US-based payment technology provider EVO Payments has partnered with Visa to roll out its new express deposit service for small and medium-sized businesses (SMBs).
Dubbed EVO Express Deposit, the new solution is enabled by Visa’s real-time push payments platform Visa Direct.
The integration of EVO Express Deposit with Visa Direct allows qualified US merchants to receive funds for card transactions in real-time.
The new Visa Direct solution provider is said to improve settlement and liquidity for SMBs.
Visa North America head of Visa Direct Gaurav Gollerkeri said: “In today’s challenging environment where businesses of all sizes have been impacted by the pandemic, it is more important than ever before that they have faster access to their funds, to help mitigate cash flow challenges and stay afloat.”
EVO Express Deposit helps SMBs address cash flow challenges so they can purchase inventory, pay bills and fulfil other financial obligations.
Merchants can schedule their card receivables payouts and transform cash collection as soon as they register for the new service with an eligible debit card.
Currently, the EVO Express Deposit solution is only available in the US.
EVO Americas president Brendan Tansill said: “We are excited to offer EVO Express Deposit to our merchants. Our ability to accelerate our merchants’ access to funds, particularly when they need it most, will provide increased flexibility and enhance the financial strength of their businesses now and in the future.
“Our merchants will derive increased confidence and satisfaction knowing that Express Deposit is a fast and secure solution enabled by a leading digital payments company, such as Visa.”