Payments services company Paysafe Group Plc (LON:PAYS) has just announced that it will begin offering same day settlement in mid-July to small business merchants based in the U.S. It will do this through partnership with Company.com LLC, a small business products and services platform, and instant money technology company, Ingo Money. This latest customer offering in the U.S. supports its ongoing focus in the North America region where it has identified significant growth opportunities and reinforces its commitment to providing its customers with various tools.
Through this new dual collaboration, Paysafe will be able to remove the wait typically experienced by merchants when dealing with the traditional interchange system and offer a solution that enhances the merchants’ traditional funding window from days to minutes. Merchants will also be able to leverage Ingo Money’s push payments technology to unlock same day settlement of fully guaranteed funds, saving them time and money. In the near future, they will also be able to access the complementary ‘small business product and service bundle’ to be rolled out by Company.com.
Todd Linden, CEO of Paysafe North America said:
This offering is designed to provide a significant competitive advantage to our existing merchants and those outside of the Paysafe network seeking a processing partnership that offers proven cash flow products. This dual partnership is a testament to the highly-evolved Ingo Money technology platform, and Company.com’s ability to leverage their extensive knowledge of the acquiring industry.
Ingo Money has funded more than $15 billion in instant transactions through one of 25 gateway endpoints. Ingo Money CEO Drew Edwards commented:
Ingo is the first push payments technology company, and our experience, technology and success rate are years ahead of our competitors. Applying these advantages to same day merchant settlement is aligned with our mission to provide consumers and small businesses with instant access to their funds. We are excited to work with Paysafe to deliver a competitive advantage to their merchant base of small businesses.
Company.com served as a project coordinator between the three companies in determining implementation guidance, sales strategies and timelines for deployment. Their expertise is proven through their four-year partnership with iPayment Holdings, Inc. (iPayment), Paysafe’s wholly owned subsidiary, where they served to increase retention and provide incremental revenue for merchants.
Bill Wade, CEO of Company.com stated:
The market today demands acquisition and retention strategies based on tangible competitive advantage. Same day settlement is an additional product that complements the business services that Company.com already supports for iPayment.
The news follows the close of Paysafe’s acquisition in June 2018 of iPayment Holdings, Inc. (iPayment) , a U.S. based provider of payment and processing solutions for small and medium-sized businesses, generating processing volumes of over $25 billion in 2017 from more than 137,000 merchant customers across the country.