Wouldn’t it be great to get paid immediately each time your customers use their credit or payment cards to make purchases from your business? Well, good news! Real-Time Payments (RTP) technology is here and available to you.
Also called instant payments, RTP makes it possible for your business to receive your B2B payments almost instantaneously. If you’re thinking of adopting RTP, you’re not alone. According to a recent Statista report, adoption of RTP is expected to grow 289 percent between 2023 and 2030.
What is RTP?
RTP combines immediate funds availability, settlement finality, instant confirmation, and integrated information, all into a payment made in seconds. RTP delivers simplification and resolves longstanding challenges that can hold up your payments in processing. Bottom line — you get paid faster.
How does RTP work?
RTP payments are processed end-to-end and settled on a bank rail rather than through the Visa, MasterCard, Discover, or American Express networks. RTP enables two-way communication, also known as bidirectional communication, within the secure system to close the information gap. This process makes receiving payments nearly instantaneous.
What are the benefits of RTP?
RTP delivers speed, transparency, integrated information, and process simplification while providing a multitude of benefits, including:
- Financial Control. Reduced settlement time gives you better control over your cash flow since you gain certainty of funds availability due to immediate payment finality.
- Cash Positioning. Payment finality provides a continuous real-time view of your cash positions, making interim reporting and forecasting unnecessary.
- Liquidity Management. Payment immediacy and predictability help you more tightly integrate your payments for greater funds and liquidity management.
Based on end-to-end simplification, RTP brings together speed, data, and communication to solve longstanding challenges, reducing the amount of money locked in processing, which improves cash and liquidity management for your B2B operations.
Want to get started with RTP today?
To take advantage of RTP, you will need to partner with a B2B payment processor that can deliver this capability for your credit, debit, or corporate purchasing card transactions.
PayNation can help! Whether you currently have a payments processor or you’re new to B2B payments, connect with PayNation today.
Extend Your Reach and Revenue with PayNation
- Streamline your payments.
- Gain a unified solution that simplifies the B2B payments process. PayNation removes the complexity of dealing with multiple vendors, getting your payments to you faster.
- Gain single-source success.
- Use a single source for your B2B payment platform, merchant account options, and equipment. PayNation has a proven track record as a one-stop shop for its customers.
- Increase payments security.
- Protect your customers and your business with PayNation’s exceptional security. Its frequent intensive penetration testing ensures your business complies with all PCI DSS standards.
- Enable omni-channel processing.
- Accept B2B payments from virtually anywhere. PayNation enables multiple customer interaction points, including e-commerce and in-store.
- Integrate with your ERP and accounting solutions.
- Integrate your B2B payment processing with your existing ERP and accounting solutions. PayNation helps you access information the way you want while improving the speed of receiving payments.
- Automate B2B payments processing.
- Reduce time spent on billing and reconciliation. PayNation delivers an all-in-one automated solution that improves efficiency by automating accounting processes.
