Wave’s instant payouts feature, which is powered by Visa Direct and made available via Wave’s financial institution partner, has rolled out in Canada. Wave is an H&R Block subsidiary, according to a Monday (May 10) announcement.
Les Whiting, chief financial services officer at Wave and H&R Block, said in the announcement that “tens of thousands” of its U.S. clients have already experienced the benefits of instant payouts during the last year, which include round-the-clock access to funds and real-time deposits.
“Introducing this feature to our Canadian customers will make a meaningful impact in helping Canadian small businesses thrive,” Whiting said in the announcement.
Wave’s instant payouts functionality connects Visa Direct with Wave’s invoicing and payments system. Instant payouts moves money straight into a client’s bank account, avoiding hold periods and reshaping the way small companies control their cash flow.
Wave’s clients can obtain money in real time, around the clock — including on holidays, weekends and evenings — instead of waiting the “typical payment processing times,” according to the announcement.
The instant payouts functionality is supported by the power and widespread nature of Visa’s network. It is available to clients of Wave in Canada in addition to the United States, according to the announcement.
“We understand that cash flow management and more immediate access to funds is critical for small businesses to survive and thrive,” Jim Filice, vice president and head of New Payments, Visa Canada, said in the announcement. “Together with Wave, we’re committed to providing small business owners more convenient ways to manage their back office.”
As previously reported, the quicker funds move from a purchaser’s account to a vendor’s account, the quicker merchandise and services flow, allowing more efficient supply chains to surface and for cash management activities to improve to the point that funds can be redeployed as companies harness go-to-market opportunities and revenue streams.
Up to 91 percent of the firms surveyed by Visa/PYMNTS have expressed interest in real-time settlement, according to a previous report.