Paysafe in pact to launch same-day settlement in U.S.
U.K. payments technology provider Paysafe has entered a partnership with Company.com and Ingo Money to offer same-day settlement to small business merchants in the U.S.
The company's expansion into the U.S. market was expected following the close of its acquisition of iPayment Holdings Inc., a U.S.-based payment processor for small- and medium-sized businesses.
Starting in mid-July, Paysafe will remove the typical waiting period for merchants when dealing with the interchange system from days to minutes with the new settlement process. Paysafe merchants will also be able to leverage Ingo Money’s push payments technology to unlock same-day settlement of fully guaranteed funds.
“This offering is designed to provide a significant competitive advantage to our existing merchants and those outside of the Paysafe network seeking a processing partnership that offers proven cash flow products," Todd Linden, CEO of Paysafe North America, said in a Wednesday press release.
Ingo Money has funded more than $15 billion in instant transactions through one of 25 gateway endpoints.
Company.com served as a project coordinator between the companies in determining implementation guidance, sales strategies and timelines for deployment. It has had a four-year partnership with iPayment Holdings Inc., now Paysafe’s wholly owned subsidiary.
The announcement of the collaboration for same-day settlement follows this week's launch of Paysafecash, a process by which consumers can choose to make online purchases with cash through a network of Paysafecash payment points in brick-and-mortar stores that scan a QR code and send the payment to the e-commerce merchant.
Paysafe has been a provider of Paysafecard prepaid virtual cards for consumers who prefer cash, but can make online purchases through downloads at e-commerce sites using a 16-digit PIN.