Given that it's the middle of December, chances are good that you're setting goals for your business' performance in 2019. Whether you are a marketplace for goods and services, an online travel agency, or a payments service provider, it is important to establish an action plan to effectively pay out recipients and business partners worldwide.
Every payout solution is different and some carry more disadvantages than advantages. Don't wind up with a less-than-optimal payouts provider! Follow our 2019 Payouts Checklist below to make sure you have the following in place:
A payout solution that is cost effective
When you're making multiple payouts each month, every penny counts. If you're dealing with a payouts provider that doesn't provide costs upfront, your business can be bombarded with excessive and hidden fees. When choosing a payout solution, make sure you check whether the provider willingly discloses all fees for both you and your recipients.
A service that provides real-time transaction statuses
Real-time transaction statuses not only let you track all of your transactions, but eliminate the stress of wondering where your money is. A payouts provider that offers 24/7 monitoring, offers a key to successful payouts - TRANSPARENCY. With transparency, your business can track each and every transaction so you and your recipients know the exact status of a payout at any given time.
A payouts provider that has an in-house compliance team
A payout specialist that has an in-house compliance team is more likely to take understand the intricacies of the payout industry than a payouts provider that outsources compliance. Whether the task at hand is monitoring suspicious activity or ensuring that payouts are complying with the myriad rules and regulations, a payouts provider with an in-house team is more likely to have a handle on each transaction than one with an outsourced compliance team.
Paying out with the least number of intermediaries involved
When your business is making payouts, reducing the intermediaries involved also reduces fees. Local Bank Transfers are a payouts structure that skips the middlemen and instead, delivers funds directly from a company's bank account into the bank account of the recipient. This way, you save on extra and unnecessary middleman fees.
A service that offers payouts in local currency or USD
Doing business globally can introduce all sorts of complexities into your business operations. To fully support your global expansion plans, your payouts provider should provide payouts in all major currencies. For example, if a recipient in Mexico received their payment in USD, they’d have to convert it into Mexican Pesos, which often means added conversion fees that cut into their payment.
Make sure to check each item off this list! Contact Transpay to Speak With a Local Bank Transfers Specialist today.