What is the positive effect of instant payments on small businesses
Product News / 01.10.2018
First of all, small businesses have been neglected by the banks and payment service providers all these years. Only recently when the fintech companies, such as myPOS, entered the payment services market around Europe, a new perspectives opened up for the small businesses to exploit the resources of card and e-payments.
Some banks still have high fees and unnecessary high requirements for small businesses to provide card payment solution. Some payment service providers, still following old trends, keep the prices of the POS terminals artificially high.
However, here we are in 2018. myPOS and a range of other fintech companies provide affordable, fast and reliable access to card and e-payments.
If you were a small business owner who realizes that accepting card and electronic payments is crucial, you have most probably started searching for a partner to help you accept such payments. The tricky part here is how to select the most suitable, reliable and flexible one so you can focus on sales and profit only.
A very important part of selecting criteria may be the Instant Payment. What would that mean?
An instant payment is when the payment’s settlement is instant.
It sometimes takes 2-3 business days, maybe even more time if we talk about international payments, for the merchants to see the money in their bank accounts after a sale. The money is being blocked somewhere on its way to the merchant’s account. During this time the merchant doesn’t have it and can’t spend it for business purchases and operational costs. And sometimes small businesses need their funds at their disposal ASAP.
In order to cope with this myPOS is offering Instant Payments. No matter what card your customers are using, no matter what their currency of bank account is, no matter which country issue their card, the merchant receives the payment instantly in the multi-currency IBAN.
Merchant can spend it right away for operational costs using the business card that comes along with the myPOS terminal.
So, here is the advantage, the merchants have the money at their disposal right after a sale. No more waiting for a payment to arrive. There is a debit card issued to the merchant’s IBAN for business spends.
Whatever comes in instantly to your IBAN, no matter the currency, is available for spending right away. That is the advantage you get with myPOS so you can grow without hindrance.
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