Payments are getting faster, globally

Our mission to transform transactions

In today's fast-paced world, the speed at which payments are processed can significantly impact your business and customers alike. The delay between when you request a payment and when you receive it can create cash flow challenges, slow your business operations, and frustrate your customers expecting seamless transactions. 

We recognise the importance of payment speed and have made it our mission to revolutionise the way payments are processed globally.

Fast payments are a necessity

In the digital age, instant gratification is more than just a consumer expectation; it's a necessity for efficient business operations. Slow payment processing can lead to a cascade of negative effects:

• Cash flow management: Delays can disrupt supply chains, impact payroll, and affect financial planning. Timely payments allow you to manage your cash flow effectively. 

• Consumer satisfaction: Instant services are now the norm, and slow payment processing leads to dissatisfaction and loss of customer trust.

• Staying competitive: Businesses that miss the mark on payment processing risk losing their competitive edge, which allows them to operate more smoothly and respond quickly to market demands.

Committed to getting businesses paid faster

Our drive to enhance payment speeds is not just an operational goal but a core part of our product strategy and global mission. 

Paying in Australian timezones

To better serve our customers, we’re switching to processing Australian payments in AEST - rather than in GMT.  By syncing with local banks and optimising payment processing, we’re settling payments faster for Australian businesses, reducing our payment timings from four days to just two days. This initiative helps businesses manage their finances more efficiently and provides consumers with a smoother transaction experience.

Same Day Settlement in the UK

Same Day Settlements are coming soon, allowing UK businesses to receive payments on the same day their customers are charged, reducing the time it takes to settle Direct Debits by two days.

Empowering businesses collecting payments from the UK:

• Immediate access to funds

• Enhanced ability to manage daily operations 

• Financial planning with greater agility

Get paid in as little as two days in the US

In the US, we've reduced processing times for ACH Pull payments (also known as ACH Debit) with the introduction of Faster ACH. Traditionally, ACH payments could take several days to process, causing delays for businesses and consumers. Our Faster ACH initiative has streamlined this process, enabling payments in as little as two days. This advancement improves cash flow and reduces waiting times for businesses, and now more than 50% of merchants in the US use Faster ACH.

SEPA payments are getting faster

As part of our ongoing mission to reduce the time it takes for you to get paid, we have recently sped up the time between when you create a new payment (either one-off or a first recurring payment), and the date your customer is charged in Europe. Any first new payment you create will be processed and money will be received in your account sooner. By setting up and collecting new payments faster, you can improve your cash flow and free up capital to use on your business sooner.

Looking ahead

Our journey towards getting businesses paid faster is ongoing, and we are continuously exploring new technologies and strategies to accelerate payment speeds across the globe. From leveraging cutting-edge financial technologies to collaborating with partners, we are striving to be ahead of the game. Keep an eye out for what’s next for you, because it doesn’t stop here.