8 min read

Can I Instantly Access Payments From Customers in My Bank Account?

Can I Instantly Access Payments From Customers in My Bank Account?
Published on
September 6, 2023

If you’re reading this, then chances are that you’re tired of waiting for payments to get credited to your bank account. And that’s just one of the problems with accepting payments. Since the pandemic, the US has begun its journey to an entirely cashless nation. Customers are happier to not have or hold cash, especially since there are so many alternate digital options now. As a small business owner, you’ve probably been looking at all the possibilities to adapt to this new change. But each option has limitations.

The Problem With Cards & Checks

If you opt to accept credit or debit card payments, you pay for payment processing fees and transaction fees. Additionally, you pay for a Point-Of-Sale software, a virtual terminal, or a card reader. But these solutions still don’t automatically solve for checks. You still need to go to your bank to deposit them. If you opt for cheques, your payments might fall under transaction limits by the bank with added penalties for frequent transfers.

Newer Payment Solutions

You could choose one of the new payment tools - like PayPal and Venmo - where you don’t need to buy devices or pay setup fees. But your transaction fees differ with the payment method or amount of payment. Moreover, if you want to give your customers many choices of payment methods, you would have to spend time understanding and setting up the software and dashboards for each of these. It still might be worth it for online payments but it's not very handy if your job keeps you on the move. And then there are Near Field Communication (NFC)-enabled payments, where payments are quick and secure, but you need to invest in an NFC reader. Not to forget the additional fees for every transaction.

Half The Problem Solved

While these options solve the problem of accepting payments instantly, to access funds you need to use their digital wallets. You still end up waiting 2-3 days for the money to get transferred to your bank. That's not the same as accepting cash in your hand, is it?

Solving The Other Half

That’s where we at ScanPay decided to do something about it. We could only think of one question when analyzing the current payment options. Could there be a solution that has no limitations whatsoever? A solution built for business on the go, no card reader required? Something that lets you give your customers choice, but you still access to your money instantly? We couldn’t find one. So we decided to make it.  

Customers scan. You get paid.

ScanPay allows you to generate a simple QR code on your smartphone for each payment. Your customers simply have to open their smartphone cameras and scan the QR code. They pay with their choice of card, bank transfer, or financing, and you get your funds in your ScanPay banking account instantly. There are no devices, no conditions, and no hidden fees. Only a quick in-app sign-up and a verification process and you get a fixed flat 2.79% + 20 cents transaction fee, the lowest you will probably ever pay. It’s that simple.

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