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The Green Sheet Online Edition

December 28, 2020 • Issue 20:12:02

New Products

End-to-end AP disbursements within single platform

Product: Instant Payouts
Company: Payouts Networks Inc.

Payouts Network Inc., a next-generation payments provider, enhanced Instant Payouts, an end-to-end platform designed to expedite employee, consumer and business-to-business payments directly to bank and credit accounts. By combining real-time payments origination, approval and issuance capabilities within a single service platform, the solution can reduce transactional costs and mitigate fraud while adding flexibility, speed, security and control to payouts, according to company representatives.

"Payouts Network helps all sizes and types of businesses streamline their payment processes," said Keith Smith, founder and CEO of Payouts Network. "Whether you are paying employees on a regular basis or sending a one-time disbursement, the end-to-end platform can help you deliver faster payments with lower implementation costs." Smith noted that numerous organizations use legacy payout methods such as ACH, wire transfers and gift cards. These traditional payment methods are slower and more error prone than modern tech-driven payment methods, he said. Partnering with Payouts Network enables companies to leverage Visa, Mastercard and American Express credit and debit card rails to facilitate faster payments within a single next-generation platform, he added.

Brandable, customizable platform

"Why invest years and billions of dollars to build a payouts network, when you can leverage our infrastructure and serverless platform?" Smith said. "At Payouts Network, we don't have to deal with legacy processes; companies can save time and money instantly by accessing our platform."

Instant Payouts offers value-added resellers (VARs) a simple, efficient and secure method for AP disbursement, Smith noted. He suggested that the solution would benefit VARs and established businesses that use legacy payment methods such as checks, gift cards and prepaid cards. In addition to accelerating payouts, user benefits include bank-grade security, real-time tracking and brand recognition with white label services, he said, adding that businesses can be up and running in a week, as opposed to spending a year or 18 months building their own in-house payouts network.

Smith remarked that Payouts Network's primary differentiators are its robust rules engine and an end-to-end platform that combines originator interface and recipient interfaces. These factors are critical in emergency situations that require same-day funding, he added. He also acknowledged the importance of complying with GDPR and KYC requirements while constantly navigating Visa, Mastercard and American Express card brand rules and regulations.

Secure, real-time payouts

Smith believes Instant Payouts makes originating, reviewing and approving payouts simple and cost-effective. The solution's console is ready to use out of the box and includes customizable role-based access and disbursement controls; participating merchants can use it to get employees, customers and vendors paid quickly and accurately without needing an intermediary account or mobile app; and recipients can simply enter their card number to instantly claim their funds, he pointed out.

Payouts Network is continuously upgraded in response to PCI DSS guidelines, Smith noted, and has a PCI-compliant network and bank-grade security that employs secure card tokenization and vault storage. All Instant Payouts deliver instant funding and verify identity to ensure that only intended recipients can receive the funds, which Smith said include real-time tracking, reporting, auditing and issuance limits and workflow approvals mitigate issuance fraud.

Smith proposed that business owners can use Instant Payouts for myriad applications and deployments. He cited a range of use cases, including restaurant tip payouts, insurance claims, hourly and 1099 worker compensation, per diem payouts, customer service payouts, rebates, government payouts, security deposit returns, merchant cash advance, employee rewards and reimbursements, consumer lending and more.

"Whether you are issuing one payout per month, one payout per week or one payout per day, you need the velocity to reduce risk of fraud or potential for someone to game the system," Smith said. end of article

Website: www.payoutsnetwork.com Contact: info@payoutnetworks.com

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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