Learn how the right international mass payments solution can drive loyalty and simplify payouts.
Making international mass payments is far from simple. Thankfully the payments landscape is quickly evolving to make global mass payments quicker, more secure, and easier than ever before. In this article, we’ll explain how you can greatly improve your cross-border mass payments experience.
How do International Mass Payments Work?
International mass payments are a way of paying multiple recipients located internationally at the same time. Manually sending payments to thousands of recipients, also known as batch processing, is an arduous process when done cross-border. The best providers will let you upload a spreadsheet with all the necessary data to a secure mass payments application programming interface, or API. This allows you to quickly provide payouts to recipients in numerous countries overseas – and do so in your recipient’s preferred currencies.
Learn how Rapyd Disburse manages international mass payouts, compliance and foreign exchange in one scalable global solution.
The Challenge of International Mass Payments
Enterprise and B2B companies often rely on a complex network of payment vendors, each fulfilling a different need or regional specialty. However, smart businesses are streamlining their payment vendors to reduce costs and increase operational efficiency. These companies are choosing vendors that align with all their business needs and long-term strategy. Too often, businesses will overlook the importance of reach, speed, and technology when selecting their vendor, factors discussed in depth below.
Reach All the Countries Where You Do Business – and Then Expand Beyond
International companies can easily lose their grip on local markets by failing to understand local payment preferences. Don’t frustrate recipients with high-fee wire transfers B2B and enterprise players, especially those with more complex payments needs such as eCommerce, super-apps, BNPL, or gig-economy platforms, must choose their payment providers wisely to ensure they can fully reach their desired audiences.
When done right, disbursements should be quick and easy for you, and part of an exceptional user experience for your workers and partners. The right platform supports disbursing funds to a global audience in a myriad of ways, whether it’s global ACH, pushing funds to ewallets or even issuing your own cards to make building and expanding at scale effortless. Much like how Singapore ride-share company Grab was able to beat Uber with instant payouts, by giving individuals the ability to access funds how and when they want, you’ll keep them working or buying with you – and coming back for more.
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Make Cross-Border Payments Quickly to Drive Loyalty and Capture Market Share
Global companies need real-time payments for faster settlements and to build trust and customer loyalty. However, these often require significant extra steps to integrate with multiple systems. The ideal provider will let you disburse funds to your sellers, suppliers and workers in various currencies quickly using their preferred payment methods and your company’s desired payment types, including direct bank payouts, recurring payments, subscription payments, and split payments.
Companies looking to make payments in countries or regions with poor banking infrastructure but high mobile use should take additional considerations into account when disbursing payments. Such businesses should consider creating a whiteewallet solution to let them quickly and directly push payments to workers and suppliers. By using ewallets with virtual IBAN (vIBAN) accounts, companies can save money from reduced fees on both sides and ensures workers are paid faster, even if they don’t have traditional bank accounts.
The Right Payments Partner Simplifies and Streamlines International Mass Payments
Rapyd Disburse lets you quickly and easily access our Global Payments Network to send mass payouts to recipients worldwide using their preferred payment methods and currencies and reduce costs from international bank transfers. You can integrate mass payouts into your existing workflows and systems, or get started right away with our client portal.
Learn how Rapyd Disburse manages international mass payouts, compliance and foreign exchange in one scalable global solution.
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