The ease of online shopping has moved many buyers from physical stores to the internet. It’s convenient, quick, and can be done from the comfort of your home.
According to research on the e-commerce industry, online penetration of retail is expected to reach 10.7% by 2024 compared to 4.7% in 2019. Moreover, online shoppers in India are expected to reach 220 million by the year 2025.
With an increase in the quantity of online transactions, there are also a sizable number of products that are returned back by creating refund requests. Considering the number of customers paying via cash-on-delivery in India, the refund process can be a long and slow one.
Merchants need to manually collect their bank details, verify the authenticity, forward them to the concerned departments, wait for payment cycles and finally initiate a refund. Not a scalable model for sure, especially when your business starts receiving multiple return requests.
To automate payouts and make refunds as seamless as the rest of the shopping process, Paytm Payout Links is an easy-to-use yet effective platform for businesses. This article explains how it can ease not just refunds but all types of payments to be made to vendors, partners, and other parties involved in a business.
What is Paytm Payout Links
Paytm Payout Links is a simple way to transfer funds to your customer’s or vendor’s account without having to collect bank details and verify them. The money can be transferred through IMPS, UPI, NEFT, or RTGS.
The automated payout process requires you to only add the receiver’s basic details along with the amount to be refunded. Once you share the link with the receiver, they can add the bank details for you to process the payment. Paytm Payout Links also allows you to generate numerous links in one go with the help of APIs.
Your customer has to follow a few quick steps:
- Open the Payout Link and verify themselves via OTP
- Enter their preferred account which can be a bank account or their UPI ID
- On successful entry of their details, their refund is credited almost immediately
- Your customer is also notified if there is an error with the account details, so they can re-enter the details or try a different account
How Paytm Payout Links simplifies refunds
The process of refunds involves manual effort and time because there are multiple departments and details involved before a payment is initiated. There are also delays based on the company’s practices.
The finance teams, for instance, usually clear all pending payments according to their payment cycle which may be much later than the due date for a certain refund. Similarly, delays in processing payments to vendors and partners also end up affecting the professional relationships and eventually the business.
This is where Paytm Payout Links plays a crucial role to avoid all of the above and be your easy route to payouts. The numerous features that simplify the payouts process are:
- Instant 24*7 payouts
- Eliminates the need to collect account details
- Lets customers save payment options in Paytm or enter other details
- Simple 3-step fund transfer
- Secured payouts with OTP verification
- High success rates with smart routing
Benefits of Paytm Payout Links for SMEs
Here’s a list of benefits that make Paytm Payout Links an effective solution for transferring money instantly:
- Powerful APIs: Smart APIs are robust and easy to integrate. They work with every work environment and are highly scalable
- Easy reconciliation: With real-time updates and notifications, payouts can be effortlessly tracked and managed
- Secured payouts: The payout links have high security with an OTP login to ensure the funds reach the right person
- Payment preference: Customers can choose their preferred payment mode (bank account or Paytm wallet) to receive the amount
- Faster payouts with saved instruments: Customers can simply select any of the Paytm saved instruments for a quicker payout
- Customised payouts: You can choose the payout options that you wish to enable depending on your business needs
- Account validation: Bank accounts, UPI IDs, and wallets can be validated to ensure secure and successful payments
How do Paytm Payout Links work
- Merchants need to create a payout link using an API
- The link has to be shared with the customer via email or SMS
- Once received, the customer will have to click on the link and select the desired payment mode
- Once the details have been submitted, the payment is instantly received
Automate payout also helps merchants make payments in bulk as well as control and track them through a dashboard. Paytm Payout Links thus enable a seamless customer experience with refunds which usually is a prolonged process for both the buyer and seller.
How merchants are using Paytm Payout Links
Payout Links can be used for a variety of use cases from refunds, reimbursements, incentives, to vendor payments. Here are a few examples of how Paytm Payout Links can be used across various use cases.
- E-commerce: Too many COD refunds? Simply send a payout link to the customer and reduce the refund time from days to minutes
- Gaming: Want to ensure instant payouts to your customers? Send a payout link and let the customer get their funds instantly
- Insurance: Tired of collecting the latest banking details on every insurance claim? Share a payout link and ensure a smooth claim process
- Rentals: Need to refund deposits? Make the process quick with payouts links as soon as the refund is approved
- Incentive programs: Want to incentivise your customers, partners, sellers, vendors & employees? Simply share the payout links
Why make your customers, vendors, and employees wait for days to receive their payout? Opt for Paytm Payout Links for instant and easy payouts.
