Linked2pay launches Instant Merchant Settlements

Risk management and payments technology provider linked2pay says paycosmos has become the first independent sales organization to offer its merchants the Instant Merchant Settlements service.

Linked2pay developed Instant Merchant Settlements with partner Push Payments in the past six months, providing white-labeled ISO partners with the opportunity to move funds to merchant bank accounts in less than one second. The service operates 24 hours every day of the year, including holidays.

Payments services provider paycosmos is using the Instant Merchant Settlements as part of the linked2pay software-as-a-service platform.

"This launch brings Instant Merchant Settlement within the easy reach of any business that accepts credit card payments online, over the phone, through the mail, by email, or via text," Robert "Jay" McShirley, CEO of Oxnard, Calif.-based linked2pay, said in a Tuesday press release.

The merchant enrollment and boarding process utilizes a pending patent to instantly authenticate ownership of a debit card (connected to the merchant bank account), so that the secure delivery of service can be initiated.

Once boarded for IMS, an approved merchant can set its own preferences for the settlement thresholds and schedule.