The concept of push payments is finding favor among payments providers as two companies separately announce new disbursement services.
Atlanta-based Repay said its Instant Funding service enables organizations to send funds directly to eligible Visa Inc. debit and prepaid cards via Visa Direct, the network’s real-time debit service. Repay’s lending clients, for example, can use Instant Funding to push funds to a Visa card instead of issuing checks or submitting an automated clearing house transaction, Repay says.
“Instant Funding will enable our clients to gain efficiencies and to provide a more customer-friendly experience,” Chris Arnette, Repay vice president of product management, said in a statement. “In today’s fast-paced world, it’s all about immediate gratification—and that’s what Instant Funding can provide.”
For San Antonio, Texas-based Payment Data Systems Inc., push payments are a component of its new money-disbursement platform that offers automated clearing house payments, push to debit cards, and virtual and physical card issuance. The platform also enables disbursement to Apple Pay, Google Pay, and Samsung Pay mobile wallets. The platform is part of a customizable card-issuance service.
Businesses can now offer contractors, employees, and other payment recipients the ability to choose among the issuance of a prepaid debit Mastercard, real-time deposits to checking accounts, traditional ACH or direct deposit, or paper check, Payment Data Systems said.
“There is a lot of excitement about virtual card issuance and real-time payment disbursements. Consumers want options when it comes to how they get paid—most are seeking a faster way to receive pay and some simply don’t have access to an account that can retrieve real-time disbursements,” said Louis Hoch, Payment Data Systems chief executive, said in a statement.
“This forces complexity on businesses tasked with making these payments and often requires them to partner with multiple providers and/or integrate with multiple systems. By combining our traditional payment services with our card-issuance platform, we now offer a solution that can disburse funds in a variety of economical ways.”