Canadian card issuer XTM has introduced Today Card programme to drive cashflow for merchants.
The programme will provide small and medium sized businesses (SMBs) with instant access to sales funds.
Go deeper with GlobalData
At present, majority of the merchants wait around two to three days to gain access to their funds from Visa, Mastercard and American Express debit card transactions.
Sellers using the new card along with an associated mobile bank account will be able to immediately access their card transactions. Furthermore, the process is in real time.
Funds on Today Card can be used to pay bills, make purchases and withdraw cash from ATMs. Cardholders can also transfer the money to their bank account in real time.
In addition, XTM has launched Instant Merchant Settlement (IMS) solution, which offers low-cost access to cash. IMS is intended to improve cashflow for business and help cater to expenses such as payroll and inventory.
Payment processors, ISOs and acquirers can use a simple B2B API integration to deploy the IMS solution across their network.
XTM CEO Marilyn Schaffer said: “This is truly a game changer as it relates to merchant settlements. IMS provides merchants with instant access to their sales dollars just like a cash transaction.
“In addition, the Today Card offers a virtually free, mobile bank account allowing merchants to eliminate the high costs of small business banking.”
Besides card issuance, the company is also engaged in offering payment and marketing solutions.
