Within the merchant services industry, waiting for your money was commonplace. Businesses would be forced to wait 3 – 5 business days to get their hard-earned money into their account. Over time this delay shortened, and next-day settlements came onto the scene. For most merchant services companies, this is where the race to provide quick settlements ended. Next-day settlements were the new norm. Here at UTP, we didn’t stop there. We don’t believe businesses have to wait for their money when there is no need. UTP created Faster Processing to enable businesses to access their money on the same day. Additionally, we know no business is the same. Trading hours vary, and each business would have a preference for when they want card transactions processed.
Pick the Payment Option Best for Your Business
Creating payment solutions to cater to all businesses is essential at UTP. Giving one option of merchant funding was not good enough. Through Faster Processing, merchants can choose between three options for when to get their money:
- Option 1 – Intra-Day Funding: If your business doesn’t take many card transactions, it may be in your best interest to select this option. With Intra-Day Funding, each card transaction is processed and funded individually. Receive card payments as you take them with this option. Perfect for businesses introducing card payments to their payment options.
- Option 2 – End-of-Day Batch Funding: Do you like one combined payment at the end of the day? If you want to receive a single combined settlement, then End-of-Day Batch funding is the option for your businesses. All card transactions from the trading day are combined and funded as a sole payment at the end of your trading day.
- Option 3 – Hourly Batch Funding: If you want to access your card payments on an hourly basis, then option 3 is your winner. This option was designed for businesses with medium to high card throughput. Additionally, this option allows immediate access to cash and improves cash flow within your business. If you have staff finishing their shift at different times and you pay them after every shift, having access to your funds hourly will benefit your business. A further benefit is if your business is a pub or restaurant, you may find rush hours leave you with depleted stocks. A quick dash to the shops to refill stock levels is made possible through Hourly Batch Funding.
Benefits of Faster Processing to Your Business
In the current climate of increased business costs having immediate cashflow could majorly benefit businesses. Firstly, having access to your money the same day, whether that be hourly or end-of-day, means you can reinvest your money back into your business quickly. Replenishing stock, paying staff, and paying suppliers are just a few ways having access to your card payments the same day is a benefit.
Faster Processing also benefits businesses through easy-to-read transaction reporting. Reports can often be confusing and convoluted. With Faster Processing, you can receive daily transactions that provide complete visibility and detail of your transactions processed. This will allow you the information to manage your business better. Having a report with all your payments will enable you to ensure all your transactions have been accounted for and have been correctly funded into your account.
Furthermore, Faster Processing provides greater fraud protection to businesses. All attempted or declined transactions are analysed, and a detailed report is created. This allows business owners to assess the level of exposure their business has to potentially fraudulent transactions. Protecting businesses is a vital component of Faster Processing. Protecting businesses from both potential fraud as well as protecting businesses from any last minute financial stress that could arise throughout the day.
Faster Processing, Because Why Wait?
Businesses and merchant services providers may be used to next-day settlement, so they may not see the need for same-day payments. But at UTP, we know things happen. Unexpected costs pop up. With the current climate of increased business costs, we want our customers to be prepared. Our customers will always be protected from waiting for their money when they no longer need to. It may be a feature that a business doesn’t know it needs until the unexpected happens, and when it does, Faster Processing will get businesses their money. Protect your business and your money with Faster Processing because why wait for your money when you don’t have to?
