UTP offers same-day funding
UTP Group, a UK payment solution company, now offers its ecommerce customers the ability to receive fund settlement within hours instead of days. It claims to be the first to offer same-day funding online and in stores.
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To be able to provide its customers this option, UTP Group has partnered with Faster Processing, a credit card processing system that aims to reduce the funding delay most businesses experience when taking payments.
Previously, merchants had to wait up to 5 days.
“Up until this point merchants have had to wait anywhere up to five working days before receiving the funds from payments they have taken online”, UTP explains. According to the company, it’s now the only payment solution company in the market that is currently providing Faster Processing to both online and physical retailers.
Businesses can choose their own end of day
Aside from the same-day funding, Faster Processing also allows business to determine their own end of day. This should give merchants more control of their cash flow. “It eliminates the challenges faced of receiving more than one separate statement for each trading day.”
Available in the UK and Gibraltar
Faster Processing is available to thousands of businesses across the United Kingdom and Gibraltar. According to Michael Ault, CEO at UTP, implementing this for ecommerce was always in their business plan. “Covid-19 also means it has become a necessary development to help businesses that have suffered over this past year. Waiting up to five days to receive funds is simply not viable for many businesses that are still on the road to recovery.”