A business generally takes about 10 days to process a single invoice. Imagine how you can use all that time to fuel the company’s growth rather than spending it all on something that can be automated. No high-growth business would want to lose resources like that.
Processing payments too is undoubtedly an important task but as your business grows over time, so do the demands of this whole process. There’s always someone you have to pay every single week and in some cases, even every single day. If you’re relating to this, having a Payout partner in place might be what you need.
Now before we go ahead talking about a payout partner, let’s understand what a payout is.
Every payment that your business makes to someone comes under a Payout, consisting of all outbound payment disbursals made by a business to their customers, suppliers, vendors, stakeholders and even employees.
So, all the cashback offers you may want to have on your website, payments to delivery partners, employee salaries and reimbursements, etc. come under the umbrella term “Payouts.”
Now, why should you care about it as much as we do?
Because 67% of companies reported payout automation to be the key to growth , each of them having at least 2,500 payables every month. Not just it sped up the whole process but it also made it easier to manage all the beneficiary data, track all the payments and was much less prone to errors.
In fact, payouts can also turn out to be a useful growth-driven tool if used right. Moving ahead, we’ll explore how.
Hatio Payouts: Automate Payouts with ease
Hatio Payouts is a tech-first payout solution that enables you to automate your payouts, once and forever. It’s a powerful API, using which you can make your whole payout process simple, secure and instant. You can concentrate on growing your business while Hatio handles your payment outflows.
You can integrate it free of cost and get started in just 3 simple steps-
Add Funds: Add money to your Hatio Virtual Account from your bank account. It gets credited as soon as it reaches our account.
Add beneficiary: You can add a number of beneficiaries and add their details like their Bank Account Number and IFSC or UPI Address. It’s the same process whether you want to make a payment to them once or repeatedly.
Initiate payouts: Lastly, you just have to choose your beneficiary and payment method to make an instant payout. You’ll also be able to know the status of your transaction and the credit information easily.
Once done, you’ll have access to detailed reports of all the transactions as well as the beneficiaries that you’re managing. And that brings us to the question: who’s it for?
Who is Hatio Payouts for?
Although any business looking to streamline its payment processes can use Hatio, here’s how a variety of businesses are using Hatio for various purposes:
1. E-commerce: E-comm businesses usually have multiple suppliers and affiliates that they need to pay on a regular basis. Along with that, a lot of e-commerce stores like to offer cashbacks and COD refunds to their customers, which can be done instantly with Hatio.
2. Retailers: Retailers can now pay their suppliers and contractors automatically, without having to do it again and again, every single day.
3. Insurance: Insurance claims can now be settled right then and there along with other related payments that can be sent to customers easily and quickly.
4. Healthcare: Payments to healthcare providers, insurance companies and patients cannot afford any delay or errors, both of which are minimised by Hatio.
5. FMCG: FMCG companies can incentivize their sales team by offering commissions and instant incentives whenever they achieve any goals or milestones.
6. Ride-hailing & Delivery services: With the rising demand of delivery partners, making their payments on time has also become a rising concern that Hatio is capable of taking care of.
7. Miscellaneous: And lastly there are the miscellaneous payments like salaries, bonuses, reimbursements, etc. to employees that almost all businesses have to make.
If you fit into any of the above categories, Hatio can prove to be the right Payout partner that can help you scale your business. How? Let’s explore that.
Relevance to businesses
Inefficient payout processes can significantly impact a business’s operations, reputation, and bottom line. Hatio Payouts addresses these challenges head-on by helping businesses to:
1. Make instant payments: Disburse payments in under a minute.
2. Track the transaction: Know the status of each payment in real time.
3. Make bulk payments: Add a number of beneficiaries and pay them all in one go.
4. Add payees quickly: New beneficiary addition and activation is instant.
5. Have all the rundowns: Get a summarised view of all payments you make to a beneficiary.
6. Get detailed reports: Gain insights on all your fund movements to make better financial decisions.
7. Reconcile your funds: Quick and hassle-free reconciliation with guaranteed accountability.
Having your financial outflow sorted could be exactly what your business needs to go one step ahead. Being a Billdesk subsidiary company, we take it upon ourselves to make sure that each of your business transactions goes through instantly and securely.
If you’re ready to scale, you can book a demo call with our experts or try our demo product directly. In case you have any doubts, feel free to drop them below and we’ll get back to you.
