Key Features of Real-Time Payments for Small Businesses

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The present-day business environment is continuously changing with rising expectations from consumers and businesses alike. Key to this is the need to align payments with the busy 24/7 marketplace that continues to bring about more innovative techniques.
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As a solution, real-time processing continues to transform how money is handled and offers a strategic platform for innovation.

Are Real-Time Payments (RTP) the New Cash?

The marketplace continues to become more and more sophisticated and interconnected. As a small business owner, you are always looking for ways of conducting business with relatively low friction. Innovative financial solutions such as Real-Time Payments (RTP) gets rid of payment delays. They also reduce the clearing time in small business payment processing. As such, the innovation behind RTP provides the push for an improved experience of ‘the new cash’.

A New Era of Convenience and Speed

RTP gets rid of technical bottlenecks by creating an environment where businesses can transfer the money instantaneously and at any time. In addition to increasing the effectiveness and speed of digital payments, RTP ushers in a new dawn of contextualized commerce. It allows you to make payments exactly where and when you need them.

The new era of digital payments necessitates every business to understand the business case for RTP and how it adds value. The solution empowers small businesses by improving choice, visibility of funds, and merchant processing solutions.

RTP provides you with a variety of channels to initiate payment. You can choose to use a smartphone, a tablet, or you’re PC. Likewise, your customers can receive and access the funds in their bank accounts instantaneously.

Boosting Efficiency

Consumers believe that their money is sent and received in real time. However, some payment processes can delay for days before reaching the recipients.
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It also takes time to settle and update account balances.

Real-Time Payment (RTP) provides a new level of efficiency to various existing business processes. It provides much-needed certainty and offers clarity to cash management, with real-time transaction updates, histories, and account balances.

Fostering Innovation

Real-Time Payment (RTP) creates new opportunities for changing how you conduct business. It removes the friction between different parties, closing the gaps between your business and your employees and your clients. Transactions take significantly less time to clear and funds reach their target beneficiaries in real time.

As such, the system creates merchant processing solutionsin significant ways. For instance, proceeds from a sale or an investment are reflected immediately. In a world where technology drives business, you can transact and monitor the movement of your funds precisely in real time.

Building Experiences and Relationships

The contemporary marketplace is characterized by a digital experience for all stakeholders. Without instant payment, a digital transaction is not able to meet customer expectations. And in a competitive marketplace, this puts your business at a disadvantage. Real-Time Payment (RTP) provides the benefit of turning transactions into relationships. Through messaging, transacting parties are able to request payment, acknowledge payment, and provide fast small business payment processing. The solution allows both parties in a transaction to include additional information to enrich the payment experience and enhance transparency.

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