Same day debit processing

Any business owner likes getting paid what they are owed for their services. For many it is frustrating to have to sit and wait for a payment to come to them. Technological limitations meant that credit card payments would be delayed for days sometimes keeping money earned just out of reach. In 2016 that changed when same-day credit card processing became a reality. Now same-day debit card processing is a reality.

The National Automated Clearing House Association developed technology with the goal of speeding up the processing system. It has helped reduce the time a credit and debit card transaction took to complete from 2-3 days to a few hours. What has prompted this work was the decreasing reliance on checks and an increase in the use of credit cards over the past decade and that percentage is only expected to increase.

As of right now this technology is only available for business-to-business transactions and is being implemented slowly. Both parties are required to have implemented the technology so if one does not have it it will not work and some business owners feel they do not have the know-how to implement it.

It is only a matter of time until this technology is proven and is integrated everywhere.