Find out how faster settlement payments for card machines help get your business paid quicker and keep your cash flow moving
Using a card machine for your business is a good way to take more payments, serve more customers and ultimately make more money.
But one thing we hear a lot from businesses looking at card machines for the first time, or even those who’ve used one for a while is:
“I need to get the money into my account quicker.”
This is because traditionally, it takes 3-5 banking days for money to clear into a business’ bank account from the day they took the payment.
Now 3-5 days might not sound like a lot.
But when you need to buy new stock, pay suppliers, pay your bills, and your staff, and yourself, that 3-5 days can quickly start to feel like a very long time.
Now historically there was nothing you or your card machine provider could do about it. It’s just the way it was.
That’s now changed. It’s now possible to get money cleared into your account within hours using faster settlements.
But what are faster settlements for card and online payments, how do they work, and how can you benefit from them?
Keep reading to find out.
The reason there’s still room for improvement with using a card machine to accept payments is because the process hasn’t changed that much from when card payments first came into existence.
Your customer pays using their card, the transaction is passed to the customer’s bank to confirm the money is in the account, the funds are reserved for the transaction, then the money moves into your Merchant Account and then finally, once it’s cleared, it lands in your business account.
At the point of purchase this approval process is almost instantaneous and once the customer has paid, the money is yours.
But the delays to clearing the money in your account come from the time it takes the card scheme, banks and your card machine acquirer to communicate.
That’s now changed with the introduction of faster settlements.
Faster settlements simply speed up the process of authorising payments you take during the day so the money gets into your business’ account within hours, rather than days.
As a merchant all you’ll need to do is send your reports as normal and if your merchant account provider offers faster settlements like we do at Handepay, then you’ll be guaranteed to get your money quicker than using another provider.
You could receive it as early as the next banking day.
We can help you set up your card machine and merchant account to start accepting faster settlements and if you have your account set up to automatically batch send your payment reports for a certain time, you won’t even have to worry about sending them to get paid quicker.
You can just carry on running your business safe in the knowledge that funds which used to take days to reach your account are now available almost instantly.
Yes, you can benefit from faster settlement payments if you take payments online, but they may not clear as quickly as payments taken face-to-face using a card machine.
This is because there are more security steps needed to approve online payments and checks to be made to ensure it is the cardholder trying to make the purchase.
But you’ll still get your funds settled into your business account quicker than you would without faster settlement.
If you use a Handepay card machine and merchant account then your business will have access to faster settlement payments and you can start to benefit from this function straight away.
If you switch to Handepay we can set your account up with these benefits when you switch.
And just imagine the benefits your business would see from having your money available quicker.
With faster settlements you could:
Want to find out how to get faster settlements set up for your business?
Get in touch with us today and speak to one of our advisors about the best course of action for your business.
Or you can get a quote and find out how much you’d save by moving your card machine processing over to Handepay.