Rather than waiting one to three days for funds through the Automated Clearing House system, merchants will be able to receive settlement payments straight to their debit cards within minutes through a partnership between Visa and the processor Vantiv.
FastAccess Funding combines Vantiv and Visa Direct technologies through a debit card to offer merchants faster access to funds from daily sales. Through the integration with Visa Direct, Vantiv is utilizing the card-based platform that can transfer funds into the customer’s direct deposit account linked to a debit card.
The technology provides consistent cash flows to merchants, even during peak-volume days such as weekends and holidays, Vantiv said. FastAccess Funding will be available to a subset of Vantiv merchant clients later this month, and offered to additional clients and prospects in coming months.
“Access to your money, on your schedule, is incredibly important to running your business the right way," Scott DeAngelo, senior vice president of product at Vantiv, said in a Sept. 14 press release.
FastAccess Funding settlements will be especially beneficial when small or mid-size business owners need to make payroll, order inventory or pay bills, DeAngelo added.
“With FastAccess Funding, Vantiv is able to leverage its scale, card brand relationships and commitment to small and mid-size business growth to deliver a complete funding solution that fulfills a significant need," DeAngelo said.
