Fully automated and versatile Batch payouts

A mass payout is a process of sending money online to multiple recipients.

Mass payouts are often referred to as mass payments, but it’s important to keep in mind that the word payout highlights that a money transfer is initiated by a business while payments are made by customers. Differentiating these terms is not obligatory, but it helps to avoid confusion.

Businesses can make such digital remittances both manually or automatically. We suggest the latter, as there are several ways to send money to numerous counterparties conveniently: using associated software, program, or another solution for mass payouts, developing a custom system with a payout function, or using the payout feature provided by your payment partner.

Use cases

For an online business, there currently are many use cases for mass payouts, including, but not limited to:

• paying out to your affiliate partners network,
• manual or automated account payables,
• paying salaries and bonuses to your employees,
• making mass payments in gambling & betting: winnings, prizes, and rewards,
• making mass refunds to several customers,
• initiating mass payouts to suppliers or service providers on digital platforms and marketplaces, etc.

If the mass payout process is a crucial component of your business activity, making it as efficient as possible is very important . That’s why you need a solution for automating your account payable processes. There are currently tons of such mass payout solutions.

If your business also involves accepting online payments, you should make the most out of your payment service supplier. Today, most of them offer support for both payments and payouts, and that’s much more time- and cost-efficient than going through solution research and onboarding to handle the mass payout function. It would also facilitate further business scaling, regardless if you’re a startup or a large company.

The mass payout execution using dedicated software or solution usually involves entering the information on every online payout in a format required by the service you use. Then, the program processes this information, validates it and uses it to make mass payments accordingly. With some solutions, you can monitor mass payouts, track the status of each separate payment, and check when the batch is finished.

Before spending money and onboarding to any payment solution supplier, it’s important to evaluate your business needs and check what features are crucial for your company, especially if your business niche is narrow and specific.

First of all, you should make sure you’re dealing with a secure and compliant mass payout company. Payment platforms may be generic in their communications to attract more business clients. Don’t hesitate to ask the payment platform representatives how the provided mass payout features match your business requirements, what compliance level and certifications the platform has, what are the costs, etc.

We’ve compiled the list of four key characteristics to look for in a payout service to help you navigate the market.

Simplicity

For online businesses, dealing with massive payouts may seem complicated, especially if they don’t have sufficient payment expertise. That’s why we suggest looking for a payment partner that will go beyond offering you a sophisticated and easy-to-use payment platform for fair money. A valid payment partner would be willing to assist you and share their payment knowledge. As for the mass payout software, check if it's user-friendly enough to help you save time and money instead of making you waste it.

Versatility

When choosing a partner, deep dive into the characteristics and components of the provided payout tool. It should not just cover your needs but be universal, future-proof, and versatile. Take the number of supported payment methods and currencies into account. The ability to use different methods to execute one batch payout is also valuable for businesses.

In terms of economy, the mass payout service with the support for diverse functions, payment networks, and multiple payout methods is a decent investment that will recoup its cost and facilitate your scaling.

Speed

For many businesses, mass payouts is a complex and time-demanding activity. That’s why the payment platform should allow your company to execute mass payouts easily and fast enough to meet the growing expectations of your customers, affiliates, partners, suppliers, or other money recipients.

Controllability

The payment platform that allows businesses to monitor how mass payouts progress in real time and how the statuses of each payment change has a serious advantage over competitors. Especially if the platform also enables reports generation, reconciliation, and company access management. Without such capabilities, it may not be worth the money.

Payment orchestration platform Corefy is the technical partner you can completely trust with your online payments. Our platform offers sophisticated mass payouts capabilities, allowing you to send out money to thousands of users worldwide at once by following three simple steps:

1. Making a mass payout spreadsheet file with numerous items.
2. Uploading it to our payment platform.
3. Watching how the money successfully goes out to all your counterparties!

Once it’s done, you’ll be able to download a digital report with the data on every payment and share it within your company or network.

Contact us to learn more about the opportunities our payment orchestration platform brings to businesses worldwide and how your company can benefit from using it.