Instant SEPA Credit Transfer – a game changer for your business
The ability to offer instant services is one of the main factors driving businesses today. Customers want things to be done now, not later, without any delay. Financial services and international payments being no exception.
If you are doing business in the Single Euro Payment Area (SEPA) you have probably heard about Instant Credit Transfer (SCT Inst) scheme which was created by the European Payments Council (EPC ) and introduced in November 2017. In a nutshell, SEPA instant payments offer the ability to transfer funds within Europe, in Euro currency, anytime and within 10 seconds.
The early adopters of the scheme were 8 European countries: Austria, Germany, Italy, Latvia, Lithuania, Estonia, the Netherlands and Spain and it kept expanding among other countries of Europe. The transactions covered by this scheme have to be denominated in euros and are allowed only when the transferred amount does not exceed € 15,000. Javier Santamaria, chair of the EPC, called the beginning of SCT Inst, a new era in payments, based on speed and innovation and predicted that it “will pave the way for emerging methods of payment”.
It is obvious that Instant SCT are extremely beneficial when the funds transfer must be processed urgently, be it sending funds to a relative or paying for a product or service that requires immediate settlement. If you were sending funds using regular transfer, it would take one business day or even more for beneficiary to receive the money.
So if SCT Inst can be so useful for individuals, imagine what it can do for your business. Customers today do not compromise when it comes to speed and convenience and Instant SCT can save you here. If settlements become immediate, you don’t need to waste your time waiting for payments to clear and start shipping the goods in literally seconds. Such improvement in your operations would drastically change your customer experience and benefit your business immensely.
Another extremely important benefit of Instant SCT is the fact that payments are irrevocable. Once transaction is processed, it is final, there is no risk in the settlement and you can act (eg., ship goods) with full confidence. Just imagine how much it can speed up and improve your business.
Thinking about Instant SCT for your business? Get in touch with SatchelPay and empower your business with instantaneous operations right now.