What are Real Time Payments?
Posted by Checkbook on Jun 02, 2020
Human beings are impatient creatures. We don’t like to wait and we get upset when we have to. Enter, real time payments.
Real time payments allow individuals and businesses to, with the push of a button, instantly make funds available for use.
Real time payments can change the game no matter who you are or what kind of business you operate. Daily wage workers, gig economy workers and other freelancers will never have to experience a delay in being paid again and this will attract more people to adopt freelancing as their preferred method of work.
Funds received in real time can not only be instantly pushed to the recipients Checking Account but can also sit in their Apple Wallet or Google Pay, thereby making this payment method all the more attractive in the business-to-consumers (B2C) space. Checkbook wants to help customers make and receive payments in as little time as possible, and that is one reason we offer Instant Pay and instant bank transfers at no extra cost.
Related Posts
Wire Transfer vs Bank Transfer
A wire transfer is an electronic method of transferring funds between individuals or entities, typically for larger amounts. This process is fast and efficient, with funds moving directly between bank accounts. A wire transfer could be domestic or international A bank account transfer, simply "bank transfer" or Electronic Funds Transfer (EFT), involves moving money electronically from one bank account to another. Bank transfers can be intra-bank i.e. from an account at one bank to an another account at the same bank or inter-bank i.e. from a bank account at one bank to abnk account at another bank. This broad term encompasses methods like ACH (Automated Clearing House) transfers, direct deposits, and person-to-person payments through apps such as Venmo or Zelle. Bank transfers are typically used for domestic transactions and are often free or low-cost for the sender, distinguishing them from wire transfers.
How long does a bank transfer take?
Understanding the intricacies of bank transfer times is vital for effective transaction management, whether one is a seasoned banker or new to online banking. Transfer durations vary depending on factors such as the banks involved and the chosen transfer methods.
Checkbook.io Launches InstantPay
Julie Muhn of Finovate says, "The technology works because Checkbook.io doesn’t use the antiquated ACH infrastructure, which requires recipient onboarding and takes three to five business days to move funds from one account to another."
