Disbursing funds to customers or suppliers with traditional payment methods can be both costly and time-sensitive. When paying with cheques, businesses are subject to large clearing periods of up to 5 days. Additionally, there can be holds of up to 10 business days put on disbursed funds for financial institutions to verify accounts or validate the cheque. While there are more modern systems of disbursement than cheques, such as Automated Clearing House (ACH) transfers or Electronic Fund Transfers (EFT), these methods do not allow for the instant disbursement of funds.
These wait times can be frustrating for businesses from a financial and administrative perspective, as funds need to be issued in a timely manner, and at the correct amount, to ensure recipients receive the funds they need to survive.
Luckily, Berkeley Payments’ DirectSend service acts as an all inclusive digital transfer solution that allows businesses to disburse funds in real-time to employees or customers at the click of a button.
“Berkeley Payments’ DirectSend service acts as an all inclusive digital transfer solution that allows businesses to disburse funds in real-time to employees or customers at the click of a button.“
What is DirectSend?
DirectSend is a real-time transfer service created by Berkeley Payments that uses the Visa network to enable businesses to instantly payout funds to reloadable prepaid cards, debit cards, or bank accounts. Businesses can send money to Visa cardholders in real-time using a single Application Programming Interface (API) integration point. DirectSend allows for the deliverance of up to $100,000 in a single transaction, and can deliver multiple transfers to accounts or cards simultaneously. Visa DirectSend benefits employees as they can get access to their wages instantly, and it benefits businesses as there is a decreased administrative burden as funds are disbursed throughout time.
“Visa DirectSend benefits employees as they can get access to their wages instantly, and it benefits businesses as there is a decreased administrative burden as funds are disbursed throughout time.“
How Does DirectSend Work?
- The recipient of the payment provides the business with their Visa-enabled debit card number.
- The business inputs the card number and the amount of funds being paid to initiate the disbursement via their client dashboard or API call from their platform.
- The DirectSend service will complete the disbursement, and funds will be available in the recipient’s account in under 30 minutes.
Benefits of DirectSend
DirectSend is less costly than similar services such as EFT, ACH and cheques.
Reliability and Security
Businesses will benefit from the reliability of the Visa payment rails, which is an established and appropriately secured network. Visa has proven themselves as trustworthy and equipped with all the necessary risk solutions to ensure that business funds are secure and information is handled with the utmost professionalism.
Using an API, businesses can seamlessly integrate their DirectSend program to fit their specific end user. This will help solidify brand messaging throughout the payment process and ensure a custom experience to fit whichever disbursements your business is hoping to fulfill.
Visa’s advanced network capabilities, businesses can ensure that recipients receive funds within a 30 minute time frame. Visa DirectSend allows for connected payment experiences 24 hours a day, so that businesses can transfer funds to eligible cards whenever they want to. This allows DirectSend to act as an alternative to passing cash from hand to hand.
Ease of Use
DirectSend requires no special functionality or training. All businesses need to send a transfer is the email address of the payee.
“Visa’s advanced network capabilities, businesses can ensure that recipients receive funds within a 30 minute time frame.“
Set up a DirectSend Program for Your Business Today
Berkeley Payments can easily integrate DirectSend using our API to facilitate your payment needs. With our platform, your businesses can set up a branded platform with personalized email notifications and confirmation email messaging to allow DirectSend recipients to receive payment directly to their email. Reach over 3 billion card users instantly, today.