COVID-19 didn’t suddenly make consumers realize it’s preferable to be paid out instantly instead of waiting three days for an ACH payment — or worse, two weeks for a check to arrive by mail. In a recent conversation, Lisa McFarland, executive vice president and chief product officer at Ingo Money, told PYMNTS CEO Karen Webster that real-time disbursements present a rare win/win.
For companies, instant disbursements are cheaper and more secure than their paper-based counterparts. And for customers, they provide a far superior experience.
In fact, McFarland said the only thing that’s changed during the pandemic is the speed at which corporates want to see the market move. “I think the biggest change has been urgency,” she said. “There’s an overwhelming urgency now to digitize payments in general and speed up the rollout of real-time disbursements. And it’s being largely pushed by the corporate entities who are starting to see digital disbursement as a matter of necessity.”
Read the complete article and watch the video at pymnts.com