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 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.
Key features:
- Only provider offering same-day funding for in-store and online.
- Businesses can choose their own end of day.
- Reports all transactions - attempted, declined and processed.
- Optional text message alerts on transaction data.
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.
Faster Processing is already available to thousands of businesses across the UK and Gibraltar. Alice Collins from Firefly Events, says of the service: “Using the Faster Processing service through UTP has made such a fundamental difference to our business. As an events company, we have many an occasion when last orders are late at night. Faster Processing allows us to choose when we get paid, and without fail the funds are in our account ten minutes after we close. Not only does this give us greater confidence in our provider, but it streamlines the way we are able to do our accounting with daily reports on transactions. We would never go back to a standard service now we have experienced what Faster Processing offers.”
Michael Ault, CEO at UTP, highlights the benefit that Faster Processing will provide to any online business taking payments: “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.”
As the world continues to shift towards a cashless society, businesses are becoming more reliant on digital payment methods. Not only is efficiency key, but the data that can be gained from these solutions can play such a crucial role for a business. Gaining information on busy periods, customer profiles and spending habits is data that translates into income.
The difference between having Faster Processing, and not having it, could be the difference between a strong successful cash flow, and a broken unstructured one. Faster Processing is designed with merchants in mind and will be a pivotal change that helps businesses to thrive in the new normal.