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Education

What same-day Today, merchants can get same-day funding with a number

of processors. Many ISOs and MLSs are evaluating whether
funding options they can generate revenues by offering this product to
their current merchant customers and prospects. This
article takes a look at two products that offer same-day
should you offer? funding: Worldpay's FastAccess Funding and Elavon's Fast
Track Funding.

By Dee Karawadra Fast Track Funding
Impact PaySystem LLC Elavon's Fast Track Funding makes funds available to
merchants via the automated clearing house (ACH)
ame-day funding products are starting to flood network, based on NACHA – The Electronic Payments
the market. It seems every few months another Association regulations. This product targets customers
provider launches a similar offering, and it can who don't bank at the same bank where the ACH payments
S be hard to distinguish between them and evalu- are processed. This new service allows merchants to
ate their costs. Traditionally, it takes two business days submit batches for payment by 6 a.m. ET to receive funds
for merchants to receive their funds. A few years ago, the same day. It does not fund on Saturdays and holidays.
payment processors started offering next-day funding for Batches submitted for funding on Saturday and Sunday
a fee, reducing that window to one business day – except are funded Monday.
for weekends and holidays.
There is a batch limit of $25,000. Some issues that have
The ability to receive deposits on the same day they batch arisen with funding products based on the ACH have
out is a huge perk for merchant businesses where cash flow stemmed from financial institutions' methods of posting
is important. New same-day funding products give ISOs ACH transactions to make funds available to merchants.
and merchant level salespeople (MLSs) a new conversation A merchant's financial institution's timeline for making
to have with prospective merchant customers – possibly funds available can very much affect whether the merchant
opening doors to new business. will receive funds right away or the next day.

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