3 reasons you should love real-time payments

Most of humanity likes everything faster. It’s why the internet and fast food both succeeded. But what about real-time (or simply faster) payments? Why is that such a big deal? Should you love it? I say yes, and here are three reasons you should…

Small businesses will love it: If you’re a small business, money can be tight at times and real-time payments can help you manage your money. When access to funds is all but instantaneous, it’s easier to manage your cash flow, make payments to vendors on time, and helps you avoid fees or penalties that you might have to deal with from time to time.

Consumers will love it: Have you ever gone on a trip with friends? Somebody ends up footing the bill for the group reservation and then has to wait around to get reimbursed. Venmo helps, but how cool would it be to be able to get instant money from everyone deposited into your account before you even have to pay for it. Because there’s always that one guy who keeps “forgetting” to send over his share.

The economy will love it: There’s a ton of money flowing in and out of accounts (personal, business) every day, and speeding up that process can only be a good thing for the economy. Small (and large for that matter) businesses can speed up the rate that they use their cash flow to reinvest in their businesses and their people. Speed and efficiency are good things!

It’s a big month for real-time payments, so strap-in and enjoy the ride!

John Pettit

John Pettit

John Pettit is the Managing Editor for CUInsight.com. Web: www.cuinsight.com Details