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Every time you pay a customer, it's an opportunity to keep them loyal. Whether itâs customers requesting refunds, users withdrawing their winnings or sellers accessing their earnings â payouts should be instant and easy.
But traditional payouts are slow to settle, compliance is over-complicated and the experience is fragmented.
But we live in a world where people demand instant, you have to get payouts right. Thatâs why weâve created this five-part video series: Payouts 101. Understand how payouts work, the problems of existing payout processes, what customers expect from their payouts experience and how your brand can start optimising your own payouts process.
A payout is when funds are transferred from a merchant's account to a recipient's account. You may also recognise them as withdrawals.
Examples of payouts include:
a customer withdrawing their funds from a budgeting app
an iGaming player taking out their winnings
a marketplace paying out earnings to a seller.
When these transactions happen quickly and seamlessly, everyone wins. But when customers have to wait days to receive their money, they understandably get frustrated.
What will you find in Payouts 101?
Episode 1: The payouts problem
If you want to build payouts into your brandâs existing payment journey, you can typically choose from card payments and manual bank transfers. These options are slow (taking up to five days to settle) and bank transfers are prone to error. Even âfasterâ alternatives, like Visa Direct can still take up to six hours.
Episode 1 of Payouts 101 explores existing payout options in more detail, as well as the problems these options cause your business and your customers.
Watch episode 1:
Episode 2: The payouts landscape
Understand exactly which industries and use cases would benefit from instant, automated payouts.
For example, in iGaming, payouts are a key feature that enable players to withdraw their winnings. In the wealthtech space, there are investment, budgeting and savings apps where customers donât want to wait days to access their funds. Proptech firms payout rent to property owners. Even in the gig economy, payouts are key to keeping vendors and freelancers happy.
Watch episode 2:
Episode 3: Do consumers really care about payouts?
Slow payouts are annoying, but will they actually affect customer behaviour? The short answer is yes. Customers want speed. They donât want to wait days to receive their earnings or their winnings. 8 in 10 igaming players think fast payouts are important, as do two-thirds of online investors.
A poor payouts process puts hard-earned customer loyalty at risk.
Episode 4: What does a good payouts experience look like?
Customers want faster, smarter payouts and traditional payouts canât meet those needs. So what does a good payouts experience look like? And how can you start making that a reality? Episode 4 explores instant payouts done right will be easy to integrate, boost customer retention and save your business time and money.
Episode 5: Bringing instant, automated payouts to your business
Bringing Payouts 101 to a close, we explore how TrueLayer Payouts work and how you can integrate them into your existing payments experience. Weâll look at the features of TrueLayer Payouts and what they look like for your business and your customerâs payment journey.
Ready to talk more about instant payouts?
Book a free payouts consultation with one of our payment experts. Learn how TrueLayerâs Payout solution could build customer loyalty and reduce costs for your business.
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