ATLANTA, Feb. 5, 2019 /PRNewswire/ -- REPAY Realtime
Electronic Payments has officially launched Instant Funding, a new
and innovative service to send funds directly to eligible Visa
debit and prepaid cards via electronic transactions enabled by Visa
Direct. REPAY is the premier payment technology provider for the
consumer lending and healthcare spaces, offering the most advanced
and secure omnichannel payment services on the market. The addition
of Instant Funding strategically complements REPAY's current
product suite as businesses will now be able to seamlessly accept
payments and disburse funds to customers from a single user
interface 24/7/365.
With REPAY Instant Funding, lenders can say goodbye to issuing
outdated checks and submitting slow ACH transactions, which means
consumers will no longer have to wait days for funds to become
available. Instant Funding transactions are processed in
real-time2 via Visa Direct, Visa's real-time push
payments platform, which reverses a normal transaction, "pushing"
the funds to an eligible Visa debit or prepaid card.
"At REPAY, we use our technology to remove the friction and
processing delays often associated with payments and traditional
fund disbursements," said Chris
Arnette, VP of Product Management at REPAY. "Instant Funding
will enable our clients to gain efficiencies and to provide a more
customer-friendly experience. In today's fast-paced world, it's all
about immediate gratification – and that's what Instant Funding can
provide."
Instant Funding offers an incredible opportunity for REPAY's
merchants to differentiate themselves in the marketplace by
delivering quick, convenient and secure funding experiences to
their customers. Merchants who use Instant Funding will have access
to REPAY's dedicated implementation services, premier customer
service, and professional risk management resources.
"With push payments representing nearly a $10 trillion opportunity, REPAY strategically
identified the need to offer our Instant Funding product. We have
invested in state-of-the-art technology to deliver a first-class,
convenient funding experience in a highly secure environment while
providing our merchants with access to real-time data insights,"
said Shaler Alias, President of
REPAY.
"We are excited to be working with REPAY to deliver a payment
solution that helps businesses run more efficiently," said
Cecilia Frew Senior Vice President,
North America Push Payments, Visa. "Visa Direct helps meet the
demand for fast, convenient and secure access to funds that allows
businesses to operate and interact with customers seamlessly."
The launch of Instant Funding comes at a time of immense growth
and opportunity for REPAY. In January, Thunder Bridge Acquisition,
Ltd. (NASDAQ: TBRG) and REPAY, announced that Thunder Bridge
("Thunder Bridge") a special purpose acquisition company, will
acquire REPAY and the combined company will continue as a
publicly-listed company. Completion of the transactions is subject
to approval by the stockholders of Thunder Bridge and certain other
conditions. The transactions are expected to close in the second
quarter of 2019.
About REPAY
REPAY Realtime Electronic Payments is a
full-service provider of electronic transaction processing services
for a variety of integrated end markets. The REPAY payment platform
provides direct integration to core systems and access to a suite
of payment technology products including credit/debit card
processing, ACH processing, Instant Funding, IVR/phone pay, text
pay, electronic bill payment systems, and white-labeled
consumer-facing portals, including mobile apps. For more
information, visit www.repay.com.
About Thunder Bridge Acquisition Ltd.
Thunder Bridge
Acquisition Ltd. is a blank check company formed for the purpose of
effecting a merger, share exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one
or more businesses. In June 2018,
Thunder Bridge consummated a $258
million initial public offering (the "IPO") of 25.8 million
units (reflecting the underwriters' exercise of their
over-allotment option in full), each unit consisting of one of the
Company's Class A ordinary shares and one warrant, each warrant
enabling the holder thereof to purchase one Class A ordinary share
at a price of $11.50 per share.
Thunder Bridge's securities are quoted on the NASDAQ stock exchange
under the ticker symbols TBRGU, TBRG, and TBRGW.
1 Actual fund availability depends on receiving
financial institution and region. Visa requires fast-funds enabled
issuers to make funds available to their recipient cardholders
within a maximum of 30 minutes of approving the transaction. Please
refer to the Visa Direct team and the Visa Direct Original Credit
Transaction Global Implementation Guide for more information.
2 See citation 1
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SOURCE REPAY Realtime Electronic Payments