Businesses have expenses to cover. “Paying the bills” may not seem interesting or new, but recent innovations make disbursements quicker, cheaper, safer, and more convenient. The creations would likely help your organization if it depends on (or suffers from) any […]
The creations would likely help your organization if it depends on (or suffers from) any of the following.
- You issue paper checks to cover employees, subcontractors, partners, or providers.
- Bank-to-bank payments and transfers require quite a while, which results in decreased customer and partner satisfaction.
- Partners and providers demand faster payments.
- You’ve been the victim of fraud, or else you incur extra expenses in resending paper checks.
- Prices for national and international bank transfers have increased.
- Your accounting, settlement, and reconciliation procedures are time-consuming and complicated.
- Clients, subcontractors, and workers use online banking.
- Your company involves reimbursements or payouts, such as cash-back loyalty programs or insurance remittances.
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Marketplaces and affiliates. Running an ecommerce market or an affiliate program means that you, as the owner, will cover fees and commissions (or deduct commissions and fees) in the proceeds of a sale. Traditionally, affiliates and sellers obtained money by check, bank transfers, or occasionally via PayPal. And the procedure for calculating, settling, and reconciling payments could be perplexing.
No longer. Providers of new disbursement technology permit the affiliate manager or market operator to cover in near real-time with no extra banking or payment processes.
When a sale is completed, the tech deducts commissions and instantly sends the profits directly to the spouse. There’s no excess accounting or check-writing.
Innovations in payment technology allow affiliate managers and market operators to cover seamlessly in close real-time, like this example of a $100 transaction.
Subcontractors like delivery drivers and temporary workers are traditionally paid by check or bank transfer. There are now more choices. Many providers will accept (or favor ) non-bank techniques. The provider gets paid faster, and the merchant averts hefty transfer fees.
Visa Direct, by way of instance, allows companies to push funds directly to a subcontractor’s Visa account — preventing checks and bank transfers. And disbursements through PayPal are common for offshore subcontractors such as developers and writers.
Employees. Modern disbursement technology enables businesses to pay workers in ways that prevent checks or bank transfers. Employees can get their funds quickly and safely.
Payouts. A business that supplies payouts (insurance companies, as an instance ) can utilize modern disbursement technologies to distribute funds to their clients quickly with greater convenience for everybody. Rather than waiting for a check, clients can receive funds directly to a Visa or PayPal account.
Cash-back, rebates, and loyalty applications. Some of the newest technologies can assist with cash-back loyalty programs as payments appear in clients’ accounts quickly, with no extra effort, which, ironically, increases loyalty.
New technology can streamline cash-back loyalty programs as payments appear in clients’ accounts quickly, without further work.
By way of examples, here are three suppliers in the forefront of payments innovation.
Visa Direct is available to payment processors who can then offer it to merchants. With Visa Direct, merchants can push funds to Visa debit and credit accounts, for example to builders. Merchants pay a small charge for the ceremony, but it’s usually less than the cost of writing and handling paper checks.
PayPal’s MassPay API facilitates the calculating, automating, and scheduling of disbursements to a list of recipients. Fees apply, as always, but the cost of conventional bank-to-bank payments and transfers are usually much higher.
Stripe Connect, yet another API, is useful for dividing the profits of one transaction among multiple recipients. You’ll likely need a seasoned developer to implement. But once it’s operating, Stripe Link is an efficient means to distribute fees and commissions to, by way of instance, multiple market participants.
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