EVO Payments partners with Visa to launch Express Deposit

By Pavithra R

Payment Technology and service provider EVO Payments has announced the launch of EVO Express Deposit enabled by Visa Direct, Visa’s real-time push payments platform.

EVO Express Deposit, through EVO’s Visa Direct solution provider and the integration of Visa Direct, enables qualified merchants in the United States to receive funds for card transactions in real-time.

EVO Express Deposit aims to assist small and medium-sized businesses (SMBs) in overcoming cash flow challenges in order to purchase inventory, pay bills and fulfil other financial obligations to maintain operations.

According to Visa’s The Road to Recovery: Main Street SMBs and Closing the Cash Flow Gap report, 76% of surveyed Main Street SMBs reported having cash flow shortages during the past 4 months, and more than 9 out of every 10 surveyed Main Street SMBs want access to the real-time settlement of funds.

“We are excited to offer EVO Express Deposit to our merchants. Our ability to accelerate our merchants’ access to funds, particularly when they need it most, will provide increased flexibility and enhance the financial strength of their businesses now and in the future. Our merchants will derive increased confidence and satisfaction knowing that Express Deposit is a fast and secure solution enabled by a leading digital payments company, such as Visa,” said Brendan F. Tansill, EVO’s President, the Americas.

Qualified merchants who register for EVO Express Deposit with an eligible debit card can schedule their card receivables payouts and transform their cash collection. Deposits can occur at any time, including weekends and holidays. The service is currently only available in the United States.

“In today’s challenging environment where businesses of all sizes have been impacted by the pandemic, it is more important than ever before that they have faster access to their funds, to help mitigate cash flow challenges and stay afloat. We are excited to be partnering with EVO and their Visa Direct solution provider so EVO can offer real-time payouts to their customers, solving a critical merchant need,” said Gaurav Gollerkeri, Head of Visa Direct North America, Visa.

Established since 1989, EVO Payments is a leading integrated merchant acquirers and payment processors with business activities in 50 markets and 150+ currencies around the world.