A bulk payment is a system that allows a company/individual to make debit payments to multiple beneficiaries. For instance, payouts.
Here, the bulk list is the list of beneficiaries that the creditor intends to pay from a single account. The creditor’s bank statement reflects this bulk transfer as a single payment.
Fintech players like Yo! Uganda have more user-friendly solutions for bulk payment processing. They are faster, highly scalable and offer higher security.
Today, we shall try to cover the different benefits of bulk payment solutions for businesses. To begin with, many businesses use bulk payments on a daily, weekly and monthly basis.
Businesses need to pay their employees on time. For employee satisfaction, this payment must be done timely and without any glitches. You may need to ensure that your employees can withdraw earnings to their bank accounts instantaneously.
Many businesses use Yo! Uganda to make payouts to employees. The partners can request a payout on their daily earnings according to their need. This leads to partner satisfaction and high retention rates.
Employees are a regular beneficiary of a company’s payout structure. However, things might get a little tricky when it comes to contractors.
Contractors may require instant payments. Here, businesses like yours cannot afford to be tied down to financial institutions’ working hours. Moreover, you may require to disburse payouts in different payment modes like bank transfer, or mobile money.
You may also need to pay your vendors and ensure that the marketplace settlements run smoothly. Evidently, as businesses grow, so does the complexity of handling it.
You may need to automate vendor management. Moreover, you may need to split the payments in complex ways.
Refunds are a part and parcel of an e-commerce system. You may require to process refunds automatically and efficiently to ensure customer satisfaction.
Of course, this is easier said than done. You may need partial or instant refunds services – a feature that is rather new in the payments space. Moreover, you might want to initiate the refunds from a dashboard where they can track their progress.
Businesses and stores running contests need a bulk payment system to disburse the prize money. For instance, an online gaming company can disburse winnings to participants. Here, the payment disbursal needs to be seamless and fast.
A failure of this can result in distrust of users and thus damage to the company’s reputation.
Now that we have covered the various benefits, you as a business owner, may need to think about investing in bulk payment services.