Mass payout services are becoming increasingly popular among businesses looking for a fast, flexible, and reliable payout solution for their recipients. Thanks to the advent of modern APIs, sending instant, secure and scalable payouts to multiple recipients worldwide is made easier than ever.
In this post, we’ll look at the ins and outs of mass payouts for businesses, the role of APIs, and ultimately answer the question “What is a Mass Payout API and How Easy is it to Integrate into your Existing Business Systems?” Let’s dive in.
What is a mass payout API?
Put simply, a mass payout is a method of paying multiple payees online simultaneously, within minutes. Rather than manually entering each recipient’s payment details separately into a system, businesses can either upload a spreadsheet with all the information, or use a mass payments API (application programming interface).
Mass payouts are carried out through technological payment platforms and payment service providers, and can be used for a variety of purposes, including employee and contractor payments, accounts payable, royalties, and more. They can be set up either as one-time payments, or recurring automatic payments if the payment amount and details are always the same.
Mass payouts are a popular choice of payment for recipients, as it allows them to receive their funds faster and more securely. Rather than having to wait for a check to arrive in the mail, recipients receive an electronic payout link, which enables them to claim their payment via a completely secure online account. They can then generally choose from a range of convenient payout options.
Advantages to mass payouts for businesses
There are many advantages to businesses in incorporating a mass payout solution:
- Reduced time and effort — Sending payments to multiple recipients simultaneously saves a great deal of time and effort for the business. A reputable provider such as Runa makes it easy to automate payouts at scale.
- Accurate payments — With a reliable mass payout platform at the helm, payouts are guaranteed to arrive to their intended recipients quickly and securely. Furthermore, all payments can be easily tracked through the platform.
- Easy international disbursements — Mass payout platforms can help your business unlock new markets, and expand the scope of your customers and vendors thanks to the ability to send payments to various countries, and within various currencies.
- Reduced costs — With mass payouts, businesses save on the fees normally associated with manual processes, such as paying overseas recipients. These fees may be related to wire transfers, FX, and the volume of required paperwork.
- Higher level of choice — By shifting the payment model from sender focused to receiver focused, mass payouts allow recipients a higher level of control and choice over the payment process. With mass payouts, recipients can choose how to redeem their payments.
What is an API?
There’s no doubt that APIs have changed the way in which we view and interact with modern digital technology — today, APIs are all around us. So, what exactly is an API? An API is a set of programming code that allows the transmission of data between multiple software products. Put simply, it enables two applications to communicate for the purpose of extracting and sharing data both within and across organizations, to improve business processes.
While a user interface connects a computer to its user, an application programming interface (API) connects software products, or computers, to each other. Modern APIs effectively create a connected experience for the user at hand by working as an interface to deliver data between systems, facilitating interaction between data, applications, and devices.
Thanks to these modern APIs, businesses can easily make channels to sell their wares and services online. They provide a common way for consumers and users to access data in order to carry out regular, daily activities such as shopping online and accessing mobile applications.
API integrations, the connections between multiple applications via their APIs, enable those systems to seamlessly transfer data between them. As well as saving hours of manual input and labor, API integrations help businesses keep data in sync, which in turn enhances both productivity and revenue for the business.
What is a mass payout API?
Payment APIs, such as Runa’s innovative API, allow businesses to include mass payout functionality within their own software, in order to process payouts to large numbers of recipients — using multiple payment methods and currencies — within minutes.
With a single mass payout API integration, your business effectively gains access to a wide range of flexible payout options, along with the ability to reach recipients in multiple countries worldwide. Integrating your existing product with the payment API should be an uncomplicated process, involving setting up an account with the API provider, generating an API key, and saving a card to use for payment.
Once integration and setup is complete, you can link your payees, fund your account, and begin making your first order.
What to look for in a mass payout API
When looking for a mass payout API solution for your business, there are certain things that you should take into consideration. Ensure that the API provider you choose has the ability to imbed payouts into your existing systems, and provides the following important features:
- International reach — With international reach, your business can reach new audiences, as well as keep your existing audiences happy. Therefore, it’s a good idea to check that the API provider has the ability to facilitate easy cross-border payments, in a variety of currencies.
- Fee-free — One of the benefits of incorporating a mass payment solution is the cost savings. With this in mind, ensure you look for a provider with no set-up costs, and who allows you to pay only for what you use.
- High level security — One of the main concerns for many businesses needing a mass payout solution is security. The mass payout API you choose should come with bank-level security, as well as regulatory compliance and fraud protection features.
- Forex functionality — When sending payouts to international recipients, it’s vital that you have the ability to fund your account in one currency, and disburse in another. Ideally, the funds should automatically convert to the currencies specified by your users.
- Multiple payout options — The API you choose should offer a range of convenient digital payout options including prepaid cards, shares, cryptocurrencies, and more, providing direct, seamless connectivity to each option.
- High level of choice — There’s no doubt that now, more than ever, recipients appreciate being given choice when it comes to payouts. Ensure that your API provider lets your payees select from a range of payout options via a single payout link.
- Reporting functionality — Lastly, it’s imperative that your chosen API comes equipped with real-time reporting, so you can optimize your programs as and when needed.
Integrating the API into existing business systems
Of course, a chief concern for organizations wishing to utilize a mass payout API solution for their business is how easy — or difficult — the integration process will be. The good news is that with a reputable provider such as Runa, integrating the API into your existing systems is a straightforward process.
After creating your Runa account and taking the time to review our quick start videos, you can begin the process of integration. Note that the process should be carried out by a web developer, who will have access to our developer-friendly API documentation and guides in order to generate an API key and complete the process.
Although the timeframe for completion can vary depending on the scale of the program being implemented and the specific requirements of your business, you can generally expect the entire implementation process to take 1—2 weeks, from start to finish.
A variety of mass payout options
As we’ve discussed, mass payout providers generally offer a range of payout options, allowing businesses to instantly send digital value to customers across the world. Here’s a snapshot of some common and popular payout options:
- Gift Cards — Digital gift cards remain a popular choice for businesses wanting a convenient option for rewarding and incentivizing their employees and customers.
With Runa’s gift card API, distributing digital gift cards from a range of international merchants, at scale, is made easy. With a payout link that allows recipients to choose where they wish to redeem their gift, digital gift cards provide a simple way to turn payouts into a no-risk revenue stream for small and large businesses alike.
- Prepaid Cards — Prepaid cards, such as Visa prepaid cards, provide a simple and highly flexible payout option for businesses wishing to instantly pay or reward their people. As with digital gift cards, prepaid cards are able to be sent to multiple recipients across the globe instantaneously, and are highly secure, with no bank account requirements. Visa prepaid cards can be spent like cash, and have the convenient option of being loaded in one currency, and disbursed in another.
- Subscriptions — As a gift that keeps on giving, recurring subscriptions are a great way for businesses to keep their brand top of mind with their customers. Whether used as an innovative marketing incentive, as part of a corporate gifting or customer loyalty program, or as an effective reward and recognition tool, subscriptions for gifts, publications, hobbies, education and more offer recipients a world of choice, and is therefore another highly popular and effective global payout option.
- Cryptocurrencies — Another highly convenient payout option, cryptocurrency payouts allow businesses to not only differentiate their platform from that of their competitors, but to pay out faster than fiat funds. With Runa, businesses have the ability to fund their platform in fiat, while sending payments in crypto, all without writing a line of code, or having to hold, manage or handle cryptocurrencies of any kind. For businesses wishing to increase their reach and participate in new economies, cryptocurrency payout solutions simply can’t be overlooked.
- Shares — For payouts with superb growth potential, it is hard to go past fractional shares from a range of leading global companies. Shares offer recipients a greater level of flexibility and control over their funds, and have a long-lasting impact, helping to keep your business top-of-mind amongst your audience. With a leading platform such as Runa, sending shares to people across the world is made easy, and can be done without the need for complex infrastructure.
- Donations — Donations are a popular choice of payout for businesses wanting to offer a gift that feels good, and is more meaningful than money. With donation payouts, recipients can send an automatic donation to a charity of their choice with ease. Mass payout APIs help to automate donations, streamlining the process and removing common donation blockers. By providing direct connections to international charities, users can donate in any currency or country, donating all or part of a payout balance to their preferred charity.
Using mass payout APIs to reach new audiences and increase revenue
Along with being a highly convenient and cost-effective way to manage outgoing payments to the people that matter most to your business, implementing a mass payout API solution can help your business reach new audiences, and generate more revenue.
Whether you need an impactful, modern solution for paying contractors, bonuses, royalties, or even international recipients, a mass payout API can help drive your business to exciting new heights.
Get started with Runa today
At Runa, our leading digital value infrastructure provides you with all the tools you need to build an all-in-one mass payout solution for your business. Thanks to our innovative global platform, your business can gain access to over 1,300 payout types, available in 18 currencies, with 30 countries to send to, and over 190 countries to fund from.
Runa customers enjoy a simple, one-off integration process, an industry-leading range of reward and payout options, and a 99% payout redemption rate. What’s more, there is no fee for joining — you pay only for what you use. We’ve done the heavy lifting, so you can start reaping the rewards for your business sooner.
Are you ready to join the world’s leading payout network? Request a demo or talk to one of our friendly experts today!