Visa and Wave Join Forces to Improve Cash Flow Management for Small Businesses
Wave’s New Instant Payouts feature offers small businesses an expedited way to manage cash flow and merchant payments
The ability to manage cash flow is critical to small businesses today, with 79% of surveyed respondents citing wanting faster settlement and 81% saying they would pay to have this benefit2. In addition, 85% of small business respondents say they would switch to a new merchant acquirer who offered real-time payments3. Through their work together, Visa is helping Wave solve for these needs using Visa Direct, so Wave can reduce settlement wait time by offering real-time deposits to their customers.
“Small businesses depend on cash flow to survive, and often have to wait
two or more banking days for their payments to be processed through
traditional banking methods,” said
“Visa and Wave share a common goal of providing small businesses more
convenient ways to manage their back office, as we both understand that
cash flow management and access to funds are crucial to small business
growth and success,” said
Wave’s Instant Payouts feature is backed by the power and ubiquity of Visa’s network, which helps enable secure, convenient, real-time4 funds delivery directly to eligible Visa card holder account credentials. This new feature is part of a suite of complementary solutions that Wave offers to small business owners, and is fully integrated with the Payments by Wave experience.
By combining Wave’s streamlined invoicing and payment solutions for small businesses, Visa’s push payment technology and the power of Worldpay’s acquiring platform, Wave customers are able to receive money in real-time, even on evenings, weekends, and holidays. This is the first of many efficiencies that Visa and Wave will look to create for small business management in the future.
Instant Payouts is currently available to an early access group of Wave
customers, with plans to be released to customers across
Wave is an award-winning financial management software company that is
changing how entrepreneurs make money, move money and track money. They
provide solutions that empower small business owners to simplify their
finances while giving them more confidence to run their businesses. The
company has more than 3.7 million registered customers in over 200
countries around the world. Wave tracks more than
1 Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative and the Visa Direct Original Credit Transaction Global Implementation Guide for more information.
3 See footnote 2.
4 See footnote 1.
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Wave Financial Inc. / Lightspeed PR