FPS payment refers to regular money transfers in online wallets, electronic systems, bank transfers, or even cryptocurrency payments, but instead of taking several hours, days, or weeks to process the payment, it takes just a matter of minutes. Funds become almost instantly available to the recipient, allowing business transactions or purchases to happen more quickly. Thus, Faster Payments enables your business to stay ahead of its competitors by offering mobility and convenience that have no alternatives.
A bit of Faster Payments history
Faster Payments first emerged in the UK back in 2008, and since then, they have become the new standard for processing financial transactions that now practically occur in real-time mode, eliminating the need for users to wait, worry, and most importantly, waste time — the most valuable resource of today. It also helps reduce paperwork. Previously, accountants and company financiers had to handle checks and payment orders manually, but now, everything is automated.
The drawbacks of traditional payment methods were and remain less obvious to regular users. However, for large enterprises with significant turnovers, the Faster Payments system became a revolutionary breakthrough as it freed them from slow processes, a large number of documents, and checks, all of which used to (and in some cases still do) happen slowly. Every delay could mean not only a loss of time for a company but also potential profit. Therefore, Faster Payments is a system that has provided online platforms, trading venues, businesses, and manufacturers with more opportunities for successful operations in highly competitive markets.
Advantages of Faster Payments for businesses and regular users
Faster Payments services allow you to accomplish more in less time:
- Spend a few minutes conducting transactions;
- Avoid hidden fees by paying minimal amounts for processing crucial financial transactions;
- Handle both large and frequent but small payments;
- Access all your finances at any time, including weekends.
Faster Payments follow the same standards set for banking institutions, so the difference for your partners or clients lies only in the speed of fund transfer processing. Externally, it appears like a typical bank transfer, regardless of whether the other party uses the same payment gateway in their work, employs a regular electronic wallet and a banking mobile app, or conducts operations at a local bank branch. Thanks to established partnerships with various platforms and institutions, Fondy provides access to Faster Payments under any circumstances.
Faster Payments with Fondy service
If you need Faster Payments, service Fondy helps by providing access to the necessary infrastructure. By integrating this service, you gain the ability to focus on developing your business and executing other strategic tasks, while routine yet essential processes are handled through Fondy. This way, you achieve satisfied customers and partners and effectively manage financial flows, conducting and accepting payments effortlessly.
Types of Faster Payments supported by Fondy
The most common options include:
- One-time transactions;
- Regular payments on pre-set dates (rent, employee salaries, service payments);
- Mass payment notifications;
- One-time payments with pre-defined processing deadlines.
The cost of providing these services is included in the pricing of the payment service provider and usually does not involve additional fees beyond these amounts. Thus, Faster Payments are an economically justified, fast, and user-friendly solution that benefits any type of business and its customers.
