Product: Instant Merchant Settlement
Company: paycosmos Solution platform provider: linked2pay
Oxnard, Calif.-based paycosmos launched Instant Merchant Settlement (IMS), a solution designed to provide business owners immediate access to credit card funds. Powered by technology provider linked2pay, the software-as-a-service solution facilitates instant settlements of batched and single payment card transactions, company representatives stated.
"This launch brings Instant Merchant Settlement within reach of any business that accepts credit card payments online, mobile, virtual terminal, by email or via text," stated Robert "Jay" McShirley, CEO of linked2pay. "As digital payments continue to grow rapidly, we expect the demand for instant 24/7, 365 settlements to skyrocket."
McShirley said the IMS program is available to paycosmos sales agents, and a white-label version of the program is available to ISOs and linked2pay sales channel partners and distributors to market under their own brands.
A simplified merchant enrollment process using linked2pay's patent-pending technology facilitates an end-to-end solution, McShirley stated. The merchant registration and onboarding process instantly authenticates applicants by matching them to debit cards connected to their merchant bank accounts. Approved IMS merchants can set individual settlement thresholds and schedules, according to their preferences, he added.
McShirley additionally noted that Instant Merchant Settlement provides business owners with a consistent merchant experience; the only difference is that they get paid immediately. The credit card terminal, linked to a merchant's bank account, enables continuous instant settlement, he stated.
"We effectively connect card acceptance to the merchant bank account," he said. "When a card payment is approved, it triggers settlement for the merchant, which takes less than a second and the funds are available in their account for withdrawal immediately."
Following a successful pilot, paycosmos became the first ISO to offer IMS, McShirley said. He cited the program's seamless onboarding process and outstanding customer support as additional benefits. "linked2pay has brought together everything acquirers need to board a merchant and provide them with IMS," he said. "The linked2pay gateway is configured to support the program, which ISOs can configure according to their merchants' individual requirements."
linked2pay's transparency and excellent support was evident throughout all phases of the rollout, McShirley noted. "Their dedicated team of experts helped us deploy IMS as an option for our merchants and continues to be responsive to our needs," he said. "The feedback we've received from our merchants has been exceptional."
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