Have you ever thought about instant settlement and instant payouts where there is no need to wait for settlement on banking hours? Those are just curious times where you have to wait for an amount to settle in your account. So let’s take a look back where some of the businesses still follow the old fashioned way of doing payouts by giving cheque payments or some give cash in hand.
Managing such payouts could be too risky as it’s a payment related work. Common risks are human errors while putting an amount on cheque and there could also be a chance where a cheque might get lost. Businesses who are still processing payouts via cash payment is another tedious process to manage the payouts as it becomes a lengthy process for calculations.
According to ET Government, Digital payments in India are rising where Delhi and Gurgaon top to make maximum use of digital payments.
Some of the problems and limitations which occur while doing old traditional methods are as follows.
- For making any payment you have to go to the bank and deposit the money.
- Not having instant Payouts / Settlement.
- Cheque payments can be risky.
- Human errors while making any payouts.
- T+1, T+2 days for settlements.
- Not having Transparency and accuracy.
- Maintaining each payment record on paper can be risky.
- Reconciliation not in place.
- Payouts can be done only in banking hours.
Ability to tackle all the problems and limitations stated above, Easebuzz came up with a product named WIRE which covers all the problems. Wire is an enhanced platform where any business can send payments to their customers via IMPS, UPI, NEFT, RTGS. Wire also helps to do bulk transactions so that you don’t have to do one transaction each at the same time.
Wire lets you manage your payouts on a daily basis and keeps a track of every transaction on the dashboard. So for making any payout, you require an account to process the payout further thus Wire provides you a virtual account where it works like a virtual wallet where you can add funds to the wallet and process the transaction further.
So do you want to know how to process a payout using Wire?
Nowadays each and every tech is providing analysis to get an idea that helps in decision making. Wire also provides you detailed information on each transaction which is success or failure. You can keep track of each transaction so that there is no such curiosity for managing transactions.
Wire provides features like
Know how Wire is going to solve the problem and limitations
- No more waiting on banking hours to the payment so you can process all transactions at any time.
- No need to create contact and make transactions one at a time as you can bulk upload the contacts and bulk transfer the amount to your customers on the go.
- No more waiting for t+1, t+2 days for settlement of transactions.
- Each and every transaction is having two-factor authentication security when you transfer any amount.
- Fewer chances of human error.
- Most importantly RECONCILIATION is in place.
- Smart dashboard analytics will help you in decision making.
WIRE is built for Businesses like
- E-commerce: Those who are into E-commerce business they need to manage the payouts of vendors in a timely manner. Implementing Wire as their payouts system.
- Online Gaming: Wire can manage the payouts of cashback and rewards earned by customers while gaming online.
- Employee Salary: Salaries are the most important payouts to manage in any organization, Wire can instantly transfer the salaries of all employees on the go.
- Financial Services: You know many people need loans for several purposes like buying a home, car, or education loan. Wire can be helpful to disburse loans instantly for financial services who provide loans.
So now you know Wire can solve all the problems with the payouts because maintaining accuracy and efficiency is as important while doing payouts. Implementing wire for your payouts maintain accuracy, efficiency, and timeliness. So what are you waiting for? Disburse your payments instantly with WIRE.
