The Commonwealth Bank (CBA) has rolled out its Everyday Settlement feature, designed to give businesses instant access to funds from their merchant terminals.
CBA said it’s the first of the big four banks to deliver this service, which will offer fast turnaround for late trading businesses, with transactions processed as late as 10pm AEST settled into a customers account by midnight the same day.
Data shows that on average some $332 million goes through merchant terminals every weekend, and in many cases the funds from a weekend’s taking cannot be accessed until the following Tuesday.
Benefits of the Everyday Settlement Feature include allowing businesses to transfer cash around with greater speed, making it easier to pay staff and suppliers, as well as for a simpler daily reconciliation process.
According to CBA Business Products and Development executive general manager Kelly Bayer, Everyday Settlement will give businesses greater control over their money.
“Not being able to settle accounts every day of the week is often a frustration of many small businesses, which is why we are especially excited to be able to offer Everyday Settlement.”
The service will also allow businesses to better meet tight supplier turnarounds for goods and services payments.