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Education

There is a fee for the convenience of same-day deposits. Take the lead, offer new products
ISOs and MLSs can charge merchants a percentage of their
volume or a flat fee per deposit. Following is the schedule Both Worldpay and Elavon's same-day funding products
for ACH payments. FastAccess Funding fulfill the purpose of getting funds to the merchant faster.
They both speed up the time frame for deposits. Determining
which product would work best for your merchants would
depend on each merchant's specific situation. If a merchant
needs funds every day including weekends and holidays,
Worldpay's product would accommodate that merchant
the best. If a merchant is closed weekends and holidays,
Elavon's Fast Track Funding would absolutely work.

Another important factor to consider is the timeline of
the merchant's bank for making ACH deposits available.
If a merchant experiences delays in his or her financial
institution's ACH posting process and you have access to
Worldpay, perhaps boarding the merchant there would
make sense. The major difference between the two products
is related to how the product works. One works via ACH
and the other utilizes DDA via a debit card. Pricing is along
the same lines for both companies, going with a percentage
of volume or a flat fee per batch sent through the express
funding channel.

Worldpay's product is called FastAccess Funding. It Today's marketplace is increasingly challenging. Staying
typically allows merchants to receive daily settlement competitive by offering new products is the best way to
deposits in less than five hours using merchants' existing stay relevant. Having attractive product offerings is also a
Visa debit accounts. Deposits can be initiated at any time good way to distinguish yourself. Same-day funding gets
during the day and will be processed seven days a week, our merchants' attention when cash is a factor in running
including holidays. their businesses. We target restaurants, liquor stores,
convenience stores, hospitality businesses and retailers.
Once merchants are set up for FastAccess, they only need to Dee Karawadra is the founder, Chief Executive Officer and President of
begin settlement at their terminal or point of sale to receive Impact PaySystem LLC, based in Memphis, Tenn. He and his team have
their total daily settlements in the accounts linked to their a wealth of knowledge on the merchant services industry. Dee's experi-
debit cards. FastAccess Funding replaces traditional ACH ence on the street as an agent guided him in laying a foundation for an
payments to demand deposit account (DDAs). The program agent program that is both straightforward and lucrative for his agents.
requires a merchant to have a debit card on file with his Contact him at 901-601-0032 or dee@impactpays.com.
or her merchant account. The
batch limit is set at $15,000, but
batching up is permitted five
times daily.

This method allows Worldpay
to make monies available on
weekends and holidays, unlike
the Elavon product. Of course,
there is a fee for the convenience
of fast funds. This product can
be billed two ways: a fee based
on the merchant's dollar volume
in a percentage form or a per
deposit fee. This product can
be sold by the ISO channel and
is a revenue generator. What
differentiates this product is
that the merchant can receive
payments when batching after
hours or on weekends and
holidays.

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