Your favorite Merchant Services CRM has just received a new enhancement — merchants can now be boarded with the ability to receive same day funding when boarding using the FastAccess Funding option via the Vantiv TurboApp!
FastAccess Funding is a new solution from Vantiv (now WorldPay) that provides daily funding for merchant settlement.
The solution replaces a merchant’s ACH deposits by pushing funds to a debit card that Vantiv will obtain and keep on file.
With FastAccess Funding, merchants will receive a deposit in their business bank account typically within 5 hours, 7 days a week, including holidays.
Having a faster access to funding undoubtedly makes life easier for every merchant!
According to Vantiv, here’s what the merchants can expect by signing up for the new offering:
Increased speed and frequency of payouts — On the current funding schedule, payouts are determined based upon the time of day or day of the week that point of sale settlement occurs. With FastAccess Funding, payouts will hit your account sooner and on a consistent schedule.
Weekend and holiday funding — Forget about strict funding schedules and batch-out deadlines. After you’ve signed up with an eligible debit card, deposits are delivered to your bank account 7 days a week, 365 days a year.
Consolidated funding and spending — Use your debit card account to receive funds within a few hours and take advantage of using your debit card for all your daily purchases.
More consistent cash flows — Feel confident about the funds you have available with a more consistent checking account balance.
Inventory and vendor management — Ensure you have the funds on hand to pay the vendors that supply your goods and services so you can keep your shelves stocked and your customers satisfied.
Applying for FastAccess
As a Vantiv ISO, you can submit merchants for FastAccess Funding while you are submitting a TurboApp for your merchant.
Simply select the FastAccess Funding option on the Rates & Fees page (under Additional Services), fill in the cardholder’s phone and email, and select the Volume Fee or the Per Deposit Fee:
And that’s all there is to it! Once the merchant is approved, they will start receiving funds via FastAccess.
For more information on boarding merchants with the Vantiv TurboApp check out this article on Boarding Vantiv Accounts With TurboApp.
Stay tuned for more updates coming soon!
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