3 payment providers offering instant money transfers
February 10, 2020
What to consider when making instant money transfers
There are many platforms that can help your business send money internationally and domestically. Some are known for convenience; others, cost. But underneath it all, those factors don’t mean much without one important quality: speed.
While business payments have taken their time catching up to the consumer payments industry, it’s clear that the options are no longer lacking. But too many options can be almost as bad as too few, much like the abyss of the cereal aisle. However, your decision when selecting an online payments processor is much weightier than the showdown between Lucky Charms and Raisin Bran (depending on your daily fiber intake).
So why does it matter? A processor that doesn’t represent you or your business can greatly affect your cash flow and payment ecosystem.
What is an instant money transfer?
Money comes and goes quickly. But thanks to electronic payment processors and networks like Veem, it’s getting easier and easier for businesses to keep up with the flow.
An instant money transfer means different things to different processors. Put simply, an instant money transfer is a way of moving money. When a sender forwards you money it usually takes a few days to get to your account. Instant money transfers let you move money within the US in just a few minutes.
Payment providers offering instant money transfers
Popular payment providers try to minimize the time it takes to get your money. With these processors, you’re able to move money from your account, straight to a bank debit or credit card within minutes, usually for a small fee.
If you’ve been looking into payments, you’ve probably stumbled upon TransferWise. TransferWise offers US senders, both individuals and businesses, international instant money transfers.
Instant money transfers with TransferWise are simply fast money transfers. But they differ from the definition used by PayPal and Veem. TransferWise defines “instant” transfers at those occurring within 20 seconds, but suggests that a number of factors could cause delays. Bank hours, location, and payment method all stand in the way, which TransferWise admits are out of their control. Aside from domestic payments, TransferWise estimates international payments taking between 1-3 days. Although these are fast, they’re not exactly instant.
TransferWise’s fastest payments are sent domestically using your credit or debit card. That means you’re not only feeling the fees from the platform, you’re also at the mercy of credit card fees and interest. The cheapest way to use TransferWise means sacrificing speed.
PayPal is big in consumer payments and is often cited as the best platform for peer-to-peer transactions. But they’ve also been dabbling in the business payments industry, offering a well-known name and handy integration to businesses and customers.
According to their website, users are able to quickly transfer money from their business PayPal account to an eligible bank. PayPal’s Instant Transfers take only minutes, aside from debit card transfers, which can take up to 30 minutes.
A plus of PayPal’s Instant Transfers is that it is an option. You’re not paying extra for the service with every transaction. If a payment can wait, users are able to accept it using the standard 1-3 day transfer service. If it’s urgent, businesses can move money from PayPal to an eligible bank for a 1% fee (up to $10).
Veem is a payments network that strictly deals with business payments. This allows us to tailor our process to the needs of our unique business clients.
Veem strives to create the best payment experience possible by bringing businesses together. And in order to do that, we remove the friction and common barriers between business partners that other platforms ignore. These barriers include speed, transparency, convenience, and costs. Veem makes each transaction far more valuable than the money involved by connecting partners within our network and nurturing relationships.
When it comes to speed, Veem stands out from other platforms with our multi-rail technology. We leverage multiple networks in order to find the best route, price, and delivery time for each payment. Where a TransferWise payment can be faster when using a credit and debit card use, Veem automatically identifies a payment’s fastest route among its rails. This saves money and work for our business users. The only need for a bank card is to instantly deposit your funds from your Veem account to your debit card.
With Veem, businesses don’t have to choose between speed, low costs, and convenience.
Veem’s Instant Deposit
Veem started offering money transfers as a solution to the time consuming, opaque, and untrackable bank wire process. First came Veem’s 1-3 day international wires, then came tracking. Yet, businesses found themselves waiting on unsettled invoices and late payers. Of course, late payers and slow payment processes can dry up your cash flow.
So, while Veem already leverages the quickest and most secure technology with our multi-rail system, what can we do?
The answer: we create an even faster solution for businesses who need cash fast.
Veem’s Instant Deposit cuts down the wait time from days to minutes. Instant Deposit enables you to add funds to a US debit card instantly, freeing up time needed for more urgent matters. No more cash flow delays, no more waiting.
Instant Deposit allows Veem users to deposit their payments directly to a linked bank account. It allows payees to receive funds directly to their debit cards in real-time. For just 1.5%, you can get paid instantly.
Instant Deposit is available for all US based accounts receiving payments in USD.
Veem’s Instant Deposit is just another way we’re removing friction from the payments process. Here are some of the other ways Veem can help your small business:
- Scales to your business needs
- Offers payment tracking and transparent services
- Advocates for businesses over late or missing payments
- Has excellent country-specific representation and customer service
- Offers you the best mid-market rate for foreign exchange
- Integrates with accounting tools to benefit your payment ecosystem
- Cuts costs without sacrificing security or speed
Take advantage of Veem’s Instant Deposit for all your business’ instant money transfers needs.