Advantages of Payout Platforms with International Capabilities

Today, more and more businesses are looking for fast, convenient and cost-effective ways to send payments to international recipients. And, more and more smart businesses are turning to mass payout platforms as their preferred solution for sending international payments at scale.

Having a reputable payout platform driving your international payment processes makes good business sense, in more ways than one. In this post, we take a look at what constitutes a good payout platform, and delve into the many advantages of payment platforms for international companies.

What are some common international payment types?    

There are a number of payment methods commonly used by businesses needing to pay individuals or other businesses on an international level. These include:

• Bank-to-bank transfers
• Cash and check payments
• Credit and debit cards
• Automatic Clearing House (ACH)

Although commonly used and each with its own set of advantages, many of these payment methods also come with a range of drawbacks, including high costs and low flexibility, with little opportunity to transfer value into other popular payout types such as gift cards, cryptocurrencies and other comparable types of payment.

Further, major time and dollar commitments are often required if the business decides to add to or upgrade their current payment processes. Thankfully, reputable mass payment platforms that can be easily integrated with existing systems solve a lot of the problems faced by businesses wanting a convenient, fee-free international payout solution.

What role do mass payouts play in business?

Mass payouts, or mass payments, refer to the process used by businesses to pay multiple payees at the same time, regardless of the payee’s location, preferred payment method, or currency type.

Payouts can be sent as both one-time and recurring payments, depending on the situation at hand, and are used for a variety of reasons including employee and customer rewards and incentives, contractor and gig economy payments, royalties, bonuses and more.

For organizations with a large or diverse international recipient base, a mass payout solution is both convenient and cost-effective, as it eliminates the laborious, time-consuming task of processing large volumes of payments individually. The entire payout process is handled by the payout platform — we’ll go into this in a little more detail below.

Importantly, it’s not only businesses who gain from a reputable mass payout solution — payees also benefit from the ability to receive their funds both quickly and securely. Payment is sent via a convenient digital payout link, from which the payee can access their funds immediately.

How do payout platforms work? 

Mass payout platforms use innovative  API technology to process bulk payouts to domestic and international recipients, at scale. By integrating the payout platform into existing business systems or programs, the need for complicated, manual payment processing is eliminated. Multiple payouts can be created within a single action, streamlining operations, and saving time like never before.

As more businesses embrace digital technology and increase their global recipient bases, the need for efficient international payout solutions is becoming increasingly marked. Let’s now take a deeper look into how API technology is revolutionizing international payouts.

How do APIs help with international payments? 

APIs (application programming interfaces) are essentially tools that help two systems or programs communicate with each other. We use and benefit from API technology on a daily basis — each time we make a purchase online, or check the weather app on our phones, we do so thanks to API technology.

With just a single API integration, your organization can gain immediate access to a wide range of international payment options, designed to reach multiple payees in multiple regions, in a matter of minutes. Integrating the API with your existing system should be a no-fuss process, involving generating an API key and adding a payment method.

Once this has been done, it’s usually a simple matter of funding your account, linking your payees, and creating your first order.

How do businesses benefit from using a mass payout API? 

Businesses who utilize a mass payout API solution enjoy an array of benefits, including:

• Fast and accurate payouts — With mass payout APIs, international payments are processed and sent quickly to their intended payees, wherever they’re located on the globe. And with Runa, all payouts can easily be tracked via our innovative platform.
• Reduced workload — Mass payout APIs significantly reduce the workload of businesses needing to process large volumes of international payments. With the ability to send a wide range of payouts both effortlessly and simultaneously, your business saves time previously spent on manual, laborious tasks.
• Cost-effective — With a mass payout API, businesses are not faced with the often high fees and costs associated with regular payout processes, particularly those that come with international payments, such as wire transfer and FX fees.
• Customer satisfaction — With a mass payout API at the helm, you can be sure of high levels of satisfaction among your payees. With an API solution such as Runa, your recipients can choose how to redeem their payout balance via a single digital payout link. What better way to keep the people that matter most to your business happy?

Advantages of payment platforms for international companies 

For companies with a large or diverse global recipient base, an API payment platform with international capabilities can help to streamline international payouts like never before. Payouts can be disbursed in a range of currencies, both instantly and simultaneously, which benefits both the business and its recipients.

Here are some of the main advantages of payment platforms with international capabilities for such businesses:

• Increased speed and efficiency — Mass payout APIs make light of previously time-consuming tasks. With the help of a developer resource, you can quickly and easily integrate your existing business systems with a platform such as Runa to process international payouts. You’ll spend less time on messy integrations, and more time processing payouts to all your people.
• Highly scalable — For companies wishing to scale, a reputable API-driven payment platform is the ideal solution. Global payout platforms such as Runa make it easy to grow your digital network, giving you the capacity to scale both up and down, as required. It’s a simple matter of connecting with the tools that you need, when you need them.
• High level of flexibility — Keeping up with new technologies and innovations is now more important than ever. With a mass payout API, your business can use and benefit from new payment avenues as they arise, without the need to rewrite code, or undertake major system changes.
• Highly customizable — International payment platforms such as Runa come with high-level customization options, including white label customization tools, making it easier than ever to personalize your payouts in line with your brand. You can even add personalized messages to your payouts!
• Easy maintenance — APIs work by simply providing a portal between two separate, yet connected systems. This means that you (and the payout platform) are able to make changes or adjustments to existing software code, with no risk of a connection loss.

How to make international payments via mass payout platforms

Thanks to reputable global payout platforms such as Runa, businesses no longer need to rely on complex, expensive and outdated payout processes. Here’s how your business can get started making international payouts with the help of an API payout platform:

1. First up, take some time to find a reputable platform provider. Do some research, and ask questions to find the best fit for your business. Ensure that the platform you’re considering comes with advanced features including fraud protection, bank-level security and regulatory compliance, along with industry-leading uptime and easy access to real-time, data-rich reporting. With Runa, all of these features are standard.
2. Next, you need to create an account with the platform provider you’ve chosen. With Runa, you can either schedule a free demo to speak with one of our experts about the platform, or you can simply get started on your own. It takes around 15 minutes to create an account, after which time you’ll gain access to a range of quick start videos.
3. Now, it’s time to take a detailed look at your options, so you can start working with the payout API as soon as possible. At Runa, we offer comprehensive guides and documentation, as well as 24/7 support, so you and your team can decide on the best way forward.
4. Finally, it’s time to integrate the payout API with the tools in your existing tech stack. This process needs to be carried out by an experienced web developer, and should take 1—2 weeks from start to finish, depending on the scale of the program being implemented, and the unique requirements of your business. With Runa, you’ll have access to ongoing support to ensure a smooth and straightforward integration process!

A range of international payout options 

No doubt, providing your recipients with a range of international payout options is the perfect way to keep your payees satisfied, and your brand at the forefront of minds everywhere! The best part? With a leading mass payout solution such as Runa, your recipients can choose their preferred payment method. Let’s take a look now at some of the digital payout options offered by platforms such as Runa:

• Gift cards — International gift cards remain one of the most popular choices of reward and incentive for recipients worldwide. With Runa, you gain access to a market-leading catalog of digital gift cards from a variety of countries, and in a range of currencies. Sending international gift cards at scale has simply never been easier.
• Prepaid cards — Visa prepaid cards are another highly convenient and popular international payout option. Similar to digital gift cards, prepaid cards are available in a range of currencies, and can be distributed to multiple international recipients simultaneously. What’s more, they’re highly secure, do not need a bank account, and can be redeemed like cash.
• Cryptocurrencies — Looking to stay relevant in an ever-evolving market? You may want to consider crypto as an international payout option. With Runa, there’s no need to hold, manage or handle any cryptocurrencies, and you can fund your account in fiat, while paying out in crypto. The perfect way to increase your international reach.
• Donations — As the payout that really pays back, charitable donations are another popular payment option among international recipients. At Runa, we remove common donation blockers, and offer direct connections to a range of global charities. Your recipients simply choose a charity, and the amount that they wish to donate. Simple!
• Shares — For payouts with superb growth potential, you can’t go past fractional shares. With Runa, you can send shares from a range of leading international companies, both quickly and easily. The ideal way to create a long-lasting impact, and stay top-of-mind among your recipients.
• Subscriptions — Looking for a truly memorable payout? A recurring subscription is the gift that just keeps on giving. With Runa, you can offer your recipients subscriptions to gifts, hobbies, publications, education, and more!

The ultimate payment platform for international companies

At Runa, we make sending international payouts at scale easy. Thanks to our innovative mass payout platform, you gain all the tools you need to build international payout experiences that fit seamlessly with your existing programs, and that truly help propel your business forward.

Along with a straightforward integration process, our customers enjoy access to over 1,300 global brands and payout types, in more than 18 currencies, and over 30 countries. What’s more, there are no joining fees — you simply pay for what you use.

Keen to get started with the world’s leading payout network? Request a demo or get in touch with our expert team today!