26 August 2023
Same Day Settlements and why you need it
Spending too much time in lines and waiting days for your takings to land in your bank account? Thanks to recent innovations in digital payments, the era of slow settlements and inconvenient manual reconciliation is over. Changes to traditional payments processes have made it easier for enterprise financial decision-makers or small business owners to sell their products online, streamline their customers’ experience and grow their companies by taking advantage of same-day or next-day settlements.
But online payments still have a long way to go before it becomes completely seamless. Merchants are still faced with challenges associated with making or receiving digital payments, and one of the most common pain points is settlement time.
Typically, settlement periods can take anywhere from 24 hours to several weeks, but most payment processing services stick to a standard of three to five working days. As part of the clearing process, banks and other incumbent payments services providers have traditionally used this time to keep an eye out for fraudulent transactions and stop chargebacks. However, as payment innovations continue to shake up the industry, these timings are becoming increasingly shorter.
Benefits of same day settlements
Every day, merchants like you have to face the same problem: consumers pay for their purchases right away, but it takes days for the money to reflect in your bank account. Though this may seem like a small hiccup, the flow-on effects can be detrimental for business growth. Slow settlement times disrupts cashflow and could prevent you from pursuing strategic actions that might help you grow your business, like investing in products or hiring more people.
So why waste your time waiting for your income to come in when you can have it in real-time?
Enter Till's Same Day Settlement offering, which allows you to receive money in your bank account on the very same day. No more tedious waiting periods. Read on to find out more about the benefits of Same Day Settlement:
Cashflow optimisation for better budgeting
Till offers a convenient payment settlement process that provides merchants with the option to access their funds next day or even on the same day – with intra-day settlements coming soon. As a bank-agnostic payments provider, we can give you access to your income fast, seven days a week, no matter who you bank with.
Business owners and financial decision makers benefit from the improved cash flow offered by Same Day Settlements, which enables you to budget strategically and properly allocate funds to make improvements and drive business growth, without the hassle of slow settlements.
Fraud protection and a better grasp of your financial position
You get the best of both worlds with Till’s combination of ease and safety. Our Same Day Settlement processes have your security in mind, protecting your everyday transactions from fraud and helping to mitigate risks. That's not all; you can see exactly where your money is at any time as data is updated in near real-time and available at your fingertips via Till’s Merchant Portal, making reconciliations, chargebacks, and recoveries a breeze. Your overall operational efficiency improves as you get a better oversight and control over your financial situation.
Make the complex simple
Business is hard enough without the complexities of payments so why not tap into fast settlements to optimise your cashflow and activate business growth, all the while ensuring the safety and security of your business income. No matter where, when or in what currency, Till is the all-in-one global platform that makes every payment possible.
Ready to speed up your payments process? Touch base with our friendly people via https://tillpayments.com/contact-us.