Real-time payments are the instant exchange of money and processing payments between bank accounts, completely eliminating the one-to-three-business-days processing window.
Real-time payments are changing the way executives do business in the B2B space because it allows them to more quickly liquidate funds. Real-time payments also offer enhanced visibility and better cash flow management, according to this well-researched report from Deloitte. Delayed or late payments cause a financial riff for most organizations, so it’s best to find a solution quickly. Learn more about the benefits of real-time payments:
1. Reliability
In recent research conducted by PYMNTS and The Clearing House, 100 executives at companies that bring in $50 million to $1 billion annually were surveyed about real-time payments. Of those surveyed, 14% reported “the mitigated risk of payment failure is the most important benefit of sending real-time payments, and 7% said that is the most important benefit of receiving real-time payments.”
This data is influential and will most likely inspire other CEOs in the B2B space to make the jump toward real-time payments to take control of their finances and reduce the risk of fraud.
2. Deeper Control
Another huge benefit of real-time payments is that it gives CEOs more control over the payments process, according to the same survey conducted by The Clearing House and PYMNTS.
It’s easy to know exactly when payments occurred and when monthly vendors/internal costs can be paid off with the right cash flow reports. If a CEO feels like they have deeper control over payments data, it’s easier to delegate tasks and leave time for other important business processes that may be neglected.
3. Global Opportunity
Investing in real-time payments opens up many new doors, including the opportunity to conduct business globally.
According to Deloitte, business owners expect the same seamless transfer of funds no matter where their business is based globally. More streamlined payment systems have already been implemented in businesses throughout the world, and the pressure to adapt is not going to let up any time soon. Especially as businesses adapt to the crippling global inflation rate and look for ways to ensure their business stands out from the competition.
I hope you found this information useful! If you need extra advice about real-time payments and how to adapt accordingly, get in touch with me by visiting my website or calling 617-843-5700. I can help you strategize a business plan around payments that will leave you less stressed and with more cash directly in your pocket.
