Payout methods are options for making any kind of payments to payees. They are now tightly integrated into almost all types of business, including freelance platforms, marketplaces, hotel booking platforms, ticketing platforms and other industries. That’s why many newcomers to business encountered the need for setting up fast and convenient payout methods.
Payout methods are versatile, allowing businesses to conveniently transfer funds to their payees and payees to withdraw money to their bank accounts with a few clicks.
By adopting various payout methods, businesses can benefit from a wide range of options: reimburse their customers, pay salaries and financial considerations to their employees, make payments to contractors and conduct other necessary transactions.
How it works
To start making payouts, you need to connect at least one payout method. Different methods may suit you, depending on the type of your business. For instance, if you’re a freelance platform, you act as an intermediary between clients and contractors, receiving payments from the former and then transferring the funds to the latter. If you’re engaged in the betting or gambling industry, you’ll need to adopt payout methods for paying winnings.
Representatives of different payout methods have different processing procedures, so the money isn’t immediately transferred to a payee's bank account. Transaction consideration can take anywhere from 24 hours to several days depending on the method used and other factors such as amount, currency, country etc.
Thus, payout methods facilitate the flow of transactions between a business and its payees. They enable organisations to manage payments more efficiently and provide payees with timely and uninterrupted payouts.