Real-time payments are settled instantly, making them a popular alternative compared to traditional payments. Real-time payment networks are unique because they provide 24/7/365 access and can transfer funds on weekends and holidays when traditional banks are closed.
Real-time payments benefit business owners who need to pay off debts to suppliers quickly or experience cashflow constraints due to harsh economic conditions. If you’ve been considering trying out real-time payments for your business, now is the time to get started. Explore more of the benefits of real-time payments below:
Increased Communication
Not only are business owners who utilize real-time payments able to liquidate funds fast, but they also thrive with end-to-end communication. Instead of relying solely on payer-to-payee communication, you can communicate in both directions while connecting the payment with payment data. Before real-time payments, business owners on both ends had to communicate outside of the payments system, causing a hassle.
More transparency
With real-time payments there’s more transparency on when transactions will arrive and any immediate changes to transactions, eliminating unnecessary stress. When there is increased visibility, you’re less likely to be at risk of chargebacks where you’ll lose money filing a dispute.
Transparency also makes your internal team happy because they regularly receive direct data on the company’s finances and how that impacts their jobs and salaries. This allows your staff to put more trust in the company and feel motivated to complete tasks that go above and beyond their job description.
Streamlined global transactions
Real-time payments are your best option if you’re conducting business relations globally and need B2B supplier payments quickly. According to Deloitte, thousands of business owners rely on national payments roadmaps in countries like the UK, India, Sweden, Singapore and more. Data networks demand the need for speed in payments, so keep an eye out for even faster and more streamlined payments in the future.
I provide professional payment processing consulting for clients in the oil and propane industry at Richmond Financial Services. While you’re busy taking care of other aspects of your business, I create an extensive plan that allows you to drive down payment processing costs and enjoy perpetual savings. To schedule a free consultation session, visit my website or call (617) 843-5700. I look forward to assisting you in developing the right payment strategy for your business and building a long-term relationship.
