Financial management software provider Wave is collaborating with Visa to introduce a payments solution that promises to faster access to cash for small businesses.
Using Worldpay’s acquiring platform, Wave’s new Instant Payouts feature integrates Visa Direct, Visa’s real-time push payments solution, into Wave’s small business financial platform.
This will give Wave customers the ability to receive money in real-time. Using the service, they can receive funds in evenings, weekends, and holidays.
The Instant Payouts feature is backed by Visa’s network, which helps enable real-time funds delivery directly to eligible Visa cardholder account credentials. This feature is part of a suite of complementary solutions that Wave offers to small business owners and is fully integrated with the Payments by Wave experience.
To date, only a limited number of Wave customers have been able to access Instant Payouts. The service will be rolled out to more customers in North America over the coming months.
Wave chief financial services officer Les Whiting said: “Small businesses depend on cash flow to survive, and often have to wait two or more banking days for their payments to be processed through traditional banking methods.
“Our new Instant Payouts feature uses the scale that Visa provides and the nimbleness of Wave.”
Visa cited its recent survey, showing that 79% of poll respondents wanted faster settlement while 81% said that they would pay to have it.
Wave offers accounting, invoicing, payroll, recurring billing, and payments tools. The company has a client base of over 3.7 million in more than 200 countries.
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