day operations, as noted in research provided by Wasp Barcode Technologies. Vantiv is the first merchant acquirer to speed up the SMB payment process and accelerate B2B disbursements.
Visa’s card-based payment solutions platform is being used to deliver funds in real time to debit cards. The upshot is that cash flow management can be optimized across even weekends and holidays, the companies said.
In a statement, Bill Sheley, head of Global Push Payments at Visa, said that “Visa Direct is a simple, fast and secure real-time payments platform that allows companies to create better payment experiences for their customers. Through this collaboration with Vantiv, small businesses can sign up to receive their earned money when they need it: quickly, and efficiently, with Visa Direct.”
New features will be announced across the next six months, according to the statement.