Shouldn’t you worry if you make a deal with your customer but the payment is still not processing? Not once, but almost every time until it affects your business performance. It is not too long ago we were introduced with real-time payment. Now, payment options have ultimately evolved in many ways and many of them are instantly processed. It is widely offered in electronic interbank fund transfer, digital wallet and many other channels. Therefore, it is fair to say that the concept of real-time payment is not new. However, not many people realize that this is the feature that they need while doing business at least in one of the payment methods offered by their company.
Payment methods that we have now are more direct and real-time basis. Banks and payment providers have seen the continuous demands for speed and convenience from the customers. To those who have experienced it, they know how real-time payment brings a huge difference to their performance.
Here are some more convincing benefits that all merchants have to consider about real-time payment.
You may wonder, how fast it is since it just happens in the actual time. Real-time payment combined all traditional aspects and completing all the processes at once. The authorization, transfer of fund, instant settlement and notification, all of them can be done with few seconds. It is obviously far better than the non-automated system.
Nowadays, payments are supported by a flexible and cost-effective mean to clear payment quickly. It can be done either by using the customer’s current or saving account. In Malaysia, the merchants can now install FPX (Financial Process Exchange) software to enable their customers to make real-time payment. No matter what banks they use, the options are there all in one simple process. Merchants can register their company through bank or Third Party Acquirer (TPA) such as MOLPay. Most importantly, it really saves time and convenient.
Payment system security remains firm with the security standard, PCI-DSS. Most payment gateways followed this standard while handling the payment processes. From online payments to card payments, all of them are covered with complete protection. Thus, registering this feature through a trusted payment gateway would be really encouraged. With the notification system that works within its speed of receiving the fund, the customers will feel safe to do business because they already have a proof to show whenever something goes wrong.
The payment can be received and originated in a greater proportion. It is processed electronically to help reduce the end-to-end transaction cost. Thus, it enables the merchants to deliver valuable yet low-cost services to the customers.
Cross-border payment is more convenient with real-time processing. With time and cost-effective cross-border payment, it is easier for merchants and customers from outside to exchange business.
As stated above regarding FPX, there are broad range of payment participants. Moreover, almost all banks and Third Party Acquirer (TPA) have joined the force to provide real-time payment to the users. Through collaborations, more parties can experience the effectiveness of real-time payment and contribute to how it is going to develop from time to time based on the feedbacks and reviews to improve the system.
No words can effectively define real-time payment other than immediate, simple and faster. Logically, if the payment is made real-time, there will be less crimes when the payment is made due to how it directs straightly to the receiver. Having at least one payment method that is real-time will ensure the trust of your customers due to its similar feeling with physical payment. Due to this, both business owners and customers can stop worrying about getting and giving any late payment.
Article by Nurin Fatini Abdul Ghani