The Green Sheet Online Edition

July 25, 2022 • Issue 22:07:02

Readers Speak: Do I need to offer real-time payments?

I can't get a bead on real-time payments. There was a long stretch when people talked about how instant payments were coming. People found ways to do faster settlement, but nothing like the real deal. Then, close to real-time payments came along, and that could probably satisfy many a merchant’s itch to get money in their account quicker. Now it looks like there are multiple options. I'm sure my ISO's going to come out with a solution soon. I'd like to be better informed so I can evaluate and maybe even contribute to that decision-making process. Then maybe I can be sure I'm offering merchants fast, secure real-time payments, that is, if they really need them.

Kevin Feldt, Merchant Level Salesperson

Kevin,

Attending industry shows where you can see panel discussions, product demos and discuss new developments with peers will speed your ability to distinguish between emerging faster payments options so you can decide which are right for your business. There's plenty of time to register for MPC, The Digital Commerce Event, coming up Aug. 22, and the Western States Acquirers Association conference slated for Sept 7 and 8, 2022.

Also, to augment in-person interactions, try listening to podcasts. The "Banking on Future Trends" episode (Dec. 20, 2021) of the Merchant Sales Podcast, for example, is a far-reaching discussion about key trends shaping the future of merchant services. We've published several articles on this topic, as well. Here are a few:

• "Payments in real time and near real time" and "Payments in real time," by Ken Musante, published April 25 and June 7, 2022, respectively.
• "Banking on digital," by Dale S. Laszig, published Feb. 28, 2022
• "A coming of age for real-time payments," by Patti Murphy, published July 12, 2021

Thank you for reaching out. Good luck becoming a real-time payments expert.

Faster payments and you

Are your merchants clambering for real-time payments or are they happy with their current setup? Does this depend on merchant vertical or business size? Let us know at greensheet@greensheet.com.

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