Wave's Instant Payouts feature integrates Visa
Direct, enabling small businesses to access their funds in
real-time1, improving cash flow and
money movement
TORONTO, May 10, 2021 /CNW/ - Visa and Wave, an all-in-one
accounting and business banking platform used by small businesses,
today announced the Canadian launch of Instant Payouts, Wave's cash
flow payments solution for small business owners, enabled by Visa
Direct, Visa's real-time2 push payments platform
and made available through Wave's financial institution
partner.
Wave's Instant Payouts feature integrates Visa Direct directly
into Wave's invoicing and payments platform, offering Canadian
customers a new way to access the money they've earned within
seconds. Instant Payouts pushes funds directly to a customer's bank
account, bypassing any hold periods and changing the way small
businesses manage their cash flow. Rather than waiting the typical
payment processing times, Wave customers can receive funds in
real-time3, 24 hours a day and even on evenings,
weekends and holidays. Instant Payouts allow business owners to use
the money they've earned immediately to grow their business or pay
expenses.
Getting paid quickly is key for small businesses, as they
navigate a challenging landscape brought on by the global pandemic.
The impacts of the pandemic have taken a toll on Canadian small
businesses, with small business owners saying it will be 10 months
on average until their business is back to being
operational4. In addition, 44% of Canadian
small business owners say real-time access to cash flow would have
an impact on keeping their business afloat in the wake of
COVID-195.
The ability to optimize cash flow is critical to the success of
small businesses. The majority (79%) of small businesses cite
wanting faster settlement and 81% say they would pay to have this
benefit6. In addition, 85% of small business
respondents say they would switch to a new merchant acquirer who
offered real-time payments7. Wave is solving
these needs leveraging Visa Direct to offer real-time8
deposits to their customers.
"Cash flow can mean the difference between whether a business
survives or languishes, and the ability for small businesses to
access funds instantly is all the more important in today's
climate," said Les Whiting, Chief
Financial Services Officer at Wave and H&R Block. "Tens of
thousands of our US customers have experienced the benefits of
Instant Payouts over the past year, including real-time deposits
and 24/7 access to funds. Introducing this feature to our Canadian
customers will make a meaningful impact in helping Canadian small
businesses thrive."
"We understand that cash flow management and more immediate
access to funds is critical for small businesses to survive and
thrive," said Jim Filice, VP and
Head of New Payments, Visa Canada. "Together with Wave, we're
committed to providing small business owners more convenient ways
to manage their back office."
Wave's Instant Payouts feature is backed by the power and
ubiquity of Visa's network, which helps enable secure, convenient,
real-time9 funds delivery directly to eligible Visa card
holder account credentials. Instant Payouts is available to Wave
customers in Canada and in the
US.
For more information about how Visa Direct can help your
business, visit Visa.com/VisaDirect.
__________________________
|
1
|
Actual fund
availability depends on receiving financial institution and
region.
|
2
|
Actual fund
availability depends on receiving financial institution and
region.
|
3
|
Actual fund
availability depends on receiving financial institution and
region.
|
4
|
Visa Back to
Business Study 2020
|
5
|
Visa Back to
Business Study 2020
|
6
|
Visa Funds
Disbursements Research, Aite Group survey commissioned by Visa of
154 North American SMB businesses, Q4 2017
|
7
|
Visa Funds
Disbursements Research, Aite Group survey commissioned by Visa of
154 North American SMB businesses, Q4 2017
|
8
|
Actual fund
availability depends on receiving financial institution and
region.
|
9
|
Actual fund
availability depends on receiving financial institution and
region.
|
About Wave
Wave Financial Inc (waveapps.com) combines
powerful financial tools with no-fee business banking designed
especially for service-based small businesses. Wave's comprehensive
platform includes accounting, invoicing, payroll and payments
software solutions, as well bookkeeping services. Wave Money, a
no-fee business bank account, provides small business owners with
quick access to payments, automates bookkeeping and creates
accurate records ready for tax time. Over 400,000 small businesses
rely on Wave as their smart money management solution. Wave has won
awards for growth, innovation and company culture, including
Deloitte Fast 50, Deloitte North American Fast 500, KPMG Fintech
100, CB Insights Fintech 250, Canadian Innovation Awards (Financial
Services), Canada's Best
Workplaces and many more. Wave is a subsidiary of H&R
Block.
About Visa Inc.
Visa Inc. (NYSE: V) is a world leader
in digital payments. Our mission is to connect the world through
the most innovative, reliable and secure payment network - enabling
individuals, businesses and economies to thrive. Our advanced
global processing network, VisaNet, provides secure and reliable
payments around the world, and is capable of handling more than
65,000 transaction messages a second. Our relentless focus on
innovation is a catalyst for the rapid growth of digital commerce
on any device for everyone, everywhere. As the world moves from
analog to digital, Visa is applying our brand, products, people,
network and scale to reshape the future of commerce. For more
information,
visit visa.ca, usa.visa.com/visa-everywhere/blog.html and @VisaCA.
SOURCE Visa Canada