Financial solutions provider eCOMM Merchant Solutions has announced instant payments settlement for its small to mid-size enterprise (SME) merchants in Ireland.

The new initiative comprises a card payment terminal, a Business Current Account and a corporate prepaid Mastercard.

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eCOMM will immediately credit funds to the merchant’s Business Current Account. The credited funds will be instantly available for spending through the corporate Mastercard.

The company is also offering a 0.5% rebate with every spend on the eCOMM Mastercard. The rebate is paid to the merchant on a monthly basis and indicated as a line item in the Business Current Account, said the company.

eCOMM Merchant Solutions CEO Noel Moran said: “Having built my business from the ground up, I know what a strain it is to be depending on those funds. That is why we have built this offering and why we pay the merchant a rebate every time they then spend their funds.”

Moran added: “This is a game changer – because the funds ‘settle’ instantly to the merchants’ accounts, this will do away with the need for some merchants to go to finance companies to get quicker access to their cash.”

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The company plans to introduce the Instant Payments service across Europe.

eCOMM facilitates acceptance of Mastercard, Visa and American Express payments for its business-to-business (B2B) customers. The company provides a variety of services for merchants, including point of sale (POS) terminals.

It is said to act as a payment gateway, acquirer, underwriter and also processor.