Introducing Payouts: send refunds and settle payments in seconds
We built Payouts to take the pain out of paying people at scale.
Here’s what that could do for your business:
- Boost customer loyalty by initiating payouts that settle the very next second, 24/7. That’s far faster than the five days cards or Bacs can take.
- Eliminate the cost of lost or failed payouts by using bank-verified account information to automate payment setup.
- Ditch manual tracking processes by initiating payouts via a single API, removing errors from the whole equation.
- Streamline due diligence and instantly confirm account ownership by verifying that a user’s name matches with what’s on file at their bank.
The payouts problem1. Traditional methods take agesIn this day and age, no one wants to wait to get their money. People expect prompt payments that settle in seconds. The five days it can take for card and Bacs payments to appear pains customers and doesn't exactly build customer loyalty.
2 in 3 shoppers consider time taken to receive a refund an important factor to shop with a merchant again
2. For businesses, the whole thing is costly and extra effortPaying out to customers means managing multiple reports, scrolling through endless rows of data, and manually tracking each payment. And that leads to a whole heap of operational inefficiencies, input errors and complaints from customers whose payouts were never issued — or worse, lost.Simply: current payout processes are extra slow, extra effort and prone to errors. And that kills customer loyalty.
2 hours of labour goes into one return – this typically costs £30.00 (2h x £15)
So, we’ve built a solution: automated instant payoutsPayouts combines open banking account verification with the fastest payment rails available. The process is simple:
- The user requests to withdraw funds or to receive a refund
- The user gives us consent to access their banking data
- The user is directed to their banking app where they confirm they own the account using their fingerprint, FaceID or login details
- We compare the user’s name in your system to their name on file at the bank, and immediately verify whether it matches
- With the user’s details verified, a payout can then be initiated
1/3 investors would consider depositing more money if they could withdraw instantly.
Is it for my business?Payouts serves any business that wants a scalable, automated payouts process that will improve customer experience. In particular it’s been designed with ecommerce, wealthtech and trading, marketplaces, and iGaming in mind. The most common use cases include:Real-time withdrawalsIncrease retention and encourage service-switching by granting instant access to funds, without having to go through lengthy verification processes.Instant refundsKeep customers coming back by automating instant refunds and giving them what they want: their money back in seconds.
Platform and marketplace payoutsConfirm bank account ownership and give sellers and freelancers immediate access to their earnings.