Visa and Wave, an H&R Block accounting and business banking platform designed for small businesses, Monday announced the Canadian launch of Instant Payouts, Wave’s cash flow payments offering.
The new service, a release stated, will be enabled by Visa Direct, Visa’s real-time push payments initiative and made available through Wave’s financial institution partner.
The release added that “Wave’s “Instant Payouts feature integrates Visa Direct directly into Wave’s invoicing and payments platform, offering Canadian customers a new way to access the money they’ve earned within seconds.
“Instant Payouts pushes funds directly to a customer’s bank account, bypassing any hold periods and changing the way small businesses manage their cash flow. Rather than waiting the typical payment processing times, Wave customers can receive funds in real-time, 24 hours a day and even on evenings, weekends and holidays.
“Getting paid quickly is key for small businesses, as they navigate a challenging landscape brought on by the global pandemic. The impacts of the pandemic have taken a toll on Canadian small businesses, with small business owners saying it will be 10 months on average until their business is back to being operational. In addition, 44% of Canadian small business owners say real-time access to cash flow would have an impact on keeping their business afloat in the wake of COVID-19.”
Les Whiting, chief financial services officer at Wave and H&R Block, said “cash flow can mean the difference between whether a business survives or languishes, and the ability for small businesses to access funds instantly is all the more important in today’s climate.
“Tens of thousands of our U.S. customers have experienced the benefits of Instant Payouts over the past year, including real-time deposits and 24/7 access to funds. Introducing this feature to our Canadian customers will make a meaningful impact in helping Canadian small businesses thrive.”
H&R Block acquired Toronto-based Wave Financial Inc. last June for $405 million in cash.
“We understand that cash flow management and more immediate access to funds is critical for small businesses to survive and thrive, said Jim Filice, vice president and head of new payments at Visa Canada.
