Does Your Small Business Need a Mass Payout API?
May 3, 2018
What’s the best day of the month? That’s easy: Payday. Except for the people who are actually sending out the payments. Because for them, it’s quite a drag.
Repeating the same process over and over again can be more than tiresome. Payday is especially hard for small business owners who have to shoulder the additional burden of sending payments to all their contractors and business partners all over the world.
As if you didn’t already have enough to do.
Besides the tediousness, manually sending payments leaves a lot of room for mistakes. By the upteenth payment, your mind is unable to focus on the details, and typos can go unnoticed.
And in the world of wire transfers, typos are lethal.
This is especially true for international wire transfers. Since your money travels out of the country, mistakes are even more costly and irreversible than with domestic payments.
If you’re already dreading the next time you have to pay your international business partners, we have good news: you don’t have to do it anymore. At least not in this time-consuming and costly way.
Thanks to the rise of financial technology (or FinTech), small businesses are now able to access many financial services that were previously unavailable to them.
Mass payouts is one of these services.
What’s a Mass Payout?
A mass payout refers to the situation when a business has to pay its partners (contractors, suppliers, etc.) on a regular basis. FinTech companies like Veem have developed a service that enables mass payments with minimal input from the initiator.
How? Through our API.
What’s an API?
Simply put, an API (application programming interface) is a software which allows two platforms to communicate with each other.
Veem’s API allows you to integrate your accounting, supply chain, marketplace, or any other business software with our payment platform. The rest is up to us.
How Do Mass Payouts Work?
All you need to do is give us the details of your payments as well as your payees. We’ll do the rest of the work.
For a mass payout, we’ll start with verifying your counterparties. We do this to make sure that your payments land in the right accounts. Then, we onboard your payees, verify the details of each payment, handle the API integration, and when all is set, execute the payment.
We onboard your payees, verify the details of each payment, handle the API integration, and when all is set, execute the payment.
As frequently as you need.
Veem offers real time tracking for all of your transactions. This means you’ll know exactly where your payment is, and when it will arrive.
Why Are Mass Payouts Good for Your Business?
Veem’s mass payout API solution saves your business both time and money. You won’t need to do global business payments manually anymore, which frees up considerable time that you can spend more meaningfully.
That alone is a great gain for your business, but there’s more. Veem charges no wire fees, and offers competitive foreign exchange rates. This means that you can save money on every single one of your global transactions.
Why spend time and money for costly and unsafe international wire transfers when you can use Veem’s mass payout API platform instead?
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