Receiving funds faster is a conversation most merchants are interested in having. While next day options are available with numerous processors, same day funding speeds up this time frame even more. In an industry where cash flow is a major factor in operating a business, providing quick funding methods to merchants is a huge perk. Below we take a look at two same day funding options, Elavon’s Fast Track Funding and Worldpay’s FastAccess Funding.
Elavon Fast Track Funding
Elavon’s Fast Track Funding allows merchants to receive funds the same day if they batch out by 6 a.m. ET. Batches submitted on Saturday and Sunday are funded on Monday. There is no funding during holidays. Elavon Fast Track Funding is made available via the Automated Clearing House (ACH) network. Receiving funds immediately or the next day weighs heavily on the timeline and process of the merchants finanical institution. There is a $25,000 batch limit and a fee involved with the convenience of same day funding.
Worldpay FastAccess Funding
Worldpay FastAcess Funding makes funds available in less than five hours. There is no cut off batch time and deposits are processed seven days a week and on holidays. Worldpay FastAccess makes funding available via a Demand Deposit Account (DDA), which uses existing debit accounts. Merchants are required to have a debit card on file with their merchant account in order to use the program. There is a $15,000 batch limit with upto 5 batch outs per day as well as a fee attached for the convenience of fast funds.
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