Most shoppers today would agree that online shopping is far better when compared to the in-store experience. Apart from being convenient and quick, there is yet another interesting aspect that pulls buyers to online purchases – the many rewards and cashback offers.
Every store these days has some or the other offer for their customers that is to be availed upon a successful transaction. Such payments made by the business to the buyer are known as customer payouts. They may also include refunds on the return of products.
30% of all products ordered online are returned as compared to 8.89% in brick-and-mortar stores.
For both small and large businesses, managing these timely transfers to the customers is the need of the hour to ensure a good user experience and customer retention.
What are Paytm Payouts?
Paytm Payouts is a robust solution to let merchants seamlessly manage and automate the payment process for their various stakeholders. Payouts can be used for payments to customers, employees, vendors, suppliers and so on.
Paytm Payout has a feature list and a comprehensive dashboard to make it the ideal solution for startups as well as enterprises. Payouts can be done through cash or online using payment methods like IMPS, RTGS, NEFT, and cheques.
Here, we explore the benefits of Paytm Customer Payouts in particular along with exploring the business that can adapt them.
Merchants can start using Paytm Payouts in 5 simple steps
- Signup for Paytm Payouts and activate their account
- Add funds to the account based on their payouts needs
- Add contact details of the customer
- Set the payable amount to the customer
- Initiate instant payouts
Why should businesses explore Paytm Payouts for their customers?
- Paytm Customer Payouts is a 24*7 service that is available to merchants throughout the year including weekends and public holidays as well.
- Businesses can use Paytm Payouts to instantly transfer rewards, cash on delivery refunds and gift vouchers to the customers.
- Retailers no longer need to know the bank details of their customers to make payments. They can initiate a transfer through payout link, UPI, e-mail address or phone number to the customer’s wallet or bank account, based on whichever mode of payment they prefer.
- Refunds and reward transfers can be scheduled and automated, and all the transactions tracked in real-time.
Which retailers should switch to Paytm Payouts for customers?
Paytm Customer Payouts is for any business whose end-user is the direct consumer. Some of the use cases are listed below:
e-commerce – Processing cash on delivery refunds is a major part of the operations of an e-commerce company and can be a long and tedious process both for the business as well as the customer. Paytm Customer Payouts help in ensuring instant refunds to customers.
It also generates a payout link that lets the customer accept the amount from their preferred mode of payment and the transaction can be carried out even if the bank details of the customer are not provided.
Insurance and loans – Paytm Customer Payouts helps in disbursing loans instantly with IMPS, UPI and NEFT and settles insurance claims without having to verify the customer’s bank details.
Gaming – Businesses offering online games can use Paytm Customer Payouts to pay all the rewards and game prizes to the customer’s bank account or Paytm Wallet instantly.
Furniture/car rentals– Refunds from rented furniture/automobile security take 8 to 10 business days to process and get credited in the customer’s account often after they have followed up a couple of times. Paytm Customer Payouts automates the process by instantly refunding the security amount to the customer’s wallet or bank account.
Travel & hospitality– Cashbacks, discounts, and ticket refunds can be transferred by the travel and hospitality companies to their buyers for instant customer gratification.
Conclusion
The success of an online business is often measured by the customer experience it offers. Most retailers have already implemented solutions to pay greater attention to customer-centricity. Paytm Customer Payout can help further refine that experience for your buyers and effectively eliminate uncertainty and delay in payments.
