Forty-one percent of U.S. businesses use real-time payments, according to “Accelerating the Time to Realized Revenue,” a PYMNTS and Mastercard collaboration based on a survey of 409 corporate executives from firms in the United States and Canada.
Get the report: Accelerating the Time to Realized Revenue
Real-time payments are not yet available in Canada, but many Canadian firms are eager to use them. Thirty-seven percent of Canadian firms said they would be either “very” or “extremely” interested in using real-time payments if they were available.
U.S. businesses said the top five key benefits real-time payments bring to their businesses are the ability to send and receive 24/7 year-round, instant deposits, more flexibility, better cash flow management and a reduced number of methods.
Canadian firms that are interested in real-time payments said the top five expected benefits of adopting these payments are the ability to send and receive 24/7 year-round, instant deposits, more flexibility, improved reconciliation and irrevocable funds.
Large and small also tend to have different ideas about how real-time payments can benefit their businesses.
Large-market firms in both the U.S. and Canada said the top five benefits they expect or experience are the ability to send and receive 24/7 year-round, instant deposits, more flexibility, better cash flow management and a reduced number of methods.
Mid-market firms in both countries said the top benefits associated with real-time payments are the ability to send and receive 24/7 year-round, instant deposits, more flexibility, detailed information with payment, better cash flow management and improved reconciliation.
Among the businesses that do not use real-time payments, irrevocable funds is the reason most often cited by U.S. firms, while fraud concern is the reason most often cited by Canadian firms.
