Wave, a financial management software firm, has tapped Visa to introduce a payments solution that will provide small businesses faster access to cash.
The new Instant Payouts feature will make use of Visa’s real-time push payments tool Visa Direct.
Through the move, Wave customers will gain the ability to receive money in real-time.
Using the service, they can receive funds in evenings, weekends, and holidays.
Apart from Visa, Wave’s Instant Payouts feature will leverage Worldpay’s acquiring platform.
In this context, Visa cited the Visa Funds Disbursements Research.
Of those polled in the study, 79% wanted faster settlement while 81% said that they would pay to have it.
At present, a limited number of Wave customers can access the Instant Payouts feature.
The service will be made available for more customers in North America in the next few months.
Wave chief financial services officer Les Whiting said: “Small businesses depend on cash flow to survive, and often have to wait two or more banking days for their payments to be processed through traditional banking methods.
“Our new Instant Payouts feature uses the scale that Visa provides and the nimbleness of Wave.”
Wave offers accounting, invoicing, payroll, recurring billing, and payments tools.
The company has a client base of over 3.7 million in more than 200 countries.