In an increasingly interconnected and online world, more and more businesses are turning to modern mass payout solutions to handle their payout, reward, and incentive experiences. With the help of API technology, it’s now easier than ever to send instant payouts to large numbers of recipients worldwide.
Let’s take a look at current trends in global mass payout platforms, and provide some tips on how to choose the right mass payout provider for your business needs. But first, let’s start with the basics.
What are mass payouts?
Mass payouts refer to the process of sending payments to multiple recipients online at the same time, regardless of their location, currency, or payout method. Mass payouts are used by businesses for a variety of reasons, including contractor payments, royalties, accounts payable, bonus payments, and more. They can be processed as either one-time or recurring payments.
For businesses with a large global recipient base, a mass payout solution is both highly convenient and cost-effective. Thanks to the advent of modern mass payout platforms along with powerful APIs, businesses no longer face the laborious task of manually entering individual recipient payment details into a system when processing payouts — the entire process is handled by the platform.
A global mass payout solution allows recipients to receive their funds both quickly and securely — rather than waiting days or weeks to receive a check, they receive a convenient digital payout link through which they are able to access their payout via a secure online account.
How do businesses benefit from mass payouts?
The benefits to businesses incorporating a mass payout solution are many:
- Reduced workload — No doubt, the ability to send payouts to large numbers of recipients simultaneously, within minutes, greatly reduces the workload of the business at hand. A leading mass payout company such as Runa makes automating and scaling payouts easy.
- Cost-saving — With a mass payout solution, businesses are not subject to the fees and costs generally associated with manual payout processes, especially those that go hand in hand with international payments such as FX and wire transfers.
- Simplified international disbursements — With the ability to send payouts to multiple countries, and within multiple currencies, unlocking new markets on a global scale has never been easier.
- Fast, accurate payouts — Thanks to innovative mass payout platforms such as Runa, payouts are sent both quickly and securely to their intended recipients, no matter their physical location. For added peace of mind, all payouts can effortlessly be tracked through the platform.
- Unparalleled recipient choice — An innovative mass payout solution such as Runa gives recipients the power of choice over their payouts — they simply choose how to redeem their balance via a convenient payout link. This, in turn, can result in high levels of satisfaction and brand recognition for your business.
How does a mass payout platform work?
Mass payout platforms utilize modern API technology to distribute bulk global payouts at scale. By incorporating a mass payout solution into existing business processes, businesses effectively eliminate the need for manual and complicated payment processes. Put simply, by creating multiple payouts within a single action, mass payout platforms help businesses streamline operations like never before.
As increasing numbers of businesses go digital and utilize personnel from all over the globe, the need for fast, accurate, and efficient payouts is more pronounced than ever. Let’s take a look now at how APIs are changing the way mass payouts are handled globally.
The magic of modern APIs
APIs (Application programming interfaces) are essential tools for modern businesses across all industry types. They have altered the way we see and use modern digital technology — most of us take advantage of API technology on a daily basis, likely without even realizing it. Every time we access a mobile app, or shop online, we are able to do so thanks to API technology.
So, what is an API, and how does it work? APIs are mechanisms that allow two different software programs to communicate, to enable the capabilities of one program to be used by the other. In this way, data can be shared across businesses to improve business processes.
Modern APIs work to create a connected user experience by effectively delivering data between systems, enabling seamless interaction across data, devices, and applications. Thanks to this technology, businesses are able to create channels to distribute their goods and services online.
How APIs are revolutionizing mass payouts?
So, what role do APIs play when it comes to mass payout solutions? It’s simple. Payment APIs, such as Runa’s API, are used by businesses to hook into mass payout platforms from their existing software platforms and systems in order to process bulk payouts at scale.
With a single API integration, your business gains immediate access to an extensive range of mass payout options, designed to reach multiple recipients, in multiple countries, instantaneously. Integrating the payment API with your existing software is usually a straightforward process involving creating an account with a mass payout company, creating an API key, and setting up a payment method.
From there, it’s a simple matter of linking your payees, funding your account, and making your first order.
What are popular mass payout options?
Let’s take a look now at some of the popular payout options available through reputable mass payout platforms such as Runa:
- Gift cards — Digital gift cards are a highly popular choice of reward and incentive for business employees and customers around the globe. With Runa, your business can gain access to a leading catalog of gift cards from over 1300 popular retailers worldwide. A smart and simple way to transform payouts into a no-fuss, risk-free revenue stream.
- Prepaid cards — Businesses looking for a highly convenient and flexible payout option simply can’t go past Visa prepaid cards. Similar to digital gift cards, prepaid cards can be sent to multiple payees around the globe instantly. Further, they are highly secure, are available in a range of currencies, can be redeemed like cash, and come with no bank account requirements.
- Shares — Another popular payout option, fractional shares offer recipients a high level of control and flexibility over their payments and come with outstanding potential for growth. Thanks to the long-lasting impact they create, shares can also help to keep your company top-of-mind among your recipients. With Runa, sending shares from some of the world’s leading companies is made easy.
- Cryptocurrencies — Businesses wishing to stay relevant, increase their reach and differentiate themselves from their competitors, simply can’t afford to overlook cryptocurrencies as a payout option. Cryptocurrencies pay out faster than fiat funds, and with Runa, you have the convenient option of funding your platform in fiat, and paying out in crypto. What’s more, all of this can be done without a single line of code, or the need to handle, manage, or hold crypto of any kind.
- Donations — Donations are the perfect payout option for businesses wishing to provide a gift that is more meaningful than money. With Runa, you’re provided with direct connections to a range of international charities and common donation blockers are removed. Your recipient simply donates all or some of their payout balance to their charity of choice.
- Subscriptions — For the gift that keeps giving, you simply can’t go past a recurring subscription as a payout option. When used as a marketing incentive, or as part of a recognition or rewards program, subscriptions for gifts, hobbies, publications, and more are the ideal way to keep your brand at the forefront of your customers’ minds.
What to look for in a mass payout platform
When investing in a mass payout solution, you naturally want to ensure that you invest in a solution that will work seamlessly for your business. Here are some important features to look for in a mass payout platform:
- Global reach — One of the chief benefits of a mass payout solution is the ability to make international payments with ease. Therefore, it’s important to ensure that the platform you choose is able to facilitate payouts to a variety of countries, in a range of currencies and languages.
- Highly secure — At a minimum, the mass payout platform you’re considering should come with bank-level security, high-level fraud protection, and the necessary regulatory compliance frameworks. Anything less than this is simply too risky.
- Fee-free solution — A good mass payout solution will allow you to pay only for what you use, with no usage or set-up fees. This is the best way to achieve cost savings, particularly when sending international payouts.
- Preferred payouts — A good mass payout platform will allow your recipient to choose their preferred payout method, via a single digital payout link. Check that the platform you’re considering offers a variety of payout options such as gift and prepaid cards, cryptocurrencies, shares, and more.
- Forex capability — For payouts to international recipients, the ability to fund your payout account in one currency, while disbursing in another, is vital. Ensure that your platform is set up for foreign exchange and that payouts are automatically converted into the currency specified by your recipients.
- Reporting — A mass payout platform that comes equipped with high-level reporting functionality will help you optimize programs, and get the most out of your solution. Check that your platform enables easily accessible, real-time, data-rich reporting.
How easy are mass payout platform integrations?
The good news is that with a leading mass payout platform such as Runa, integrating the payment API into your existing programs is a relatively uncomplicated process, best performed by an experienced web developer. For convenience, we provide easy access to a range of guides and documentation to assist with the process. To start the process, you simply need to create an account and review our quick-start videos.
Note that the timeline for completion will depend largely on the requirements of your business, and the scale of the mass payout program being implemented. However, in most cases, the whole integration and implementation take 1—2 weeks to complete, after which time you’ll be well on your way to distributing payouts to the people that matter most to your business — wherever they’re situated on the globe.
What are the fees for mass payouts?
One of the many benefits of incorporating a mass payout solution with a mass payout company such as Runa is the easiest access to fast, flexible, and fee-free payouts. With Runa, there are no set-up costs, and you pay only for what you use. With both our core and customized packages, your business enjoys unlimited use of the platform, with absolutely no set-up or usage fees.
A mass payout solution can be particularly beneficial for businesses needing to make payments to international recipients, as there are no wire transfers or FX fees payable.
Choosing the right mass payout platform for your business
It’s important to note that not all mass payout companies are built the same! When looking at providers, it’s important to ensure that the one you’re considering offers unparalleled access to a range of unique payout options that your recipients will love.
They should provide the ability to embed payouts into your existing software, along with the infrastructure to distribute payouts across the globe in a matter of seconds. There’s no doubt that with the right mass payouts partner by your side, you can truly start focussing your time on what you do best — increasing revenue and driving your business forward.
Get started with Runa today
At Runa, we’re the world’s leading payout network. With our innovative mass payout platform, your business gains all the tools it needs to build embedded mass payout experiences that will not only help drive your business forward, but that fit seamlessly with your existing systems.
With Runa, you gain access to over 1,300 leading global brands and payout types in 18+ currencies and 30+ countries. Our customers enjoy a simple integration process, a whopping 99% payout redemption rate, and no joining fees. With us as your provider, you simply pay for what you use.
Keen to learn more about how Runa can help you provide fast, flexible payouts to your people? Request a demo or simply get in touch with our team today!