If you search the top reasons why small and medium-size businesses fail, a common answer emerges: cash flow problems.
Numerous publications report that a whopping 82 percent of SMB businesses fail due to cash flow management* challenges.
Thankfully, Elavon offers several solutions that can help you get a handle on cash flow in the new year.
Fast Track Funding
Fast Track Funding is available to everyone, and it puts customers’ funds into a specialized “fast lane” with the Federal Reserve that speeds up the Standard ACH system funding process. Any batch submitted before 6 a.m. ET Monday through Friday will be funded, cash in account, by 5 p.m. local time that same day.
This solution is also available for a monthly fee for businesses submitting a batch totaling up to $1 million in transactions each night.
True Daily Funding
Using the Real-Time Payment s* (RTP) network, True Daily Funding enables you to receive funding deposits seven days a week, every day of the year just by following your standard batch submission process. You simply batch and submit your transactions, and your depository account gets funded within hours. As long as your depository bank participates * in the RTP network, this funding program is available to you for a monthly fee for batches or funding payments of up to $1 million per settled batch file.
On Demand Funding
On Demand Funding is a supplemental settlement and funding option that lets business owners transfer money from payment transactions in their open batch directly into their bank account or debit card, giving them access to funds within minutes to pay for unexpected expenses, wages or bills. Merchants can make unlimited transfers per day, even on weekends and holidays. Please note that On Demand Funding is not open to all customers. If you are eligible, you will see an On Demand Funding button on your Payments Insider or Converge account and your business can self-enroll. Participants simply incur a fee of 1.5% for the amount of money transferred and settled on demand from the open batch.
Ready to get started?
If you’d like to put one of these funding options to work for you, contact your Customer Account Manager.
Article Originally Published in Elavon’s Payment Smart Newsletter