Managing the payouts offerings for a two-sided marketplace, network or other growing business is a complicated affair. Depending on your business, you may be dealing with freelancers who contract their expertise to clients, sellers who sell physical or digital goods, property hosts who rent their vacation homes, or publishers who display ads from your network on their website or blog. If you work with any of these types of global partners, there is one thing they have in common: They are all undoubtedly thinking about how they will get paid for doing business on your platform.
Competition for the best global partners, whether they are freelancers, sellers or another kind of partner, is on the rise. That’s why many factors – including easy, efficient and transparent payouts for global partners – are critical for marketplaces.
What can happen when you offer multiple payouts options is that your marketplace might start attracting and retaining the best-quality global partners. That’s why most forward-thinking payments leaders are building payouts channels that are solving pain points of global partners. Because there is no one-size-fits-all when it comes to recipients and payouts preferences, offering two or three payouts options has become an accepted best practice, and having redundancy in payouts methods is recommended. For example, if you view direct bank deposits as the foundation of your payouts offering, then other methods such as bank wires, prepaid cards and e-wallets are the walls. Features that shield your business from risk, such as compliance, are the roof. What you will have constructed is an integrated payouts channel that serves and shelters your business while empowering global partners to receive funds in the way that suits their personal preferences.
And in fact, bank deposits are one of the simplest ways to send funds worldwide. In fact, their reliable, low-cost means of delivering funds into a bank account is why they are one of the leading payments preferences of recipients globally. Transpay offers a superior bank deposit service that delivers funds to local bank accounts worldwide while ensuring compliance with laws and regulations within those jurisdictions. Our network includes in-house treasury and FX management, regulatory compliance and risk management functions. Equally, Transpay excels at delivering funds to a mobile wallet – an especially important option in countries such as Kenya, where mobile wallet M-Pesa enjoys widespread usage – or for cash payout at one of our more than 250,000 locations worldwide. To learn more about addressing your global partners’ payout preferences, contact one of our payouts specialists today.