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Scalable Payout Systems for Large and Small Businesses

Scalable Payout Systems for Large and Small Businesses

Today, more than ever, businesses are looking for payout solutions that tick all the boxes — As well as being easy to implement, integrate and use with existing systems, it needs to effortlessly fit in with the changing needs of the business. Put simply, the solution needs to be scalable.

Here, we take a look at scalable payout systems for large and small businesses, the advantages of choosing a scalable system, and the best solution for modern businesses of all sizes. But first start, let’s start at the top.

What is a scalable payout system?

Modern payout systems allow businesses to pay suppliers, service providers, customers, and other recipients in their local currency, from virtually anywhere in the world. Many businesses favor a mass payout solution due to their ability to pay multiple payees online simultaneously, both quickly and efficiently. 

Depending on the nature of the payment, payouts can be set up as either one-time or recurring payments. Recipients generally favor online payout solutions to other, more dated, payment types as these solutions enable them to receive their payments faster, and in a more secure fashion. The payee is simply sent an electronic payout link, from which they can claim their payment, as well as choose their preferred payout option.

Scalability refers to the ability of a system to either increase or decrease in performance and cost to meet changes in processing demands — this includes how well the system performs with increasing numbers of users and transactions. Businesses that are growing at a rapid pace — or even those that have plans to grow in the future — should pay special consideration to scalability when evaluating payout systems.

Advantages of choosing a scalable payout system

As we’ve discussed, scalable payout systems are a favored solution for businesses needing to pay multiple recipients simultaneously in a fast, efficient and cost-effective manner. High-level scalability is key to ensure that the system can manage increasing volumes of payouts as the business, and its customer base, grows.

Here are some of the advantages of choosing a scalable payout system:

  • High-level of accuracy — Reliable payout systems, such as Runa’s embedded payout solution, ensure that your recipients receive their intended payments in a timely and secure manner. What’s more, all payments are easily trackable.
  • Greatly reduced workload — With a scalable payout system, automating payouts at scale is made simple. It goes without saying that distributing payments to multiple recipients at the same time will go a long way to reducing inefficient workloads.
  • Cost saving — With an embedded payout solution such as Runa’s, your business can enjoy fee-free global payouts at scale. No more foreign transaction or wire transfer fees, and no hidden surprises. You pay only for what you use.
  • Increased choice for recipients — Reputable, global payout systems such as Runa allow recipients to choose how they redeem their payouts, via a digital payment link. You’ll love the convenience, and your recipients will love the increased level of choice and control over their payouts.
  • Effortless international payouts — A global, scalable payout system such as Runa can help you unlock new international markets, and increase your customer and supplier scope. This is all thanks to the ability to send mass payouts to multiple countries, and within multiple currencies.

Scalable payouts made easy with APIs

There can be no doubt that without the right payout system in place, it can be difficult for businesses to scale. With manual and laborious payout processes, the risk of error and lost revenue ultimately grows with the business. 

So, what is the best solution for a business wishing to scale? The answer of course lies in the technology — or more specifically, the API. APIs (application programming interfaces) enable the transmission of data and communication between multiple software products, for the purpose of improving business processes.

Payment APIs allow businesses to incorporate payout functionality into their existing software, to enable them to process payments to multiple payees — via a range of payment methods and currencies — both quickly and efficiently.

With a single API integration, your business can begin processing mass payouts immediately, and scale effortlessly without any concern of outgrowing the solution once your current payout volume increases. 

How to choose the ideal scalable payout solution

When choosing a scalable payout solution for your business, there are a number of important factors you need to consider. Ensure that the system you’re considering offers the following important features: 

  • Value for your investment — A good solution will come with no set-up costs, fee-free international payments, and a pricing model that allows you to pay only for the payouts you send, thereby enabling you to scale your program with ease.
  • Leading security — When it comes to security, there’s no need to leave anything to chance. Your solution should come equipped with bank-level security features, along with fraud protection and regulatory compliance.
  • Various payout options — These days, more than ever, recipients appreciate being given choice over their payouts. A good payout solution will allow your payees to to choose from a variety of payout options, from the convenience of a single digital payout link.
  • Global reach — The ability to facilitate cross-border payments in a range of currencies is imperative for reaching new audiences, and maintaining connections with your existing base. With Runa, you have access to over 30 countries, 18 currencies and 16 languages.
  • Foreign exchange capability — Check that the solution allows you to fund and disburse in different currencies. It should also have the ability to automatically convert to the user's chosen currency. These features are vital for processing hassle-free payments to international payees.
  • Tracking and reporting — As well as the ability to track payouts, you should have access to data-rich, real-time reporting to enable you to optimize your programs to fit in with evolving business needs.

How easy is it to integrate a new payout system?

With the right payout solution such as Runa, integrating your existing product with the new system should be a straightforward process. After setting up an account with the provider, you can generally start the process of integration — this is best carried out by a web developer or similar resource.

At Runa, we provide easy access to our developer-friendly API documentation to ensure a hassle-free integration process, which should take 1—2 weeks in total, though this is dependent on your specific business requirements, and the scale of the payout program being implemented.

Once setup and integration is complete, you can set about funding your account, linking your payees, and initiating your first order. To keep things simple, and give you time to get used to your new system, we recommend starting with a simple order before progressing to larger orders.

What is the best solution for small business?

The good news is that a global, scalable payout solution such as Runa is ideal for both small and large businesses. Small businesses — or those that are just starting out and yet to expand — can benefit greatly from integrating with a third party payout system. Why? The answer is simple.

Most small or new businesses simply don’t have the funds or resources to maintain an in-house payment solution. By integrating with a reputable provider such as Runa, they enjoy the benefits that go hand-in-hand with a global mass payout solution, without the pressure and cost of maintaining in-house software.

An innovative payment API such as Runa’s is designed to seamlessly integrate with existing business systems, regardless of the size or scope of the systems at hand. It therefore essentially grows alongside the business, providing a future-proof and cost-effective solution for the business as it continues to scale.

No matter the size of the organization, a leading digital value solution such as Runa’s transforms previously time and cost intensive payout processes into a fast, affordable and effortless experience that is bound to be appreciated by businesses and recipients alike.

Offering a range of popular payout options

As we’ve discussed, recipients nowadays appreciate choice when it comes to payouts. A good scalable payout solution will offer a range of digital payout options, allowing the payee to simply choose their preferred option. Popular payout options include:

  • Prepaid Cards — A highly flexible payout option, prepaid cards are a popular choice of payout for recipients worldwide. Prepaid cards, including the highly popular Visa prepaid card, are highly secure, need no bank account to redeem, and can be sent to multiple payees around the globe simultaneously. An ideal solution for businesses wanting a quick, easy and highly favored mass payout option.
  • Gift Cards — Another highly popular payout option, digital gift cards are also able to be sent instantly to multiple recipients worldwide. With Runa’s API, issuing gift cards from a range of leading international merchants is made easy, and an ideal way to turn payouts into an instant, no-risk revenue stream for businesses of all sizes.
  • Shares — Offering fractional shares from a selection of leading worldwide companies will have a long-lasting impact on your recipients, and go a long way towards keeping your business consistently top-of-mind among those that matter most to your business. Along with outstanding growth potential, shares offer your payees a high level of control and flexibility over their payouts.
  • Cryptocurrencies — Cryptocurrency payouts are a great option for businesses looking to differentiate from their competitors, and have the added bonus of paying out faster than traditional fiat. With Runa, businesses have the convenient option of funding in fiat and paying in crypto without the need to hold or manage crypto of any kind, or write complicated code.
  • Donations The ultimate feel-good payout, donations are ideal for businesses wanting to offer something more meaningful than money. With Runa’s API, businesses are provided direct connections to a range of global charities, with common donation blockers removed. Recipients are given the ability to send all or a portion of their payout balance to their preferred charity, in any currency, with ease.
  • Subscriptions — Recurring subscriptions are an ideal option for businesses wanting to stay at the forefront of their audience’s mind, as they are essentially a gift that keeps on giving. Whether used as part of a customer loyalty or corporate gifting program, or simply as an innovative marketing incentive, subscriptions provide your payees with a world of choice, and are therefore a highly popular payout option among recipients worldwide.

How do you set up the payment system?

When you engage the services of a reputable digital infrastructure partner such as Runa, setting up your new payment system should be a relatively fast and easy process. With the help of an experienced web developer, you can integrate the ability to hold and send digital value in your existing applications without the need, and associated cost, of building complicated in-house infrastructure.

To help you get started, we’ve provided the Runa Developer Hub, where you’ll find comprehensive documentation and guides to help you get up and running with our payment API as quickly, and easily, as possible. Integration involves setting up an API key, and saving a card to use to pay for future orders.

Once you’re set up in your new payment system, you’ll have access to a leading network of global merchant partners, allowing you to send instant payouts across the globe with minimum fuss. What’s more, you’ll have ongoing support from a dedicated Account Manager and comprehensive Knowledge Base to ensure you get the most out of the system at all times.

Scalable payouts made easy with Runa

At Runa, we make sending digital payouts at scale easy. Thanks to our world-class digital value infrastructure, you can gain access to more than 1,300 payout types in multiple currencies, and to multiple countries around the world — no matter the size of your business.

Our customers enjoy a one-off, easy integration process, a leading range of popular payout options, and an impressive 99% redemption rate. Best of all, there are no joining or other hidden fees.

Are you ready to unlock new markets with fast, flexible and fee-free payouts? Don’t wait a moment longer — request a free demo or get in touch with our friendly, professional team today!