Cash flow is a make-or-break issue for small businesses—after all, 82% fail because of cash flow problems. That’s why we’re excited to announce that we’re teaming up with Visa to make cash flow issues a problem of the past for small business owners.
We’re introducing Instant Payouts, a new way to access the money you’ve earned within seconds. Instant Payouts will change the way small businesses manage their cash flow. Rather than waiting the typical payment processing times—up to two business days—Instant Payouts allows business owners to use the money they’ve earned immediately to grow their business or pay expenses.
“Small businesses depend on cash flow to survive,” said Les Whiting, Chief Financial Services Officer at Wave. “Often they have to wait two banking days or more for their payments to process through traditional banking methods.”
Wave’s payments customers will soon be able to use any valid Visa or Mastercard debit card to get upcoming payouts deposited to their bank account instantly. By integrating Wave’s invoicing and payment solutions for small businesses with Visa Direct, customers can receive funds instantly, even on evenings, weekends, and holidays. So, when business owners receive payments from their customers for products or services, they can use Instant Payouts to access that money immediately.
“Instant Payouts has been a game-changer for my business,” said Lisa Finelli Fallon, owner of Xperience Creative, an artist management and events services company catering to the entertainment industry.
“Waiting several business days for payments to process can completely impact the operations of any business,” Lisa explained. “With Instant Payouts, I can access payments made to me instantly. This means I have access to my money faster so that I can reinvest in my business or pay vendors—this has been especially helpful when producing events with quick turnaround times and costly requirements.”
With faster access to their money, entrepreneurs can run their businesses better—which is a boon for their customers as well.
Since the start of this year, we’ve rolled out Instant Payouts to an early access group of business owners. We’ll be bringing this new feature to more Payments by Wave customers in the U.S. and Canada later this year. Look out for an email notification as the businesses you manage in Wave become eligible for Instant Payouts.
The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.