EVO Payments, Inc. (NASDAQ: EVOP) (“EVO”), a leading global provider of payment technology integrations and acquiring solutions, today announced the launch of EVO Express Deposit enabled by Visa Direct, Visa’s real-time1 push payments platform. Through EVO’s Visa Direct solution provider, and the integration of Visa Direct, EVO Express Deposit enables qualified merchants in the U.S. to receive funds for card transactions in real-time.2
EVO Express Deposit is designed to assist small and medium-sized businesses (SMBs) with overcoming cash flow challenges in order to purchase inventory, pay bills and fulfill other financial obligations to maintain operations. According to a recent study, seventy-six percent of surveyed Main Street SMBs reported having cash flow shortages during the past four months, and more than nine out of every ten surveyed Main Street SMBs want access to real-time settlement of funds.3
“We are excited to offer EVO Express Deposit to our merchants,” said Brendan F. Tansill, EVO’s President, the Americas. “Our ability to accelerate our merchants’ access to funds, particularly when they need it most, will provide increased flexibility and enhance the financial strength of their businesses now and in the future. Our merchants will derive increased confidence and satisfaction knowing that Express Deposit is a fast and secure solution enabled by a leading digital payments company, such as Visa.”
“In today’s challenging environment where businesses of all sizes have been impacted by the pandemic, it is more important than ever before that they have faster access to their funds, to help mitigate cash flow challenges and stay afloat,” said Gaurav Gollerkeri, Head of Visa Direct North America, Visa. “We are excited to be partnering with EVO and their Visa Direct solution provider so EVO can offer real-time payouts to their customers, solving a critical merchant need.”
Qualified merchants who register for EVO Express Deposit with an eligible debit card can begin scheduling their card receivables payouts and transforming their cash collection. Deposits can occur at any time, including weekends and holidays. Currently only available in the U.S.