UTP Group & Faster Processing to offer same-day funding online and in-store

By Megha Bhattacharya

UTP Group has teamed up with Faster Processing to provide its eCommerce customers with the ability to receive fund settlement within hours rather than days. Transactions processed using Faster Processing are typically credited to a merchant’s bank account within a few hours or the same day.

Alice Collins from Firefly Events, says of the service, “Using the Faster Processing service through UTP has made such a fundamental difference to our business. As an events company, we have many an occasion when last orders are late at night. Faster Processing allows us to choose when we get paid, and without fail the funds are in our account ten minutes after we close. Not only does this give us greater confidence in our provider, but it streamlines the way we are able to do our accounting with daily reports on transactions. We would never go back to a standard service now we have experienced what Faster Processing offers.”

Recently, UTP Group announced the launch of a new payment terminal UTP Pro, approved by Barclaycard and accredited by both Mastercard International and VISA Europe. The payment terminal was launched on the 1st of April and is expected to be rolled out to other businesses by 2021-end.

Michael Ault, CEO at UTP, highlights the benefit that Faster Processing will provide to any online business taking payments, “Implementing Faster Processing for eCommerce was always in our business plan. Covid-19 also means it has become a necessary development to help businesses that have suffered over this past year. Waiting up to 5 days to receive funds is simply not viable for many businesses that are still on the road to recovery.”