Studies show that approximately 82% of small businesses fail due to poor cash flow management. Tedious file management, untimely payouts, less visibility on transactions and unavailability of dashboard to track your daily payout volumes are some of the main problems that merchants face. Hence, to support our merchant partners, we are happy to announce the launch of our revamped Payouts product. This new platform delivers a seamless, efficient and unified payout experience crucial for today’s fast-paced business landscape. Plural Payouts 2.0 is designed to simplify your operations, reduce costs, and enhance your overall financial management.
With our connected banking model, you can transfer funds directly from your YES Bank account to your beneficiaries with unparalleled ease. Imagine the freedom of initiating payouts directly from your business account, bypassing unnecessary intermediaries.
Why did we decide to revamp our Payouts product?
- To build sync reports across our API & dashboards.
- To make payouts more seamless & effective
What does the new Plural Payouts product offer?
To solve merchant challenges, our new product offers:
- Unified dashboard: Say goodbye to managing payouts across multiple platforms. Our unified solution brings together dashboard and API functionalities, providing a centralized system for all your payout needs. The report management system will generate a consolidated file whether you use our product via our dashboard or are integrated with our seamless APIs.
- Accelerated payouts: Experience faster payment processing with our direct and faster payout options, ensuring timely delivery of funds to your beneficiaries. You can initiate on the fly; all you need is to enter the beneficiary account details and the amount and hit send! Moreover, you can schedule payouts based on your preference! You can either cancel or reschedule these payouts based on your plan.
- Complete control: Gain complete visibility and control over your payouts with features like low balance alerts, bulk payouts, and transaction status tracking. You can configure a threshold amount to receive alerts via email when the funds in your account fall below that threshold. We have eliminated the chances of duplicate transactions being sent by putting checks for idempotency.
- Full visibility: Experience faster payout processing, improved success rates, and real-time transaction updates through webhooks. Here, you can configure webhooks to receive real-time updates on the transaction statuses. These webhook configurations can be secured using authorization keys.
- Bulk payout tracking: Individual status tracking for all the transactions uploaded in a bulk file. We have a sample file which you can download, fill in the necessary fields and upload on our system. We generate a separate report where you can track individual transactions with appropriate error messages for failed transactions.
- Test it, then use it: Hesitating to test on the production environment? We have built an in-house simulator that will help you test out all the features we have on our platform before integrating with us. We have incorporated several scenarios pertaining to payouts and have a dummy account which you can use to see instant results.
A glimpse of our Payouts 2.0
What’s Next?
In a future release, we are targeting highly customisable and easy-to-use features that can provide a little extra zing to your business. Here is what is cooking:
- Beneficiary management
Soon you will have the ability to add and manage your beneficiaries on our platform. They will be able to add, fetch, delete and update the beneficiaries as per will. Also, you will be able to initiate payouts to these beneficiaries as well using the Bene ID we will create for these beneficiaries.
- Verify beneficiary
This is going to be an optional step in which you will be able to verify a beneficiary by performing a penny drop verification. This step takes place after a new beneficiary has been added. You can even verify a beneficiary on the fly, by choosing to verify your beneficiary before initiating the payout.
- Maker-Checker Flow:
Organisations can require multiple levels of approvals for certain payouts. Payouts can vary based on the account from which a payout is being initiated, transaction type, amount etc. This customisable feature will allow you to assign roles pertaining to payout creation and approvals in your organisation.
Conclusion:
At Plural by Pine Labs, we are committed to empowering our merchant partners with innovative and efficient solutions. The revamped Plural Payouts platform is designed to streamline your payout processes, saving you time and effort while ensuring accuracy and control. Ready to transform your payout process? Connect with us today to get started with Plural Payouts by simply clicking below!
An IIT Kanpur alumnus with a dual degree in Chemical Engineering Adarsh has 1+ years of experience building merchant payout solutions at Plural by Pine Labs. He has a proven ability to deliver impactful products from ideation to launch & is always excited in building innovative solutions to complex business challenges. Also, Adarsh is a drummer by passion!
