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.

ISO & Agent - - DIGITAL PAYMENTS | TECHNOLOGY - BY DAVID HEUN

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.

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