As the number of methods to give and accept digital payments increases, so too is the demand for increased speed and efficiency of those payments.
In a study published by PYMNTS.com, about 24% of businesses said improved cash-flow management was the most important benefit of receiving real-time payments.
The Washington Hospitality Association’s payment processing program backed by US Bank/Elavon has True Daily Funding, which is powered by the Real-Time Payments (RTP) network from The Clearing House, and allows merchants to be funded within hours of a batch submission, seven days a week. This enables you to pay invoices quicker, cover expenses faster and increase your cash-flow efficiency.
The RTP network* introduced several new features late last year including the following:
- Tokenization – This optional feature adds a layer of security when sending or receiving payments to help reduce theft or fraud.
- Document exchange – Provides users access to bills, invoices and other documents as part of an RTP payment.
In July, the U.S. Federal Reserve plans to launch its real-time payments platform, called FedNow.* Businesses and individuals will be able to send and receive instant payments at any time of day through participating financial institutions. Recipients will have access to funds immediately.
This article was originally published in Elavon’s Payment Smart newsletter. The Washington Hospitality Association’s payment processing program is backed by U.S. Bank/Elavon.