Vantiv, a US-based credit card processor, in collaboration with Visa has rolled out a new small business merchant settlement service.
Dubbed FastAccess Funding, the new offering enables businesses to receive settlement payments quickly to their debit card once funded, against the normal time period of one to three days through ACH.
FastAccess Funding integrates Vantiv and Visa Direct functionality to address the problem of consistent cash flow for merchants.
By combining with Visa Direct, Vantiv is using the Visa card-based platform which can provide funds in real time to a customer’s eligible debit card.
Vantiv senior vice president of product Scott DeAngelo said: “Access to your money, on your schedule, is incredibly important to running your business the right way.
“Before FastAccess Funding, settlements could take days to finalize, and when you need to make payroll, order inventory and pay bills, that can be too long for some growing businesses.
“With FastAccess Funding, Vantiv is able to leverage its scale, card brand relationships, and commitment to SMB growth to deliver a complete funding solution that fulfils a significant need; and we are proud to be the first major processor to do it.”