A well-knit financial management system is the heart and soul of any business. Businesses run with 24X7 dependency on payment systems either when they want to collect payment from their customers or want to make payment to their vendors and employees. The manual and archaic payout systems become the deepest pain of the modern complex businesses and directly affect their growth curve. Let’s begin with the basics to understand the need to use a technology-driven comprehensive payout system for your business.
What are the different types of payouts for a business?
A payout is any payment that is made by the business to its stakeholders such as vendors, channel partners, customers and its employees etc. Until recently, the most preferred way of making such payouts were NEFT, IMPS, RTGS etc with UPI as the latest addition.
- Vendor payouts — Payouts made for any goods and services provided to the business by a supplier or a vendor are termed as vendor payouts.
- Partner payouts — Payouts classified as commissions or share contributions to the distributors, retailers or any other business entity for cross-selling the products or services are partner payouts.
- Employee payouts — Salaries, wages and reimbursements are regular employee payouts.
- Customer payouts — A business makes payouts to its customers in the form of cashbacks, rewards, vouchers redemption and refunds etc.
- Utility Bill Payouts- Monthly utility bills payments for each office, shop or warehouse location.
What Payout Challenges does a business face?
You must have found yourself to be caught in a situation where you have to make an urgent payment to a vendor on a Sunday or late in the evening, much later than the bank working hours. In this dynamic business environment do you think waiting is a solution? And let’s not forget the last time you faced the embarrassment of a payment failure to the customer.
The list of issues does not end here. We at Paytm anticipate that these problems will only increase as the businesses grow and operations become more complex. Hence, Paytm for Business has developed an in-house Payouts Product to provide a one-stop solution to all your payout issues.
Introducing Paytm Payouts
Paytm Payouts is a robust corporate payouts solution with in house expertise to manage and automate all your business approval processes, track and manage all office/shop utility bills, track and pay vendor payments, validate vendor bank account details, make bulk payouts and make payment reconciliation smoother than ever. Let us analyse how Paytm Payouts offers a pool of new features to your business over the traditional banking practices.
Do more with Paytm Payouts
- Payout links Use payout links to send payments instantly without the hassle of fetching and validating bank details.
- Smart Transfer You can now queue the payments even if the account balance is low and never have to worry about payment failures.
- Scheduled Payments To avoid missing out on due dates for utility bills or to schedule a vendor payment for a later date, you can always schedule payments through Paytm Payouts.
- Balance Threshold Alerts You can set up a threshold balance limit and get notified if the account balance goes below this set value.
- Maximum Disbursal Options Paytm Payout provides you with varied options to make payouts. You can choose to pay to a mobile number (Paytm Wallet, Gift Vouchers, Food Allowance) or a bank account or a UPI VPA (using IMPS, NEFT, RTGS, UPI) or choose other options like digital gold etc.
Make the next level move for your business
Stop making payouts like you are in the 90’s. Explore the whole new set of experience that Paytm Payouts can bring to your business. In just 6 months, this product is the buzz word for many businesses in the field of e-commerce, FMCG, healthcare, automobiles, cab services and gaming industry. Corporates have been praising the way this dashboard has handled their problems for vendor invoicing, enterprise bill payments, expense management and creating an automated and transparent approval workflow. So why wait any longer! Sign up now to experience the future of Payouts.