In recent times, a word that is buzzing around fintech solutions is mass payouts or bulk payments. This can be attributed to how different payment solution organizations in the country have worked hard to reduce churn rates, devising new methodologies to scale partner and vendor payments. This has led to the inception of bulk payment options across different payment solution organizations.
Being a pivotal part of today’s banking, bulk payments are on top of the checklists for various fintech organizations. The same can be said about Easebuzz, a fintech solution provider for almost everyone including the likes of vendors, merchants, MSMEs, freelancers among others. Easebuzz looked at the problems associated with managing numerous payments for business and how with different monetization schemes taking over, there is a dire need for managing bulk payouts for business finances.
So, what is a bulk payment?
Bulk payments can be defined as a payment solution that allows a payor to process numerous debit payments to a defined list. This list can include anyone from beneficiaries to credit accounts that need to be paid from a single debit account. These bulk payments can help in disbursing faster payments to happier merchants. Helping merchants in processing these bulk payments is the Easebuzz Wire.
What is Easebuzz Wire?
Easebuzz Wire is a completely secure enhanced platform wherein one can initiate instant payouts to their employees, contacts, vendors, or any set of individuals. This instant money transfer is processed through NEFT, IMPS, UPI, or RTGS depending upon the favored mode, with a two-step verification process on each transaction. Available across APIs and Webhooks, Easebuzz Wire is a payment solution that can be used to monitor money outflow with the ease of generating on-demand reports whenever they are needed.
What problems does the Easebuzz Wire solve?
Being a very handy payment solution in the present times, Easebuzz Wire makes the act of going to a bank physically to deposit money redundant. It provides instant payouts and settlements without the risk of human errors. By providing transparency, accuracy, and security, Easebuzz Wire offers individuals a payment solution that is not limited to working during designated hours.
How can payments be processed through the Easebuzz Wire?
As a payment solution, Easebuzz Wire processes payouts with ease in 4 simple steps:
· Top up the virtual account with the requisite funds (The virtual account is provided by Easebuzz, wherein one can recharge their wire account. This account can then be used to transfer funds to the designated beneficiaries)
· Add the list of bulk contacts
· Add the necessary beneficiaries
· Process the payment through different modes that include UPI, RTGS, IMPS, NEFT
Moreover, the Easebuzz Wire payment solution provides users with a smart dashboard and API support for bulk operations. The dashboard uses smart analytics, visualization, offers customized downloadable reports and helps in decision making. This smart dashboard is also useful in keeping track of all the transactions that are taking place with the users having the option of downloading the reports even in an excel format.
What are the use-cases of Easebuzz Wire?
Being an effective and efficient payment solution, the Easebuzz Wire offers use-cases across myriad areas, that include:
Easebuzz Wire is a hassle-free payment solution to process payments for the organizations.
The payment solution can be used to disburse loans or other financial offerings instantly.
As a payment solution in the digital space, one can also process bulk payments for vendors and other e-commerce players.
The process of transferring earned rewards instantly is easy with an effective payment solution. And Easebuzz Wire provides one with just that.
The process of having payments processed in bulk brings with it numerous advantages. This payment solution is faster, cost-effective, secure, and assures manageability with no errors. It helps the organization save money, energy, and time and helps its employees in focusing on more pertinent aspects that are influential in making the organization grow.