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Pivotal Payments Announces Next Day Funding for All Canadian Merchants
Businesses to receive faster access to deposits and extended batch cut-off times
MONTREAL, December 1, 2014 – Pivotal Payments, a leading provider of merchant services and global payment processing solutions, announced today it will be offering its Canadian clients next day funding and is extending batch cut-off times by several hours. Already implemented for certain banking relationships, next day funding will be accessible for businesses with accounts at any domestic Canadian financial institution in the second quarter of 2015. The enhancement is aimed to improve competitiveness and boost operational efficiency for small and midsize businesses by providing quicker access to funds.
Next day funding allows merchants to receive their daily deposits of credit and debit card sales one to two days earlier than the standard funding cycle without limiting bank relationships. Businesses such as retailers, restaurants, entertainment and hospitality services that typically experience heavier sales during the weekend will receive their deposits on Monday, assisting with meeting payroll and purchasing inventory for the week. Merchants in Western Canada can take advantage of extended cut-off times for ensuring higher daily deposits for sales processed later in the day.
"Pivotal understands the challenges faced by many small and medium-sized enterprises across the country, and we’re excited to offer more solutions to help them better manage cash flow," said Philip Fayer, president and CEO of Pivotal Payments. "We're dedicated to providing the highest quality service and have spent significant resources on upgrading our processes and platforms in order to power our clients' long-term success.”
Next day funding is the latest addition to the company's Canadian acquiring platform, which continues to see major enhancements that include access to better hardware, integrated payment solutions, improved wireless network coverage and simplified bank reconciliation.
About Pivotal Payments
Pivotal Payments is a leading provider of merchant services and global payment processing solutions. The company provides to point of sale, online and mobile merchants a variety of services such as debit and credit card processing, integrated payments, global acquiring, electronic check conversion, merchant cash advance programs, business discounts, loyalty/gift card programs and terminal management solutions. Pivotal Payments offers these services to small and mid-sized retail businesses, e-commerce, m-commerce and other card not present merchants, chain stores, franchises, restaurants and dealerships. Processing over US $12 billion in annual bankcard sales volume, Pivotal Payments serves more than 70,000 customers. To learn more, visit http://www.pivotalpayments.com