In this era of ever-growing technology, the two keywords for a successful business are instant and automatic. With increasing needs for financial automation, any business seeks a complete solution for both the inward and outward flow of the money.
There are extensive solutions to collect money for your business, such as Paytm UPI, Paytm Wallet, etc. but when it comes to paying vendors, customers or employees in bulk, aren’t current netbanking panels and processes tedious? Also, manual marking of each payment can take away your whole time and effort but you still will be error-prone at the end of the day.
Are payout failures becoming a growing concern for your business?
We understand that the outflow of money is also an integral part of your business. Hence, Paytm Payouts with its extensive features brings a wave of technology and speed to your business payouts. It not only helps record and pay vendor invoices, enterprise bills and expenses but also makes the payouts instant, simpler and error free. A business with a regular and high volume of payouts usually face issues such as
- Tedious bulk upload processes
- Complicated approval workflows
- Insufficient balance
- Bank technology system failure
Paytm Payouts not only solves all the above issues but also makes it more efficient with its brand new Smart Transfer feature.
Payouts Smart Transfer
Smart Transfer is an efficient way to increase the success rate of bank and wallet transfers by automatically retrying all payment failures.
‘The current data for payment failure shows that the reason for approximately 40% payout failures is low account balance. Also, 3- 5% payment failures occur due to beneficiary bank technology system failure.’
With an exhaustive list of business tasks, tracking failed payments and rescheduling them adds to your payout woes. Below is a list of few top error reasons and their contribution to failure rate. When you initiate a payout and if it fails, Smart Transfer puts it in a queue for a set period of time and retries intelligently to reduce payment failure rates.
Let’s say the system is set to retry for 24 hours. During this time period if the reason for payment failure is resolved i.e if the amount is added to Payouts account or if the beneficiary bank systems start accepting payments, Smart transfer will intelligently queue and retry such failures till they are successful. This reduces your effort to initiate the payment multiple times, also ensuring that the beneficiary gets paid on time.
‘Smart Transfer and queueing time period up to a maximum of 72 hours can be enabled by just a single click from Paytm Payouts Dashboard.’
The payouts can be queued for different time periods for each of the three types of money transfers:
- Bank Transfer
- Wallet Transfer
- Payout Links
Thus, this new product feature allows you to breathe fresh air without worrying about payment failures, timely payments and retrying payouts. To know more about the pool of Paytm Payouts benefits for your business operations,