Payments in an Instant
As a Government Contractor, we know you’re all about efficiency. When it comes to making payments, traditional methods such as ACH transfers or check payments can take a few days. Make a payment on a Friday and you could even wait until the next Tuesday to see it go through. With Real-Time Payments® (RTP), provided by John Marshall Bank, making payments instantly allows you to maximize your business’s time and productivity.
The Basics of Real-Time Payments
Real-Time Payments is a platform that allows users to send money between financial institutions that are part of the Real-Time Payment network. These transfers and payments happen instantly and are not confined to the typical 9-5 schedule (unlike your average bank). Due to it’s instant nature, RTP’s are irrevocable, meaning that once you have sent your payment, it can not be undone.
The Benefits of Real-Time Payments
- Payments can be made at any place and at any time including weekends, holidays, and even at one in the morning (for the night owls among us)
- Payments are initiated, processed, and settled instantly – no more waiting around to see if it went through
- End-to-end communication which allows for messaging of payment confirmation, credit transfers, requests for information and payment, and more
- Each payment is analyzed and screened for fraud within the Real-Time Payment Network
Real-Time Payment Network Available Nationwide
Real-Time Payments are only eligible to be sent between financial institutions within the RTP network, which is only accessible for financial institutions based in the United States. While this may seem limiting, there are currently over 330 institutions within the network, making it a nationwide program. For government contractors, RTP can boost efficiency and provide solutions as you propel the nation forward.
Why Use Real-Time Payments
The biggest appeal to Real-Time Payments is, of course, the instant nature combined with the 24/7/365 accessibility of the platform. But, there are other uses, as well. Maybe your payroll system glitches or one of your vendors updated their payment information – RTP can remedy both of these problems along with the appeal of account reconciliation.
Can’t find a reason to add this payment solution to your business or do the irrefutable payments make you wary? Fear not! John Marshall Bank offers Purchasing Cards as another way to elevate your efficiency.