How many times has it happened that you had a vital business money transfer to make and realized it’s a bank holiday or the bank working hours are over?
As a business owner, it is common to be in that situation.
Businesses need to regularly make bulk outward payments like vendor payouts, partner commissions, employee wages, etc. Thus, they need more than just the money transfer systems that work with them from Monday to Friday, 9am to 5pm.
So, with the aim of building a comprehensive payouts product, we started surveying the common challenges faced by medium to large businesses for their daily payout needs.
Another aspect of this survey was to understand the scope of the product features that businesses can enjoy which aren’t currently served by any traditional banking system or are available to use in the common financial market.
Common challenges in Corporate Internet Banking
Apart from the unavailability beyond banking hours, some of the other challenges we faced were:
- Complicated bulk upload file formats. Hard to get right on your own without assistance
- Cooling period on adding beneficiaries
- No IMPS, UPI on bulk transfers
- High chances of errors and difficult reconciliation in case of failed transfers and reversals
- Incompatible with modern browsers like Chrome. Some portals were inconsistent with even Mac-OS
- No way to verify a bank account before transferring
Click here to learn more about the challenges that you can face with internet corporate banking.
We decided to build Paytm Payouts once we talked to our payment gateway customers and discovered they were facing similar issues with their businesses.
Presenting Paytm Payouts
Payouts is the simplest, fastest way for businesses to send money outwards, especially in bulk.
With Payouts, the business owner can send money to any bank account, UPI address, or Paytm wallet via an API or by uploading a simple file.
The Payouts platform looks like your corporate banking platform but with added features and clean workflows that make it easier for businesses to process the fastest bulk payments.
Why Paytm Payouts
We at Paytm boast of being India’s only technology-first Payouts partner.
We also have highly scalable and entirely in-house developed products, including all the money transfer pipes in partnership with the Paytm Payments Bank.Â
The spectrum of features our Payouts Product offers
- The maximum number of payout methods
Paytm Payouts, quite literally, supports 15+ payout methods to match every one of your business needs. It allows businesses to process the fastest bulk payments to:
- Paytm Wallets
- Bank Accounts (using NEFT, UPI, IMPS, or RTGS)
- UPI VPAs
- BBPS Billers that are registered on the BBPS system of NPCI for automatic bill payment
- Mobile Recharges
- Paytm Gift Vouchers
- Paytm Gold
- Tax Benefit instruments like the Paytm Food Wallet, Paytm Gift Wallet, and more.
- Completely stable, scalable & sophisticated in-house technology
To improve the stability of our product services, and to keep this firmly within our control, we have preferred to build the entire technology in-house & we have tried to avoid partnering with third-party technology service providers.
The services of the Paytm Payments Bank have thus built every payment pipe internally, including NEFT, IMPS, UPI, RTGS, Wallet, and more.
Here, it’s important to note that the NPCI has reported that the Paytm Payments Bank has the lowest technology decline in UPI transfers in the entire country at 0.05%.
So, unlike our competitors, we understand every error code, every system, and scale, like no one else. We also run the largest and the fastest money transfer business for customers on the Paytm App.
Since we are the biggest consumer of our own product, we have ensured putting in the best technology and effort to shape this product to the best of your needs. So, while you enjoy our technology, we appreciate it ourselves by paying millions of our QR, PG & EDC merchants in a few minutes every day.
We also use payouts to pay millions of cashbacks. In contrast, our customers use the same system to process close to a billion transactions every month.
- Manage your budget efficiently
Our proprietary wallet technology has enabled us to provide the main Payouts account and the power to create unlimited sub-accounts or disbursal accounts as per your business needs.Â These disbursal accounts help your business to channelize funds and administer the limits for every business expense.
This way, it gets easier for you to allocate and monitor the budget decided for operations like bill payments, vendor payments, customer payments, etc, or to monitor the budget for every store location, office location, or all your business sub-entities.
To know more about Payouts account & disbursal accounts, click here.
A very interesting use case of budget management with Payouts is that many gaming companies have created 10s of accounts to host different games with us. These companies have named and funded them separately so their customers can quickly identify the actual brand name of the game that is sending them the money.
Moreover, Paytm Payouts serves as a very powerful budget management tool for them. It offers features like:
– Managing separate funding/budgets as each disbursal account can have its own account number
– Easy reconciliation per game or any other criteria
– API First – Creating disbursal accounts using API, check balance or passbook for automated reconciliation
– Define Customised Names – Every disbursal account can have its own distinct public brand name that can be passed to its customers so they can identify the credit source
– Controllable access at every account enabling the separate finance or business heads to manage consumption/balances for just their own accounts, and more
- Transfer any amount instantly at any time of the day
Paytm Payouts provides 24*7 NEFT & RTGS transfers in the industry. With that, you can literally transfer any amount at any time of the day instantly to any account in India. This improves your cash flows/working capital instantly and ensures the fastest bulk payments.
- Automatically reconcile your payments
Directly download historical reports from the dashboard or use our robust APIs to automate complete reconciliation with your systems.
All our financial systems have built-in financial/order-level reconciliation as a must to avoid any fund loss and thus ensure the fastest bulk payments.
- Manage all payables using All-In-One Paytm Payouts
Do more with our multiple ranges of business-friendly modules inclusive of:
- Employee tax benefits – Help your employees save heavy tax on their salary through the Paytm Food Wallet/Paytm Gift Wallets/ Paytm Fuel Wallets, and more.
- Vendor invoicing – Provide your vendors with access to a simple portal to submit their invoices.
- Custom approval workflow – The Paytm Payouts portal is supported with a comprehensive approval system to approve/reject invoices based on multiple factors when you receive them. In addition, these invoices get end-to-end automated reminders to avoid late payments. This gives a real-time prospect to your vendors and makes invoice compliance and payments extremely easy for you to manage.
- Business expenses – Manage recurring or one-time business expenses like IT costs, rents, salaries, reimbursements, and more efficiently using Paytm Payouts.
- Account validation – Validate 1000s of bank accounts, UPI addresses, and Paytm wallets using our robust API/dashboard within seconds.
- Payout links – Send money to your customers even if you do not know their bank account or UPI details by sending an easy-to-pay link.
- Bill payments – Automate payments for all utilities across offices, employee mobile bill payments, vehicle fastag payments, and many more. Avoid late payment charges and get early payment incentives.
- Comprehensive report generation – Paytm Payouts also instantly generates comprehensive reports for your business for reconciliation purposes.
What’s more? In addition to all of the above, get first-hand access to our easy-to-use store management module to manage your payables across multiple different offices and regions.
All in all, Paytm Payouts is a single platform solution to integrate and support the various types of payouts that your business processes on a day-to-day basis.
Be it vendor payouts, customer cashbacks, or instant refunds, your business can automate everything using a single and robust dashboard created and curated carefully only for your business needs, thus ensuring the fastest bulk payments.
From sending out Payout Links to the provision of all payment modes under one roof, you’ve got everything you need. Right here!
So, what are you waiting for? Sign your business up to Paytm Payouts now and start thriving!