Immediate payroll payments, settling dues on time, refilling the inventory, and running operations smoothly require rolling cash flows – this is all possible with instant payment settlements.
The best business practices ensure operational efficiency, better control over funds, and healthy liquidity which is possible with a steady cash flow. Be it your inventory requirement, paying dues on time, or settling the payrolls, enough capital in hand is a prerequisite to achieving optimum business operations.
However, the standard payment cycle debars your access to the funds for at least two to three days from the day of the transaction done by the customer. The situation gets troublesome when Sundays and bank holidays come in between.
That’s really awful!
Thankfully, as a merchant, you need not wait for that long with today’s modern and instant payment systems operating at full scale and facilitating real-time payments at large.
Digital Payment Gateway like Monay, offers a streamlined settlement process offering businesses with faster payment collection and access to the funds. Partnered with leading financial institutions and compliance-ready, Monay brings instant payment settlements to businesses so that they can use the funds immediately and keep their business rolling.
Now, let’s understand how an instant settlement is different from the regular settlement cycle.
When a payment is made in a default settlement cycle, it takes a defined period of time to get the amount credited to your bank account. Once the customer makes the payment, it may take T+2 or T+3 days (T= Transaction, +3= 3 bank working days) for you to access the funds. This gap from the day to payment to the day of payment realization in the account may lead to a liquidity crunch if you have to make any immediate payroll payments or order an inventory.
When a payer initiates a payment to the beneficiary using real-time settlements, the payer’s bank sends the payment to the real-time payments system. The request is verified by the system, and the payment is then sent to the recipient bank. In turn, the beneficiary bank accepts the payment and credits the beneficiary’s account within a few seconds.
The instant settlements are done 24X7 and you don’t need to worry about sending or receiving payment on Sundays or banking holidays.
Global payment systems like Monay Payments bring myriad benefits to businesses in improving the cash flow over the standard payment settlement cycle that delays access to funds. Let’s have a look at them.
Businesses can operate with complete peace of mind when their payments are settled instantly; irrespective of whether it’s a working day or a bank holiday. With working capital in hand, merchants can plan their future expenses, operational cost, and cash reserves better.
With instant cash in hand, businesses can pay the staff salaries, clear the dues and vendor payments, pay off loans, and meet ad-hoc operational expenses on the go. This keeps the business rolling smoothly without any worries around unsettled funds.
Cash management is an extensive activity, but when you have instant access to the funds and insights into your transactions through a Payment Gateway like Monay, your cash management becomes an easy-going experience. With instant settlements, enjoy control over your working capital, plan cash reserves, and streamline your expenses like never before.
Businesses using a Payment Gateway can use their in-built dashboard to check for the most widely used payment mode by the customers, the net transaction amount, the pay-outs, and cash inflows. This analytics can be tracked on a day-to-day, weekly, monthly or custom basis. Consequently, all this information can be used for better marketing and sales initiatives.
Convenient access to funds keeps businesses ready to respond to any new opportunity or expansion plans on time. With enough financial backup, they confidently explore new avenues and scale their business strategically. They also remain prepared to address any challenge or crisis on time and avert serious consequences.
Is standard settlement slowing down your business?
If your business is also facing daily cash crunch with the standard payment settlement cycle, it’s time to switch to Monay solutions for instant payment. It is one of the most suitable platforms for the settlement of instant payments for payment aggregators, retailers, and other businesses offering multiple choices of payment modes including debit card, credit card, international card, UPI, Digital Wallet, Bitcoin, ApplePay, AmazonPay, eCheques, and more.
Meet your financial obligations on time with cash in hand and keep rolling your business to higher limits.
Send us your queries and understand how real-time instant payments from Monay can help your business grow.