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What to look for in POS systems: instant payments

Gabi James Gabi James - 8th Jun, 2023

Is instant settlement really possible? We reveal how businesses can receive funds from their customers in seconds.

This week, we’re taking a deep dive into the most important factors to consider when choosing your POS system – something that can make or break your relationship with your customers, and make a huge difference to your bottom line.

Over the past few days, we’ve looked at multi-channel solutions, why simplicity is king, and how to choose a cost-effective system.

Today, we’re looking at something really important to lots of companies across the UK – and indeed the world. It’s the all-important question of instant settlement. How can your business get paid instantly?

The value of an instant payment

With shrinking margins and rising costs, no business wants to wait around for its money. And for some, it could mean moving from the black into the red.

Plus, having access to your funds right away gives you the flexibility to invest in different areas of your business, and see huge returns. For example, it might give you the opportunity to try out paid ads or hire brilliant freelancers. Using a POS system that makes you wait for funds to be cleared might cost you these and countless other opportunities.

Unfortunately, payments made via cards and digital wallets (including contactless payments) often bring delays, typically of several business days.

The cost for your customers

This isn’t just inconvenient for the business, but can throw up problems for consumers, too.

As we all tighten our belts, many people are living paycheque to paycheque and teetering on the edge of their overdrafts.

When money for purchases they may have forgotten about from days earlier unexpectedly leaves their accounts, some consumers face significant problems. And – however unjustified – that can leave a lasting feeling of ill-will towards your business.

Paying for speed

Some Point of Sale systems offer quicker turnaround times – for an additional fee. For example, Stripe has an instant payouts feature, for which you need to pay another 1% of the volume paid out on top of its existing fees and deductions. The feature can cut the time it takes for you to gain access to your funds, typically to within the same day when using an eligible debit card.

But many people baulk at the thought of having to pay to access their own money.

At the same time, not all businesses can wait around for funds. And if you don’t buy this add-on, payouts reach your bank account either on a 7-day rolling basis or monthly.

The POS system with instant payments built in

With Wonderful, every transaction is instantaneous – for free, for all transactions. That’s the beauty of Open Banking-powered instant bank payments!

Because there are no cards to be processed, accounts to be verified, or any other intermediary steps or parties to factor in, your money will be with you immediately. It moves straight from your customer’s bank account to yours in as long as it takes them to approve the payment – typically with their face or fingerprint ID in a matter of seconds.

Best of all, we don’t charge extra for this. In fact, you’ll actually save a bundle by opting for Open Banking. Because cutting out those stepping-stones to payment doesn’t just reduce the time it takes to get your money, it also slashes costs.

Rather than charging percentage fees on every transaction, our One app gives you 1,000 transactions per month for a flat fee of £9.99 per month. That's just 1p per transaction - and we also charge the same low fee of 1p for transactions outside the bundle.

*Most UK major banks support individual payments up to £20,000. Some allow higher values. More info

Whatever you earn, you’ll get it straight away and without any chunks deducted.

Try it out for yourself.

Embrace the future of Point of Sale systems

To future-proof your business, provide Open Banking A2A payments at the point of sale.

Not only will you get the quickest, newest and safest payments technology, but you’ll enjoy a whole host of benefits like:

  • Increased satisfaction for staff and customers
  • A streamlined checkout process
  • Boosting sales
  • Reducing costs
  • Heightened security
  • Inherent CSR

Plus, our friendly team is on-hand to support you through the simple onboarding and integration process, so that you can have instant payments sitting alongside your existing methods in no time. Register today with a seven day, full refund guarantee.

And remember to come back tomorrow as we investigate how you can find the most secure Point of Sale systems out there.

Wonderful Payments

Be wonderful.
Get started today.

Accept instant payments at only 1p per transaction.

WooCommerce logo

WooCommerce plugin.
Seamless checkout.

Slash your payment processing costs with ZERO percentage fees and deliver a seamless checkout experience.

Xero logo

Xero integration.
Connected accountancy.

Import customers from Xero and automatically send emails and invoices for payments.

One by Wonderful

Instant bank payments

Wonderful Payments

Be wonderful.
Get started today.

Accept instant payments at only 1p per transaction.

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