When the calendar shows a federal holiday, banks may be closed, but your business obligations remain. Especially when vendor payments are due, you can’t afford delays. But did you know there are payment methods that work around the clock, even on holidays? Here are three B2B payment options that operate 24/7/365, making them perfect for such scenarios.
1. Visa Virtual Card Payments: The Easiest and Most Widely Accepted
Visa virtual card payments are a game-changer for businesses. These single-use, digital cards provide a secure, flexible, and efficient way to settle invoices. Vendors receive an email with all the necessary details to process the payment instantly. Virtual cards don’t rely on traditional banking hours, so they’re always available. Plus, they enhance security by limiting exposure to card fraud through one-time use credentials.
2. Real-Time Payments (RTP): Speed Meets Precision
Real-Time Payments are gaining traction as a reliable method for sending funds instantly. With RTP, funds move directly between bank accounts in seconds, and the system operates every day of the year. However, not all banks support RTP yet, so you’ll need to confirm compatibility with your vendor’s financial institution before relying on this method. Still, when both parties are set up, RTP is a fast and effective solution.
3. FedNow: The Future of Instant Payments
Launched by the Federal Reserve, FedNow offers businesses another option for immediate payments. Like RTP, FedNow operates 24/7/365 and enables near-instantaneous transfers between participating banks. It’s particularly appealing for companies that require the assurance of a government-backed service. As more financial institutions adopt FedNow, its reach and utility are expected to grow rapidly.
Why These Methods Matter
When banks are closed, businesses often feel limited. However, virtual cards, RTP, and FedNow bypass the constraints of traditional banking hours, allowing you to meet payment deadlines, maintain good vendor relationships, and avoid late fees. Plus, these methods provide the additional benefits of speed, security, and traceability.
With options like these, your payment workflows can remain smooth and reliable—even when the rest of the financial world is taking the day off. Embrace the tools that let you operate on your schedule, not the banks’.
Need help setting up these payment options?
Platforms like PaperTrl integrate seamlessly with Visa Virtual Cards, RTP, and FedNow, ensuring that your payment processes are efficient and fully automated. Contact us today to learn more about optimizing your payment workflows