Helcim continues to be on a roll of adding features to its suite of offerings.
The Calgary-born payments company this week introduced a new gross deposit funding system. The feature is designed to provide merchants with a more transparent and streamlined approach to managing their funds, according to a statement from the company.
Unlike traditional net deposit methods, where fees are subtracted before deposits are made, gross deposits allow merchants to receive full sales amounts directly into bank accounts, with fees deducted separately, notes Helcim chief executive officer Nic Beique, who says the update is a direct response to merchant feedback.
“We built gross deposits to give our merchants more control and transparency, helping them manage their finances more effectively,” said Beique.
With gross deposits, merchants can see full earnings upfront, making it easier to reconcile sales and expenses perform better financial planning, the CEO suggests, especially for smaller businesses.
“This feature addresses key pain points, making Helcim more attractive for businesses looking to switch payment platforms while retaining their existing accounting processes,” Beique said.
Helcim serves thousands of businesses in Canada and the US across 800 different industries, processing billions in payments each year.
Earlier this year Helcim raised a $27 million Series B funding round led by San Francisco venture capital firm Headline.
Other updates for 2024 from Helcim include the launch of Integrated Payments for Developers and Platforms, a Contract Buyout Program to help businesses switch payment providers, and an Automated Invoice Payments integration QuickBooks that simplifies accounts receivables by offering real-time invoice syncing.
Helcim was founded in 2006.
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