The rise of real-time payments is changing the reality of the payment industry. The idea of immediate access to funds is fascinating, especially for high-risk merchants who struggle to obtain payment processing alternatives with traditional banks.
Real-time payments have contributed to an environment in which customers, merchants and financial institutions can make their transactions without delays.
Statistics from 2018 already showed a 51% market demand for better payment systems, and 83% showed a need to improve the payment system’s efficiency.
Real-time payments are not a new concept – paying with cash is an immediate payment operation. However, technological advances have made cash payments obsolete, building a stage for new payment alternatives that created a new standard of real-time payments.
The difference between real-time payments and fast payments
Some people use the two terms as they were the same, but it is essential to highlight that they are two different things. Real-time payments are transactions that settle in real-time: the payment is initiated and ended almost immediately.
On the other hand, fast payments are a payment transaction that occurs more rapidly than traditional payment options. They can be fast, but they are not in real-time. Every real-time payment is fast, but not every fast payment is in real-time.
Advantages of real-time payment operations
Real-time payment operations are an excellent alternative for merchants, especially high-risk ones because:
_they can use the money immediately to invest in their business or to cover expenses.
_they also benefit from lower rates
_they have better fraud security.
Some companies, such as Visa and MasterCard, have developed systems to provide real-time payment capabilities, making it more popular among users.
At iPayTotal, you can benefit from real-time pay-outs with our high-risk merchant accounts. We provide customised solutions for high-risk merchants according to their business’s needs.
You will also benefit from offshore credit card processing, multi-currency transactions, 24/7 customer support, secure SSL-encrypted servers and quick approval at iPayTotal.
Our application process is easy and simple, and our team of experts is available to guide you through the entire process, from the first contact until setting up your high-risk merchant account.
Contact us today at iPayTotal and learn more about our customised solutions for high-risk businesses.