Linking New and Old Technology
Paper checks are hardly fast, but Push Payments and linked2pay are offering a way to link checks and ACH to instant payments.
Seeing a need for virtual and legacy payments worlds to better connect, Push Payments and partner linked2pay developed a real-time payments system that can function as that connective tissue.
In essentially converting ACH and paper check processes into instant digital payments, the companies say they are addressing cash flow problems for businesses and merchants and allowing banks to implement real-time payments through an application interface without requiring a complete makeover of legacy systems.
“They just have to plug in and do the same thing they are doing now, but just getting better ‘energy’,” said Travis Dulaney, CEO of Push Payments.
Push Payments and linked2pay have worked together since late last year, with Push Payments providing the real-time payments technology and linked2pay providing the “onramp” by handling the registration process for businesses and merchants wanting the upgrade.
The system enables merchants to send a day’s or week’s card receipts to their bank for instant payment into merchant accounts.
“The impact of a real-time payment is not only a major step in removing friction for merchants in the funding of their card receipts, but also in enabling them to take a more agile approach in running their businesses,” said Richard Mcshirley, chief marketing officer for linked2pay. “Getting paid for card receipts in one second after closing up for the day — that’s the ultimate in speeding up cash flow.”
This hybrid model is currently finding favor with online companies sending reimbursements, insurance companies paying out claims, stock brokerages making payments and transferring funds, and employers using it for payroll or commission payouts.
“It’s all about instant funding for these types of companies,” Dulaney said. “On the merchant side, it’s about empowering that channel because we built a high-volume transactional process that is very fast and secure.”
Push Payments would not disclose its current customer list, saying only that many top fintech and corporate businesses are currently clients or partners. In the coming weeks, it plans to announce new partners and has plans to address requests from independent sales organizations regarding sales and
“It’s all about instant funding for these types of companies. On the merhcant side, it’s about empowering that channel,” said Travis Dulaney, CEO of Push Payments.