Real-Time Funding: An Instantaneous Cash Flow Solution
October 7, 2022
As the digital payment frontier matures, the need for additional product features continues to grow. Business clients require options that not only give them better control over financing, but also cash flow and record keeping. Real-Time Funding is an expense management solution that automatically and conveniently provides these benefits.
Advantages For B2B Businesses
Businesses find it easier to manage expenses when they distribute cards to their employees that all draw from the same central account. The users then can draw upon these funds as needed for company expenses. Account-Level Authorization Controls (ALCs) give the business a way to place restrictions and parameters on the assigned cards, specifying varying limits per merchant category on each individual user’s card.
Although Galileo has offered this functionality through the Auth API, the new Galileo Real-Time Funding method offers additional advantages. “With Real-Time Funding, the funds are now moved in real time as the transaction is taking place. Before we launched this new functionality, the client would have to manage the transfer, which is more cumbersome,” explained Gisela Ruiz, Senior Product Manager for Galileo.
After authorizations are approved for qualifying transactions, if reversals occur, such as merchant refunds or payments, Galileo automatically deposits the money from the reversals back into the designated funding account - a major change from the API-based version of the functionality, which required the client to manually move funds.
“With Real-Time Funding, clients have more visibility and control over their corporate spend. Record keeping is accurate, automatic, and all funds are accounted for at all times,” added Ruiz.
Learn everything you need to know about issuing virtual payment cards.
A Solution That Helps Brands Grow
Real-Time Funding enables businesses to not only manage their finances with greater ease; but to also expand their market share, with the following tools:
When an employer wants to issue cards to employees for business-related expenses such as corporate travel, Real-Time Funding works in conjunction with Account-Level Controls to maintain the costs easily and with full visibility . The employer gains peace of mind, as they can pre-set limitations on the employee’s card use, fund pre-approved expenses in real time as they occur, and easily access accurate financial records.
With Real-Time Funding, businesses can issue one-time use virtual cards to different vendors, with the funds drawn from the same central account. This payment option allows businesses to efficiently pay multiple vendors in a short period of time. Examples include one-time events or trade shows.
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Food delivery services such as Shipt and DoorDash–services that require their delivery personnel to purchase the goods for the customers–can use Real-Time Funding to help manage payments and expenses with greater ease. With Account-Level Controls, Real-Time Funding limits and merchant codes can be adjusted quickly and simply.
Expense Management for Employees, Suppliers, and Vendors Real-Time Funding gives employees, suppliers, and vendors a way to fund their expenses directly through the companies they work for, providing convenience and better management of their own overall finances. They do not have to wait to get reimbursed by their companies, nor do they have to submit time-consuming expense reports.
Overall, these benefits make Real-Time Funding an ideal cash-flow tool. “A business’s biggest pain point, especially if they are an SMB, is cash flow,” concluded Ruiz. “Galileo Real-Time Funding eases cash flow for all parties involved in the transaction.”
“It’s all about making the process easier for the client, giving them the tools they need to make account management, cash flow, and record keeping easier.”
B2B Payments: Incorporate digital payments, receivables and payables into your business.
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