How RTP Networks Offer Faster And Efficient Payment Processing Solutions

Friday, December 4th, 2020

Slow and unreliable payment processing platforms can adversely affect your business’s bottom line. Most companies find it hard to identify a fast and reliable payment solution.  

As more and more firms experience cash flow issues during the ongoing pandemic, quicker processing and payout of funds remain a must-have for businesses to stay afloat. Many enterprises are switching to real-time solutions that provide same-day funds processing rather than those that take days.

Payment processing firms such as Elavon offer instantaneous solutions alongside the usual ACH option that takes a few business days to finalize payments. Merchants who prefer a quicker alternative can use the real-time payment (RTP) systems at a small additional monthly fee.

Small and medium-sized firms prefer faster payment solutions mainly because waiting for days without funds can be detrimental.

 For instance, a small-sized eatery that closes for the weekend may require Friday’s income to source supplies for the coming week. If payments delay by even a day, such a business may struggle to operate optimally and efficiently. Using an RTP network can help the eatery receive all the pending payments into their account providing easy access to funds when the need arises.

Some Companies Are Doubtful About This Faster Processing System

Continuous cash flow isn’t the only aspect to consider when choosing between ACH and RTP forms of payment. Accurate, up-to-date financial data also helps firms to make knowledgeable business decisions. 

Firms prefer frequent up-to-date financial information, which helps them monitor and control liquidity in all their numerous financial accounts.

An RTP network requires businesses to develop a continuous financial reporting system, which provides accurate and complete visibility in a real-time payment processing environment. Since not all firms know about such a platform, some are usually skeptical about adopting it and end up settling for the slower and cheaper ACH transaction solution.

Using faster processing solutions can offer several perks to companies. For instance, firms can use the RTP networks for critical payment processes such as payroll, ensuring quicker disbursement of funds.

Moreover, transitioning from the ACH to the RTP network occurs seamlessly as long as you have the necessary ACH financial info, which can be transferred to the newer, faster RTP system.

Conclusion

For business owners, it’s important to upgrade as payment systems upgrade and customers adopt new technologies.

RTP networks have a double-benefit because they not only speed up the payment process for customers but also increase operational convenience in your business.