Payouts are an indispensable part of business activity for most companies. They make payouts to their suppliers for goods or services, pay salaries to their employees, pay a commission to their partners, etc.
For some business models, payouts are a bedrock of operations. They are used for cashback, rewards and loyalty programs, refunds, and many more.
The larger a business gets, the more payouts it makes. Forming separate payout invoices gets more complicated and takes much more time. This is when batch payouts come to the rescue.
Let’s learn more about batch payouts, how they work, and why this tool is worth using.
What are batch payouts?
Batch payouts are the method of paying to an unlimited amount of recipients online at a time. It is possible using API or special automated tools that allow uploading a spreadsheet containing the data for each payout and initiate processing for all of them simultaneously. Batch payouts are also often called mass payouts or mass payments.
Large companies that frequently deal with payouts may opt for developing their own batch payout capabilities if they have enough time and resources. However, getting the ready-made solution from the payment service provider or technological platform is much easier and more efficient.
Who needs batch payouts most?
As we have mentioned above, some businesses use payouts much more often than others and therefore may benefit from batch payouts the most.
Here is the list of industries and working processes where batch payouts are seen at their best:
- HR management — paying out salaries and bonuses to your employees;
- Affiliate programs — making regular commission payouts to your affiliates;
- Freelance or influencers platforms — paying to multiple contractors for their services;
- Essay and academic writing platforms — making payments to authors for their work;
- Gaming and betting — distributing winnings, prizes, and rewards;
- Manual refunds — making refunds to selected customers at once;
- Marketplaces — initiate mass payouts to suppliers and vendors.
How to make batch payouts with Corefy
1. Create a batch payout file with an array of items.
As batch payouts imply spreadsheet-like execution, you need to create a .csv file. It should contain details for each of your payout invoices (items), such as service, amount, fields with data the service requires, and reference ID. We have prepared an example .csv batch payout file to simplify this task for you.
2. Upload your batch payout file to our platform.
You can either browse to find your .csv file or just drag and drop it.
3. Process an unlimited number of payouts at once.
Once you uploaded your file, you can submit it for processing in the preferrable mode: sequential (one item by one) or parallel (all items simultaneously). You can monitor how the processing goes and, if needed, suspend it before it’s completed. If some items weren’t validated (because of errors in the .csv file or conditions that haven’t been fulfilled), you’d instantly see their statuses. The platform monitors and displays the status of all the batch and each item individually. You will see two sums: estimated (the initial total of all payout invoices amounts in the batch) and processed (fully or partially completed).
4. Download a detailed report after the request completion.
As the processing is finalised, you can filter and examine failed items, if there are any, and download a report for your records.
Benefits of making mass payouts with Corefy
The efficiency of our batch payouts tool rests on four pillars:
- Ease. With Corefy, you are just one click away from performing batch payouts to thousands of recipients simultaneously. It is as simple as clicking a mouse. It allows you to optimise the workload and shift the focus away from monotonous manual work.
- Speed. This tool saves you a great deal of time and expense in sending out multiple payments. Moreover, our capabilities ensure the fastest possible completion of all of the numerous items in your batch payout request.
- Versatility. Batch Payouts is a comprehensive all-in-one solution that lets you make mass payouts at any scale by leveraging as many payment methods and currencies as needed. One batch payout file can include payout invoices involving any payment method, currency and amount. We also offer you a range of supporting features to ensure unlimited payout capabilities. For instance, every item in a batch payout can be split into multiple transactions, enabling successful processing of any amount. You can also reroute transactions until completion or suspension and manage failover by setting up attempts limits and routing rules for any resolution.
- Accountability. Monitor your batch payout progress in real time, view each item’s status, and generate a detailed report upon completion in a few clicks. We automatically reconcile all your transactions, depriving you of manual reconciling headaches.
If it resonates with your current business tasks, please reach out to us through a contact form.
We’ll get back to you to help, answer your questions, and jointly find the best solution for your company.