Tuesday, February 26th, 2019
When it comes to payments, consumer expectations are at an all-time high – and still growing. Consumers are utterly dissatisfied with paper checks. Slow payments are simply unacceptable. The expectation for instant money is now the default. Considering this, the capability for real-time push payments has been in the works for some time and has now arrived.
Recent studies have revealed the extent of the disfavour of paper checks. Consumers are no longer willing to accept the wait time in receiving their paper check in the mail, nor the question of whether or not their funds will be available in 3 to 5 days. Consumers now expect money to move and be available at web speed. They expect instant, and they expect safe to spend.
The answer to this expectation is push payments. Essentially, push payments are debit transactions in reverse. Push payments are instantly usable and provide irreversible funds sent over existing networks. Incredibly convenient, consumers are not required to open a new account or memorize a new pin; they can use the cards and payment instruments they already know and trust. The bank sponsorship and compliance tools are the same.
Payment Providers Jump on Board with Push Payments
Recently, two companies have separately announced new disbursement services: Atlanta-based Repay and San Antonio, Texas-based Payment Data Systems Inc. Repay says its Instant Funding service enables organizations to send funds directly to eligible Visa Inc. debit and prepaid cards via Visa Direct, the network’s real-time debit service.
“Instant Funding will enable our clients to gain efficiencies and to provide a more customer-friendly experience,” said Chris Arnette in a statement, Repay vice president of product management. “In today’s fast-paced world, it’s all about immediate gratification—and that’s what Instant Funding can provide.”
Likewise, Payment Data Systems Inc. has used push payments as a huge component of its new money-disbursement platform; this platform offers automated clearing house payments, push to debit cards and virtual and physical card issuance. Part of a customizable card-issuance service, this platform also enables disbursement to Apple Pay, Google Pay and Samsung Pay mobile wallets.
“There is a lot of excitement about virtual card issuance and real-time payment disbursements. Consumers want options when it comes to how they get paid—most are seeking a faster way to receive pay and some simply don’t have access to an account that can retrieve real-time disbursements,” Louis Hoch, Payment Data Systems chief executive, shared in a statement.
Push Payments Provide Options for Business
What are the advantages for businesses? Payment Data Systems, for example has made it possible for businesses to offer contractors, employees and other payment recipients the ability to choose among the issuance of a prepaid debit Mastercard. It also enables real-time deposits to checking accounts, traditional ACH or debit deposit or paper check.
Is your business ready to jump on board? Do you want to offer consumers faster, more convenient payment options to take your business to the next level? If so, consider scrolling through the many reviews Best Payment Providers has to offer. You will find a long list of merchant providers that can help you provide fast payment processing, no matter what industry your business is a part of.