Mass payout solutions for international payments
Mass payout service providers give businesses the ability to send money overseas or domestically to professionals, freelance workers, and small businesses, from a number of countries and in the currency they choose. Many mass payout service providers offer multiple methods for sending money and give their customers the ability to transfer money in a variety of currencies to countries across the globe.
Mass payout services are convenient, safe, and can be an affordable way for companies to manage their multiple payment needs. Companies that need to pay multiple vendors, freelance workers residing in locations across the globe, providers of services rendered, or any other type of domestic or overseas payment, will find mass payments a good option for their business. Mass payout services are particularly cost-effective for managing a large number of cross-border payments, often for small individual amounts, and often in multiple currencies. Mass payout services give companies a way to manage numerous payments to multiple locations, while helping them to organize payment streams and save money in the process.
Most mass payout service providers allow companies to send payments in their home currency. The service provider will then convert the funds and send them on to the beneficiary in their currency of choice. Service providers also offer a number of options for sending payments, including global bank transfer services such as ACH or wire transfer, or by issuing a local check. For companies that send payments above a certain amount, many service providers will waive monthly fees entirely, or charge only a minimal fee per transaction.
Benefits of Mass Payout Solutions
Customized mass payout solutions help to reduce time, effort, currency risk, and administrative costs for the company. By offering an efficient, streamlined way to make multiple, instant payments throughout the world in a variety of currencies, companies are able to free up their time and resources to focus on running their business, not sending and monitoring multiple payments. Mass payout service providers give companies a number of methods for sending payments to remote locations, giving companies options for how they want to send their payments.
Mass payout service providers offer a single, unified interface that is easy for companies to adopt and use, and provides them with a means to initiate, track, and reconcile payments across the globe, no matter the payment method or currency used.
Mass Payout Case Study
Product:Mass payout solution
Issue: Paying large numbers of contractors living outside the company’s country, often in regions with unreliable banking service, or a lack of wire transfer capabilities.
Business Goal: Find an integrated, automated global payments system that provides the ability to send its global network of contractors and freelancers payroll payments quickly, securely, and cost-effectively, via a number of payment methods.
- Am internet-based company providing a network that brings together businesses, contractors, and freelance workers in mutually beneficial work arrangements needed the ability to streamline their mass payout services to provide automated global payments to contractors and freelance workers across the globe. The company had workers living in locations spread throughout the world that either did not offer wire transfer options, or had unreliable banking services and networks, making it extremely difficult for the company to send money quickly and reliably to its workers.
- The company found a mass payout service provider that offered the ability to send payments through its prepaid cards. This service allowed the company to automate its global payments, in regions where it had not typically been able to send money, and pay its contractors and freelance workers quickly, safely, and cost-effectively. Workers now have the ability to access their payments through online purchases, in local stores, or by going to an ATM in over 200 countries and withdrawing the funds.
- Today, the company continues to use the prepaid card to pay many of its contractors. The number of contractors who use this service has increased by 150%, with total volume of usage overall increasing by 200%. Some of the greatest growth has occurred in countries such as Pakistan, the Ukraine, Colombia, and Belarus.
Mass Payout Risks and Issues
Mass payouts are generally a safe, regulated, and timely way to send global payments to contractors, freelance workers, or vendors. Because most mass payouts are cross-border, there are some foreign exchange currency risks to note, however. Most mass payout service providers will send your payment in the beneficiary’s local currency. This can help the beneficiary to save on conversion costs and avoid currency exposure, but volatility and forex market rate fluctuations could still have an effect.
Some mass payout service providers do not provide their services to specific businesses, such as online gaming companies, pharmaceutical product sellers, virtual currencies, non-profit organizations, or for forex trading. Mass payouts are also not a suitable product for remittance payments, loan repayments, or interest payments.