B2B payments platform Melio has announced real-time payments for their customers.
For their business clients, there is an option for payments to be immediate instead of waiting days or the invoice due date.
Matan Bar, Melio’s CEO and co-founder, says that consumers have utilized real-time payments for years, but vendors or smaller businesses have not been able to benefit from this option.
“Real-time payments are a game-changer for small businesses as it allows payors to keep cash longer and be on time even when paying last minute.”
Melio’s real-time payments feature, supported by JP Morgan Payments, can process payments within seconds, even on weekends and bank holidays, according to the company.
JPM Head of Global Real Time payments, Rupa Krishnan, said real-time payments is an another example of their approach to empowering businesses.
Melio adds that real-time payments can currently support around 60% to 70% of U.S. domestic B2B transactions. With the Federal Reserve’s FedNow instant payments service being rolled out now, more banks will support this feature. Melio supports both The Clearing House’s real-time payments network as well as the FedNow network.
Melio launched its installment payments feature, Pay Over Time earlier this year. The product, powered by Credit Key, provides eligible small businesses with instant access to capital through their Melio account. Melio also offers account payables and receivables for its customers.
