Vantiv Inc., which has an office in Schaumburg, and Visa recently announced a new credit card processing service that will allow the transfer of retailer funds in minutes rather days.
The FastAccess Funding project bypasses the traditional route of funds transfer when a customer makes a purchase using a credit card. Instead of relying on an automated clearing house, the new method will transfer the purchase amount directly to the merchant’s debit card, according to a Vanitv press release.
The new, “push-to-card” system will work with retailers’ Visa debit cards and will facilitate cash flow to merchants, Scott DeAngelo, Vantiv's senior vice president of product, said in the announcement.
"Access to your money, on your schedule, is incredibly important to running your business the right way,” DeAngelo said in the press release. "With FastAccess Funding, Vantiv is able to leverage its scale, card brand relationships, and commitment to SMB growth to deliver a complete funding solution that fulfills a significant need; and we are proud to be the first major processor to do it."