Track & manage all your business transactions with Open’s easy-to-implement payout features.
Make payments to vendors or facilitate instant refunds to customers
Use powerful APIs to disburse loans within seconds and reduce reconciliation efforts
Direct all payouts like rentals, vendor payments, employee salaries and more
Just share your contact information & business details
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Access higher credit limit, track and manage all business spends in ONE place
Payouts are a series of disbursements a business makes to various parties (customers, employees, suppliers, and utility service providers).
Regardless of their size, most companies make payouts to the stakeholders in cash or use IMPS, RTGS, NEFT, and cheques as a payment mode.
With Open Payouts, you can make bulk payouts with a simple excel sheet upload. You can also track and match payments in real-time with
integrated auto-reconciliation, thus reducing additional accounting efforts.
A Payout API or Money transfer API, sometimes also called Bank Transfer API, is a code block that can interact with your current account
and Open Payout system. The payout APIs help businesses accept bulk lists and automatically make bulk payments to beneficiaries. A bulk list
is a catalogue of stakeholders such as customers, employees, suppliers, and utility service providers. The Payout API automates the payment process,
giving businesses freedom from the repetitive and arduous task of adding beneficiary lists and making bulk payments.
A bulk payout is a series of payments a business creates from a list (beneficiaries or stakeholders) to send money from a single current account.
In the account statement, it will show as one debit on your bank statement. The bulk list is a catalogue of your employees, customers, suppliers,
and utility service providers.
Businesses employing payout API for making bulk payments can make all their payouts easily with a single click. It saves the hassle of uploading
long lists of payees or beneficiaries every time.
A payout solution can do magic for businesses. A business can:
1. Instantly make payouts for single or bulk payments
2. Quickly add beneficiaries and make bulk payouts right away with a payout solution that leverages Payout APIs.
3. Unlike traditional banks, there is no cooling period after adding beneficiaries.
4. Easily add beneficiaries using a phone number or email for vendor payouts
5. Make direct payments from the linked current account.
6. Track and auto-reconcile payments
Here is how some businesses use a payout solution:
• E-commerce businesses make payments to vendors or facilitate instant refunds to customers with a payout solution in place.
• Financial Services Providers can leverage powerful APIs for instant loan disbursal and reduce reconciliation efforts with auto-reconciliation
integrated into the payout solution.
