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In today’s fast-paced business landscape, small and medium-sized businesses (SMBs) face plenty of challenges when it comes to streamlining payments. Credit cards, checks, and ACH transfers often result in delayed transactions, confusing reconciliation, and unknown payment statuses. Luckily, the US is finally catching up to other countries. In this article, we’ll introduce Forwardly, an innovative instant payment solution meticulously designed to revolutionize and streamline payments for SMBs.

From Seven Days to Only Seconds

Instant payments, also called Real-Time Payments (or RTP), have revolutionized the way businesses and individuals conduct financial transactions, and its history dates back several decades. The concept of real-time payment systems emerged in the late 20th century, driven by the need for faster, more efficient payment methods. In the early 1970s, Japan introduced the first real-time gross settlement (RTGS) system, enabling immediate fund transfers between banks. This was followed by the launch of the Clearing House Interbank Payments System (CHIPS) in the United States in 1970, which facilitated large-value payments in real-time.  

Over the years, tech advancements and the rise of digital banking have fueled the development of instant payments across the globe. Today, countries like the United Kingdom, Australia, and India have implemented robust instant payment infrastructures, providing individuals and businesses with instant and secure payment capabilities. The evolution of instant payments continues to shape the financial landscape, enabling faster and more convenient transactions worldwide. 

In the USA, there are two major services that allow businesses to transfer money instantly; RTP® from The Clearing House, released in 2017, and the FedNow® Service from the Federal Reserve, released in July 2023. By using these payment systems, businesses can enjoy lightning-fast settlements, and ensure that funds are available immediately, within 60 seconds. This not only improves cash flow management but also reduces the risk of overdue bills and the need for manual reconciliation

Also read: Why Accounting Professionals Must Champion Instant Payments

Don’t Wait; Accelerate 

Traditional payment methods often prove cumbersome for SMBs. We’ve all heard about checks getting lost in the mail. Lengthy transaction times and delayed B2B payments can hinder business operations and cash flow management. Additionally, manual reconciliation can be time-consuming and prone to errors. With instant payment solutions, these pain points are reduced and even removed completely, helping streamline payments for SMBs.

Imagine a wholesaler that can instantly receive payments from its clients, and then turn that money around into more inventory from their manufacturers. Or a service-based business that can pay vendors promptly, fostering stronger partnerships and negotiating better terms. Accounting firms can benefit by setting up instant payments for themselves, and then for their clients. Not only will this reduce their reconciliation workload long-term, but also help them get paid faster, overcome payment challenges, streamline payments, and even accelerate growth. 

Also read: Managing Accounts Receivable: Five Tips for Accountants in the USA

The impacts of using a system that includes automatic reconciliation can’t be overstated. Manual reconciliation can be a frustrating and time-consuming task for accountants. The process of matching transactions, comparing records, and identifying discrepancies can often lead to headaches and inefficiencies, and it has to be done often. Accountants regularly find themselves sifting through piles of paperwork, juggling spreadsheets, and manually entering data, which not only eats up time but also makes it more likely a mistake will pop up. The constant back-and-forth associated with trying to reconcile accounts manually can be an arduous and monotonous process. This is where instant payment solutions can make a big difference; automating reconciliation, can free up accountants’ time and allow them to focus on more strategic and value-added activities. 

Ready to experience the transformative power of instant payments for yourself? Don’t miss out on the opportunity to streamline payments and get paid faster than a same-day ACH. Forwardly is the first accessible B2B solution for instant payments in the USA, charges no monthly fee, and directly integrates with leading accounting software. Sign up today for a seamless instant payment experience and streamline your payment processes.

Experience the power of instant payment and take accounts receivable management to the next level 
Start thinking Forwardly and sign up today.

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