Real-time payments are normally the rapid exchange of money when anybody purchases a thing or two from the seller. This also can be described as the payment of the product within only a few seconds. It can also be called as Immediate Settlement. Real-time settlements can be also used in the case of merchants. Merchant will be greatly benefited from real-time payments. However, most accounts also require a long range of time to reflect the payments. The time also depends upon the size of the amount and the type of business. Merchant accounts are not able to settle money in real-time because they need to receive authorisations from the issuers and other participants. Few merchant accounts will now be able to provide you with real-time settlements because it will be more helpful for the independent business.
The square instant payment feature is also helpful for the merchants. It is also said by the experts that many of the different types of procedures can be used for real-time payments. Real-time payments are often available for employees, contractors and also freelancers. Merchants, however, have to deal with slow settlements. It is also noticed that freelancers often struggle with delayed payments from clients. However, if the clients are willing to pay real-time then it can be a very good day for them. Real-time payments will also help the individuals to eliminate the use of paper checks, insurance companies and other cumbersome procedures.
International payment procedure is also very inconvenient for all of the people. It takes more than 2 weeks of time to settle the payment abroad. However, making an international money transfer in real-time can also result in compromising one’s security. Also, Western Union has also announced Visa Direct that can be used for real-time money payment. P2P payments are also one type of real payment option. OCTs can also be used to make real-time payments.