Microbusinesses extremely care about efficiency in the transaction for instant payments. To the fiscal viability of these small businesses, the timing and easy access of the deposit can be crucial. And the reason is that in a time of high economic uncertainty, even short delays in payments or income receipt can be financially devastating.
When it arrives at the disbursements they receive, instant payments offer a seamless flow of funds between vendors and clients. And it also eliminates the occasional lengthy and inconsistent waiting periods before funds clear. Instant payments also prevent the case of administrative errors that often happen to slower payment methods like paper checks. In this way, it becomes easier for microbusinesses to manage budgets and project future earnings.
For reasons like that and others, 81% of the payment makers believe in instant payments. According to the Disbursements Satisfaction Playbook, a PYMNTS and Ingo Money collaboration are essential for improving the relationships of buyers with suppliers.
Essentially, instant payments are a vital tool for improved customer engagement and transaction management. Research conducted by PYMNTS indicates that businesses that resist modernizing their disbursement practices may come across real threats to their business. And these can include an extreme risk of being alienated from their vendors or customers over time.
A very handful amount of microbusinesses, only 31%, stated that they were agreed to keep up client relationships with businesses that are unable to offer an option of instant payments. On the other hand, 67% of microbusinesses said they were “somewhat” or “much” more likely to continue that business relationship. And their one and the only condition is the opportunity of instant payments without a fee.
Payment makers have now come to understand this. They have agreed to provide free instant payment options to the clients for the betterment of the consumers’ experiences, even at fees of up to $5 per transaction. In fact, 69% of all payers said they were willing to pay a fixed amount of $5 to send instant payments.