In this era of rapid technology adoption, instant and automatic payments have become the two widely used buzzwords by successful businesses.
However, instant and automatic payments are largely efficient only when you accept payments from customers. The experience for making payments is broken and littered with glitches at every step.
There are hardly any solutions for businesses when it comes to making frequent and recurring payments.
At the most, businesses rely on netbanking, which involves a lot of manual processes. Moreover, businesses have to later physically note down the payments that are done and physically check the status of the payouts that didn’t go through immediately.
Why payout failures are a growing concern for businesses
With all its complexities and thousands of things to take care of every day, running a business is anyway hard. On top of it, if you have to keep track of each and every payment that you make, it becomes a whole lot messier.
Whether you run a small or medium-sized business, it’s extremely important to make timely payments to your vendors, employees and pay for other monthly business expenses. One might say, payouts are as important for businesses as accepting payments.
This is the reason why Paytm for Business brought Paytm Payouts, a product that speeds up your payouts. It not only helps in recording and paying vendor invoices, enterprise bills and other expenses, but also makes payouts instant, simpler and error-free.
Businesses with a regular and high volume of payouts usually face the following issues:
- The tedious process of bulk upload
- Complicated approval workflows
- Insufficient balance
- Bank’s system failure
Top features of Paytm Payouts
Just like how payment gateways have made accepting payments from customers easy and hassle-free, we believe businesses should have similar ease while making payments.
Paytm Payouts will get rid of all the obstacles, and in the process streamline your payouts.
In a survey conducted by Paytm for Business, our customers said their payout experience improved considerably as they could easily send money to any bank account, UPI address, or Paytm Wallet via an API or by uploading a simple file on our dashboard.
These are the reasons why businesses choose Paytm Payouts:
- Instant and automated: Paytm Payouts has simplified how businesses make payments by automating the whole process. Be it initiating payouts for your vendor and customers, paying salaries to employees, or paying for recurring business expenses, Paytm Payouts does it all. Using easy-to-integrate APIs you can reduce your administration and operations cost as they will do your work automatically. Since Paytm Payouts can easily integrate with your existing ERP systems, all you need to do is initiate the payouts and leave the rest to the magic of APIs.
- Validate bank accounts: Although fintech solutions are at their peak, validating bank accounts are still tedious. Till now businesses validate vendors’ bank accounts using cancelled cheques. The robust technology behind Paytm Payouts validates bank accounts, UPI handles and digital wallets instantly. With this, you can rest assured that your payments are going to the right account.
- Single point reconciliation: Paytm Payouts’s dashboard is your single window to track and manage funds. It will give you real-time updates and notifications regarding all your initiated payouts and their live status. The dashboard also provides analytics to help you with key insights on your business such as your biggest expenses, etc.
- Bulk payouts: One of the main requirements for businesses is to make bulk payments to vendors and employees. Due to their sheer size, such transactions take longer to go through and have a high probability of failing. Paytm Payouts’s technology stack can easily handle large and one-time bulk payments. It supports more than 13 million transactions a day, without a glitch.
Smart Transfer by Paytm Payouts
In addition to these features, Paytm Payout comes with a Smart Transfer feature that efficiently takes care of all your payouts intelligently.
A report by PricewaterhouseCoopers said the top 10 Indian banks reported a 3% failure in transactions in September 2020. While banks’ legacy systems are a big reason why digital transactions fail, lack of funds is also one of the major contributors to payment failures.
Paytm Payouts’s Smart Transfer is an efficient way to increase the success rate of bank and wallet transfers as it automatically retries payments that have failed.
This is how Smart Transfer works
Say you initiated a payout to one of your vendors but the payment didn’t go through. In a normal circumstance, you will have to keep trying again and again until the payment happens.
But Smart Transfer takes a different approach.
In the event of a payout failure, Smart Transfer queues that payment for a period of time set by you and retries it unless it happens. This frees you from the hassle of manually initiating the payment multiple times. It also means that you can be assured the beneficiary gets paid on time.
Smart Transfer lets you queue payouts for up to 72 hours with just a single click from Paytm Payouts’s dashboard.
Smart Transfer is versatile as it can queue payouts for each of the three types of money transfers:
- Bank Transfer
- Wallet Transfer
- Payout Links
To know more about the pool of benefits that Paytm Payouts can bring to your business operations, start using it now.