by Grace Barone
The world is moving fast. Advancements in every avenue of life are being created on what feels like, a daily basis. An advancement that benefits business owners, is a game-changing solution that empowers small businesses with the ability to turn credit card transactions into immediate cash flow. To keep with the fast-paced landscape of today, staying ahead of the curve requires more than just innovative products or exceptional services. It demands the ability to seamlessly adapt and capitalize on every opportunity that comes your way. This is why instant funding credit card processing has been such a beneficial feature that small businesses of every kind can use to boost their business.
What is Instant Funding Credit Card Processing?
This POS-integrated software enables businesses to immediately access revenue from their sales. Unlike traditional processing methods that can take 1-2 days for funds to reach business owners, instant funding credit card processing eliminates the waiting time. Many merchant accounts often hold funds in reserve accounts, further delaying access to the money. However, with instant funding, businesses can experience a significant boost in cash flow.
The process works by depositing funds at the end of each business day, granting merchants access to transactions approved on the previous day. The timing of fund availability depends on when businesses batch their transactions, which they can do at any time, usually accompanied by a small fee. For instance, restaurants typically batch their devices at the end of the night to manually enter tips after the initial bill is paid. With instant funding, businesses are empowered to take control of their financial operations.
Benefits of Instant Funding
There are many benefits when it comes to instant funding.
Fast Access to Money
Being able to access money the same day is incredibly helpful to small businesses. Funding a small business can get costly. If revenue is taking days to hit a merchants account, expenses can start to pile up. With instant funding, the issue of not getting money fast enough is erased.
Clear Understanding of Revenue
When revenue is getting deposited at different times. There may be some confusion of where the money is coming from. This could cause issues for a lot of different avenues of business. Inventory, individual departments budgets, taxes. When money gets instantly transferred, it can be organized much easier. Specific charges and deposits can be identified. Over all money allocation becomes much simpler when business owners know exactly where there revenue is coming from.
Control Over Income
Since gross revenue is immediately given right to small business owners, there is much more control over earned income. No one like when money that is rightfully there's is stuck somewhere in limbo. Even if just for a few days its not ideal. With instant credit card funding, owners have complete control over money made from the businesses sales as soon as possible.
Invest Without Delays
When money is deposited right away, business owners can invest much quicker. There's no time in between earning the money and investing it into whatever the business may need.
Getting Started with Instant Funding
Here are the general steps a small business can take to adopt instant funding credit card processing:
Begin by researching payment service providers (PSPs) or payment processors that provide instant funding credit card processing services before comparing companies. Look for service providers who offer the functionality you need, have affordable prices, and focus on small businesses.
Examine the eligibility standards of various providers to figure out whether your company satisfies their demands. Considerations could include things like transaction volume, creditworthiness, and business history. You should also take into account the nature of your firm, as certain suppliers may specialize in serving a few industries.
Examine Fees and Costs
Considerably examine each provider's pricing scheme. Processing credit cards with instant funding frequently entails higher costs than conventional processing techniques. Take into account the transaction fees, discount percentages, monthly charges, setup fees, and any other fees. Examine these costs in relation to the expected benefits.
Integration with present Systems
Assess your present payment system, including POS terminals or e-commerce platforms, and make sure it is compatible with the processor you are thinking about using. Analyze whether you need to integrate their SDKs or APIs into your systems and decide whether you have the technical resources and requirements. You may need to upgrade your POS system if your current machine is not compatible.
After choosing a provider, finish the application process. This could entail giving the required information, including corporate data and financial records. In order to evaluate your risk profile, the provider will check your application and maybe conduct underwriting. It may take a few days to a few weeks to complete this process.
Setup and Configuration
Work with the provider to set up your immediate funding credit card processing system after receiving approval. They will walk you through the required configuration procedures and give you any support or documentation you require to integrate their services into your current systems or train you and your staff on your new systems.
Clover Rapid Deposit
With Clover Rapid Deposit, merchants can now get faster access to money made from their sales. Established businesses can transfer up to $10,000 per request. Also, there is no limit on the number of requests per day. There is a 1% fee that comes along with the request, but some businesses are able to easily absorb that fee.
The enrollment process is very simple. Merchants can either enroll on the Clover dashboard or on any Clover POS system. Merchants just need to link an eligible Visa or Mastercard that can accept deposits. When they want to put in a request for an instant transfer, they just choose an amount they want to transfer and the funds will be quickly deposited. Super simple process.
Start Getting your Funds Deposited Instantly
If you're a small business that is wanting quicker access to your earned revenue, visit getvms.com or fill out the form below. VMS will help you set up Rapid Deposit on your existing Clover devices, or help you get your business a new Clover POS terminal. With instant funding credit card processing small businesses will have freedom and piece of mind now that money is quickly accesses. Take control over your revenue stream and get started with instant funding credit card processing.