In today's digital, click-speed economy, the pace at which businesses can access and disburse funds is no longer just a convenience — it's a competitive imperative.
Traditional payment systems, often constrained by rigid processing times and banking hours, can create bottlenecks that hinder cash flow and operational efficiency. However, a new era of real-time payments is transforming the landscape, offering businesses unprecedented agility and customer satisfaction.
Zepto is at the forefront of this revolution in Australia, empowering large enterprises to modernise their payment offerings with real-time payments. A partnership that showcases the profound impact of this shift is with Live Payments, a smart and secure payments platform that has been simplifying payments and enabling businesses with leading technology since 2006.
By leveraging Zepto-powered real-time payouts, Live Payments is delivering a game-changer for its merchant customers that include household names like Grill'd, Amcal, IGA, Anytime Fitness, Boost, Bakers Delight, and Virgin Australia.
Live Payments: Simplifying Payments, Amplifying Agility
Headquartered in Australia with global ambitions, Live Payments has built a reputation for providing intuitive and robust payment solutions across diverse industries, from retail and hospitality to health and trades. Their commitment to "payments made smarter" resonates with modern businesses seeking to operate without the constraints of outdated financial processes. Zepto’s infrastructure is a foundational component in Live Payments’ ability to deliver on this promise.
Before the advent of real-time payouts, Live Payments, like many others, relied solely on the legacy Bulk Electronic Clearing System (BECS). While trusted and functional, BECS has limitations, and is slated for retirement by 2030.
"That system came with rigid processing cutoffs and limited flexibility, particularly over weekends and public holidays."
Reuven Barukh, Live Payments CEO.
This meant that businesses, especially those with high transaction volumes or weekend operations, often experienced delays in accessing their settled funds, impacting their cash flow and operational fluidity.
The Real-Time Revolution: 7-Day Settlements and Beyond
The transition to real-time payouts through Zepto marked a pivotal moment for Live Payments and its merchant customers. This strategic move unlocked the ability to offer true 7-day settlements, including weekends and public holidays.
"It’s a game-changer, especially for businesses that operate every day of the week."
Reuven Barukh
For merchants, this means:
- Faster Access to Funds: Businesses receive their funds significantly quicker, improving their liquidity and enabling more immediate reinvestment or bill payments. This is particularly crucial for industries like retail and hospitality, where weekend trading generates substantial revenue that previously would be held up until the next business day.
- Enhanced Cash Flow Management: Predictable and rapid access to funds allows businesses to manage their cash flow more effectively, reducing the need for short-term financing and improving overall financial health.
- Operational Flexibility: The removal of traditional banking hour constraints means businesses can operate and settle payments seamlessly, aligning their financial processes with their actual trading hours.
- Improved Customer Experience: While not always directly visible to the end consumer, the internal efficiency gains from real-time payouts can lead to better service. For instance, faster settlements can facilitate quicker refunds or payouts to suppliers, enhancing the overall ecosystem.
"Real-time payouts unlocked the ability for us to offer 7-day settlements, one of our most important service offerings."
Reuven Barukh
"It has allowed us to create more value for customers by improving cash flow, especially for those in retail, hospitality, and service industries where weekend trading is critical," he adds.
Payments Modernisation: Leading the Move to NPP
The Australian payments landscape is undergoing a significant transformation, with the legacy BECS payments rails scheduled for retirement. This requires a proactive approach to payments modernisation and a strategic move to the NPP (New Payments Platform). Live Payments has not just adapted to this change; they’re making the most of a competitive advantage.
"We’ve already fully embraced the NPP for disbursements," states Barukh.
This strategic adoption has positioned Live Payments ahead of the curve, allowing them to innovate faster and provide a superior experience for their customers. The NPP, with its ability to process payments in real-time, 24/7, 365 days a year, is the backbone of this modern payments infrastructure. By integrating with Zepto, Live Payments ensures their settlement strategy is future-proof and aligned with the evolving demands of the Australian market.
The Zepto Partnership: A Foundation for Innovation
Zepto's role in Live Payments' success extends beyond simply enabling NPP payments. Zepto’s robust infrastructure removes the limitations of traditional batch processing, facilitating seamless and frictionless settlements, even when Live Payments' customers switch banking channels. This technical prowess is complemented by exceptional support.
"Zepto’s support has been excellent. They’re responsive, proactive, and have even stepped in outside regular business hours to ensure everything runs smoothly. It’s reassuring to have that kind of partnership, especially in a mission-critical space like payments."
Reuven Barukh
This level of partnership is crucial in an industry where reliability and uptime are non-negotiables. Zepto has truly become a pivotal part of Live Payments' payments infrastructure, playing a key role in enabling their innovative settlement flows and supporting the high service standards they set for their customers.
What's Next for Live Payments?
With a solid foundation built on real-time payouts and a commitment to continuous innovation, Live Payments is poised for exciting growth. They are focused on expanding their product ecosystem, including new offerings like Bill Payments, and are actively exploring growth into new markets.
This forward-thinking approach, powered by strategic partnerships and cutting-edge technology, ensures Live Payments will continue to simplify payments and empower businesses for years to come.
The Future is Real-Time
The Live Payments story is a testament to the transformative power of real-time payments and, in particular real-time disbursements.
For decision-makers assessing payment solutions for their businesses, the advantages are clear: improved cash flow, enhanced operational efficiency, greater customer satisfaction, and a future-proof approach to payments modernisation.
As the Australian market continues its move to the NPP, embracing solutions like those offered by Zepto and exemplified by Live Payments will be key to unlocking true business agility and sustained success in a rapidly evolving digital economy.