The payment industry and the ways in which customers can make payments are rapidly changing. Traditional retail payment methods often didn’t account for time-sensitivity issues. This meant that it would frequently take days for funds to be transferred from one account to the other.
With the Federal Reserve and financial institutions backing this payment method change, transferring money and paying for items has never been easier. Brite is one of the new payment platforms that’s supporting this crucial advancement. Learn why it’s one of the best new platforms around for both merchants and customers alike.
Instant payments are made in the same way as a bank transfer, but instead of there being a time delay, everything is done instantaneously. This payment is made directly from a bank account and a customer can use the payment platform to pay for anything, from retail to bills to online games.
Brite is fast and secure and it benefits everyone in the chain from customer to merchant. Merchants are able to access the funds in a matter of minutes, meaning that they have a lot more autonomy to provide additional customer support, as well as optimize their cash flow management. They’re able to give on-the-spot customer refunds, removing any stress in the tracking and customer refunds process.
Instant payments are also simple and straightforward. You don’t even need to input bank account details, which can be time-consuming. Paying for things is the least fun part of the process, so why spend any more time than necessary on it?
The transfer of goods and services hasn’t always been easy in an online setting. Customers can often be left waiting days for any reimbursement, which can lead to dissatisfaction and a negative customer experience.
Delays in payment can make all the difference between putting customers off from repeat business or continuing to use your service. With Brite’s online payment platform, they can offer an instant withdrawal product, 24/7 and 356 days a year.
Using an automated process or from one simple click, customers can be sent funds back to their original account, or another account if necessary.
Instant payments can also be used for regular payroll features. This is attractive to businesses that work with a lot of temporary, part-time, or seasonal staff. It streamlines the wages process, meaning that workers are paid instantly and without hassle.
In turn, this could benefit both employer and employee and improve the ability to retain and hire satisfied staff members.
Brite and the Future of Instant Payment Platforms
Instant payment platforms, such as Brite, are here to stay. With the shift in our consumer habits, immediacy and ease of payment has become a necessity for most customers.
There’s an expectation that consumers should have payment options that are easy to make, track and receive. In the next few years, you should expect instant payment platforms to be commonplace in the ways we buy and consume goods.
Brite is one of the best payment platforms on the market for you to send and receive payments. Don’t miss out on all the benefits of using Brite to streamline how you spend your money.