eCOMM Merchant Solutions has announced the launch of ‘Instant Payments’ in a bid to facilitate faster settlements for its SME merchant base in Ireland. The supplier states that the solution consists of 3 parts including a card payment terminal, a Business Current Account and a corporate prepaid Mastercard.

Noel Moran, CEO of eCOMM Merchant Solutions said, “Having built my business from the ground up, I know what a strain it is to be depending on those funds. That is why we have built this offering and why we pay the merchant a rebate every time they then spend their funds. This is a game-changer because the funds ‘settle’ instantly to the merchants’ accounts, this will do away with the need for some merchants to go to finance companies to get quick access to their cash.”

eCOMM, on approval of the payment, is expected to credit the funds to the Merchant’s Business Current Account, thereby facilitating immediate availability of funds for the merchants to spend via the corporate Mastercard. The merchant will also receive 0.5% of the amount spent as a monthly rebate and will appear as a line item in the Business Current Account.

Established in 2014, eCOMM Merchant Solutions aims to enable its customers to accept Mastercard, Visa and American Express payments. It offers merchants- Point of Sale (POS) terminals, e-commerce, and mail order/telephone order services. The company is a payment gateway, acquirer, underwriter and processor. It is licensed by the Financial Conduct Authority in the United Kingdom and is regulated by the Central Bank of Ireland for the conduct of business rules.

by Megha Bhattacharya
Market Analyst at IBS Intelligence