Digital payments major Visa and management software firm Wave have announced a new limited release payments solution for small businesses.
Image: Visa headquarters at Metro Center in Foster City. Photo: courtesy of Coolcaesar.
Via Worldpay’s acquiring platform, Wave’s new Instant Payouts feature incorporates Visa Direct real-time push payments solution into its comprehensive small business financial platform.
Visa Direct will help the software firm to reduce settlement wait time by providing real-time deposits to their customers.
Wave chief financial services officer Les Whiting said: “Small businesses depend on cash flow to survive, and often have to wait two or more banking days for their payments to be processed through traditional banking methods.
“Our new Instant Payouts feature uses the scale that Visa provides and the nimbleness of Wave. As a growing fintech, we are making a meaningful impact on the way small businesses manage their money.”
Wave’s Instant Payouts feature is supported by Visa’s network, which enables secure, convenient and real-time funds delivery directly to eligible Visa card holder account credentials.
The new feature is part of Wave’s suite of complementary solutions for small business owners, and is fully incorporated with the Payments by Wave experience.
By aggregating Wave’s streamlined invoicing and payment solutions, Visa’s push payment technology and Worldpay’s acquiring platform, Wave customers can secure money in real-time, even on evenings, weekends, and holidays.
At present, Instant Payouts is available to an early access group of Wave customers, while the plans are on to provide for customers across North America in the coming months.
Visa’s Visa Direct global head and senior vice president Bill Sheley said: “Visa and Wave share a common goal of providing small businesses more convenient ways to manage their back office, as we both understand that cash flow management and access to funds are crucial to small business growth and success.”
With over 3.7 million registered customers in more than 200 countries, Wave tracks over $330bn through its accounting, invoicing, payroll, recurring billing, and payments products.
Visa, which provides secure payments across the globe, holds capacity to handle more than 65,000 transaction messages per second.