Aiming to make payment acceptance a swifter and easier process for merchants, Cashflows has unveiled its new anytime settlement.
The new service enables businesses to access funds in a matter of hours following a transaction, rather than the industry average of three working days.
It comes at a time when business is in the midst of a turbulent period, as an abundance of companies face potential collapse following the pandemic.
Amanda Mesler, CEO, Cashflows, said: “2020 was the most challenging year for businesses that we’ve seen for decades and 2021 doesn’t seem like it will be much easier. We all know that the payments industry has long been hindered by archaic processes and infrastructure.
“The events of the last 12 months have really highlighted a need to improve this to give SMEs – the lifeblood of our global economy – the best possible chance to thrive in difficult circumstances. Anytime Settlement is simple – it’s about giving businesses access to what is already theirs, whenever they need it. With so much outside business leaders’ control, we believe they should at least have freedom over how they manage their funds.”
The launch is off the back of research conducted by Cashflows late last year, which revealed that 42 per cent of UK retail and financial services payments decision-makers say having more predictable cash flow is important to their business – compared to three per cent before the pandemic.
Nonetheless, 15 per cent outlined they don’t feel in control of their payments. Over half detailed that being able to control remittances would give them security/peace of mind, this figure rising to 63 per cent of those in financial services.