For many merchants, processing incoming and outgoing payments is costly. But the adoption of real-time payment (RTP) solutions may lessen the operational burden while improving customer service, according to a new survey from Ovum and payment service ACI Worldwide.
An RTP solution reduces payment processing time by letting a consumer pay a merchant directly, and vice versa, without a third-party bank or credit provider being involved.
According to Ovum and ACI Worldwide, more merchants are looking at immediate payment services compared with a year prior. In fact, this year, nearly two-thirds of respondents said they would be interested in accepting payments via an immediate payments solution—defined in the study as the infrastructure that enables the real-time clearing of payments. That's an increase of 8 percentage points from 2017.
What's more, 78% of respondents said that immediate payments will save their company money. In contrast, 57% felt the same way last year.
And for some, their perception of RTP solutions has changed during that same timeframe. In 2017's survey, over a third (35%) of respondents said the business case for investing in immediate payments was weak, but fast-forward to a year later and fewer respondents (12%) believe that to be true.