Mass payment APIs are becoming increasingly popular among businesses needing a fast and reliable solution for providing payments to individuals and other businesses.
As a business owner, it can be difficult to know how to choose the ideal mass payment API for your business — you may have been left wondering what features to look for, and how to compare from a range of solutions.
Here, we take a look at the ins and outs of mass payment APIs, and discuss the most important things you need to look for when comparing solutions. Let’s start at the top.
What are mass payments?
Mass payments, also referred to as mass payouts or batch payments, are a method used by organizations to pay multiple recipients simultaneously, regardless of the payment method, or the payee’s location or currency type.
Mass payments are used to pay recipients for a variety of reasons, including contractor payments, royalties, bonuses and gig economy payments, and can be processed as either one-time or recurring payments.
A mass payment solution is not only highly convenient, it is also cost-effective, particularly for businesses with a large or diverse recipient base. With a reputable mass payment platform at the helm, businesses are saved the time-consuming and laborious task of processing individual payments — the end-to-end process is effectively handled by the platform.
It’s not only businesses who benefit from mass payout solutions — recipients also gain from the ability to receive their payments quickly and securely. Rather than having to wait long periods for a check to arrive, they are able to receive their payment instantly via a convenient digital payout link, and secure online account.
What is an API?
APIs — or application programming interfaces — are widely-used tools for businesses in just about all industry types. Most of us use, and benefit, from modern API technology on a day-to-day basis, even if we’re not aware of it! Each time we purchase something online, or use a mobile app, we’re doing so thanks to APIs. Suffice it to say, APIs are everywhere, and they have changed the way we view and interact with modern digital technology.
So, what exactly is an API? Put simply, it is a tool which allows two software applications to communicate, so that the capabilities of one application is able to be used by the other.
APIs allow data to be shared across businesses and functions, for the purpose of creating connected user experiences, and improving business processes. Importantly, modern API technology has enabled businesses to create channels to sell their products and services online.
How do mass payment APIs work?
Mass payment APIs solve many of the problems faced by businesses when it comes to paying multiple recipients, via multiple payment methods and currencies, at the same time.
How, you ask? Mass payment APIs can be integrated into a business’ existing software systems to enable the processing of mass payments to recipients securely, efficiently and, importantly, at scale. With the right mass payment platform, and a single API integration, businesses gain instant access to a variety of mass payout options, and the ability to reach multiple payees, in multiple countries across the globe, simultaneously.
Integrating the mass payment API with existing software should be a relatively simple process, involving opening an account with the API provider, creating an API key, and establishing a payment method. After this, it’s an easy matter of funding your account, linking your payees, and creating your first order.
Advantages of mass payment APIs
Now, let’s take an in-depth look at some of the main advantages of mass payment APIs for businesses:
- Instant payouts — Mass payment APIs allow for instant processing of payments, regardless of your recipients’ physical locations. Provided there are sufficient funds in your sending account, you can be sure that your payments will be executed automatically. Further, all payments can easily be tracked via the payment platform.
- Decreased workload — Without a doubt, the ability to send payments to large volumes of payees at the same time, within minutes, greatly decreases business workloads. Further, as long as all information attached to the payment transaction is correct, there is no risk of error with mass payment API payouts.
- Highly scalable — Mass payment APIs are the ideal solution for growing businesses of all sizes. With a reliable mass payment platform, scaling is made easy. New payments can be added via a simple update to the API, and there is no fear of outgrowing the platform.
- Global reach — With a reliable mass payment API solution, making international payments is done with ease. Further, platforms with forex (foreign exchange) capabilities enable you to fund your account in one currency, and make payments in another. Payments should also automatically convert into the currencies specified by your payees.
- Improved partner relationships — Let’s face it, nobody actually likes or appreciates being paid late. Secure, reliable, on-time payments naturally lead to improved partner relationships, and this is what mass payment APIs provide. No more chasing up payments, and no more dealing with irate payees!
- Up-to-date data stores — With real-time communication between systems thanks to the API, you can be sure that all related data is also kept up-to-date, in real time. This means that there is no fear of working with outdated information, or dealing with preventable payment errors.
What to look for in a mass payment API
Considering a mass payment API solution for your business? When comparing API providers, you’ll probably notice that each has a slightly different offering. To help you choose the best solution for your needs, you’ll need to take the time to consider what’s most important, and necessary, for your business. With this in mind, here are some of the key features to look for:
- Simple integration process — Ensure that the mass payment API you’re considering can be easily integrated into your existing systems and programs. A reputable mass payment platform will require just a single, straightforward API integration. The integration process should be carried out by an experienced web developer, and should generally take no more than 1—2 weeks to complete.
- Succinct documentation — To assist with the integration process, it’s vital that the API provider provides easy access to clear and comprehensive API documentation and guides, specifically designed for developers. The documentation should instruct you through the entire integration process, and be updated as and when changes are made to the API. At Runa, we provide access to succinct documentation via the Runa Developer Hub.
- Sandbox testing environment — A sandbox testing environment, such as what is provided by Runa, allows you to effectively test the API without actually implementing the mass payment solution on your site. The testing environment should be identical to the production environment, and allow you to familiarize yourself with the API by going through the end-to-end payout process to see how it works from the recipient’s perspective.
- Global reach — For businesses with an international recipient base, a mass payment API that allows you to make international payments with ease is a must. Ensure that the mass payment platform you’re considering has a wide global reach. With Runa, you can make payments to recipients in over 30 countries, in 18 currencies, and 16 languages, as well as funding your account in one currency, while disbursing in another.
- Choice of payouts — Providing a great customer experience is key when it comes to keeping your brand top-of-mind among your people. By providing a range of popular payout options to your recipients, you’ll be doing just that. Check that the API you choose offers a variety of payout methods. A reputable provider will even allow your payee to choose their preferred method via a single, convenient payout link.
- Low failure rate — It goes without saying that when it comes to payment platforms, you want a solution that comes with a high level of stability, and a low rate of failure. Ensure that the mass payment API you’re looking to invest in is able to manage high payment volumes without any nasty surprises or interruptions. Investing in a platform with near-zero downtime will naturally serve you and your business well.
- High level support — Before investing in a mass payment API, it’s imperative to ensure that the solution is backed by a high level of support. Should any issues arise, knowing that there is support and resources available will provide you with automatic peace of mind. At Runa, along with a comprehensive knowledge base and a range of quick start videos, we have a team of support professionals ready to assist with any problems that may arise.
- Reporting functionalities — Access to high-level reports will help you optimize programs to get the most out of your payment solution. Therefore, it’s important to check that the mass payment API you’re considering comes equipped with reporting functionality, with easy access to real-time, data-rich reports.
- Fee-free solution — A reputable mass payment API provider will charge no set-up fees, and will allow your business to pay only for what is used. This is particularly important when it comes to sending international payments, which are normally subject to transaction fees. With easy access to fee-free payouts, Runa makes it easy to achieve cost-savings in your business.
- Robust security — Before getting started with a mass payment API, check its security features. As a rule, and at minimum, it should come equipped with bank-level security, fraud protection, and the required regulatory compliance frameworks. Unfortunately, anything less than this may pose an unacceptable security risk to your business and payees.
A variety of popular payment options
As we’ve just discussed, providing your payees with a range of popular payment options is a great way to keep your brand top-of-mind among the people that matter most to your business. Let’s take a look at some of the popular payment options available through leading mass payment API platforms such as Runa:
- Gift cards — Digital gift cards are an extremely popular choice of reward and incentive for recipients around the globe. With Runa, your business gains access to gift cards from over 1000 leading global brands. The perfect way to expand your global reach.
- Prepaid cards — Another highly popular and versatile payout option, Visa prepaid cards can be sent to multiple recipients instantly and simultaneously. Further, they are available in a range of currencies, are highly secure, come with no bank account requirement, and can be redeemed like cash.
- Subscriptions — As the gift that keeps on giving, recurring subscriptions for gifts, publications, education, hobbies and more are the ideal way to keep your brand or business at the forefront of people’s minds.
- Cryptocurrencies — Crypto payouts are a popular option among businesses wishing to expand their reach, and stay relevant in a changing market landscape. With Runa, you can fund your account in fiat, while making payments in crypto, and there is no requirement to handle or manage crypto of any kind.
- Shares — Another modern payout option, fractional shares not only come with great growth potential, they offer recipients a high level of flexibility and control over their payments. With Runa’s mass payment API, sending shares from a range of the world’s leading companies is both quick and easy.
- Donations — For a gift or payment that is more meaningful than money, you may want to consider a donation. We provide direct connections to a variety of international charities, and your recipients can choose to donate all or part of their payment balance to a charity of their choice. Easy!
Get started with a leading mass payment API today
At Runa, our digital value infrastructure has helped some of the world’s leading businesses process fast, flexible and hassle-free payouts. Thanks to our innovative mass payment API, your business can gain access to over 1,300 of the world’s leading brands and payment types, in 30+ countries, and 18+ currencies.
With Runa, you’ll benefit from a simple integration process, no set-up or joining costs, and a massive 99% payment redemption rate. Ready to learn more about how you can start sending digital value with the world’s leading payout network? Request a demo or get in touch with our expert team today!