A New Faster Funding Option: True Daily Funding

A New Faster Funding Option: True Daily Funding https://wahospitality.org/wp-content/uploads/2020/08/time_money_balance.jpg

Get Paid within Hours of a Batch
You can now access your funds within hours of a batch, seven days a week, holidays included, with True Daily Funding.

Originally slated to launch later this year, we bumped up its rollout to June given the immediate customer need to gain more control over cash flow when trying to stay afloat, make payroll, pay utilities, attend to unexpected emergencies, or establish more efficient business management practices.

Even without a pandemic-driven business crisis, there is huge value in being able to access your payment card proceeds exactly when you need it. Faster funding enables more accurate payment reconciliation and the ability to better manage day-to-day expenses and operational needs.

First New Payments Rail in Decades
True Daily Funding is the fastest funding option currently available in the U.S., and it’s powered by The Clearing House.1 Different than same day ACH, True Daily Funding uses the Real Time Payment (RTP) network1 – the first new payments rail infrastructure built in the U.S. in more than 40 years.

Eligibility
Batches are limited to credit transfers of $100,000 or less. Plus, only merchants using depository banks participating in the Real Time Payments network1 are eligible for True Daily Funding. However, according to The Clearing House, right now about 50 percent of U.S. transaction accounts are eligible, but the option is expected to be within reach for nearly all U.S. depository accounts by the end of 2020.

How True Daily Funding Compares to Other Funding OptionsThis article was originally published in Elavon’s Payment Smart newsletter. The Washington Hospitality Association’s payments processing system is backed by U.S. Bank/Elavon. Click here to learn more about the program.