UTP Group has partnered with Faster Processing to provide its eCommerce customers with the unique ability to receive fund settlement within hours rather than days. Up until this point merchants have had to wait anywhere up to five working days before receiving the funds from payments they have taken online. UTP Group says it is the only payment solution company in the market that is currently providing Faster Processing to both online and bricks and mortar businesses. Transactions processed using Faster Processing are typically credited to a merchant’s bank account within a few hours or the same day.
Whilst Faster Processing ensures same-day funding, it also allows businesses to determine their own end of day. This flexible feature can play a vital role in providing merchants with full control of their cash flow. Allowing individual merchants to choose the end of day best suited to their business model, eliminates the challenges faced of receiving more than one separate statement for each trading day.
By having a more consolidated picture of the daily trading period, businesses can plan more effectively for increased demand and traffic whilst also understanding potential vulnerabilities. The system also permits merchants to witness transactions that are declined, allowing them to implement more effective fraud prevention strategies.
Michael Ault, CEO at UTP said: “Implementing Faster Processing for eCommerce was always in our business plan. Covid-19 also means it has become a necessary development to help businesses that have suffered over this past year. Waiting up to 5 days to receive funds is simply not viable for many businesses that are still on the road to recovery.”
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