Payout Links essentially help you send money to anyone whose fund account or bank details you do not have.
To make a payout in such cases, you would reach out to the contact via phone or email and ask them for their bank account details. Usually, there are multiple follow-ups between you and the contact for this. Once you get the details, you would send them to your Finance team who would upload these onto your bank portal and then process the payout to the contact.
This is usually a time-consuming and tedious process with the contact receiving the money 7-10 days after you contacting them. This process heavily impacts the customer experience.
With RazorpayX Payout Links, all you have to do is create a payout link. The link is sent to the contact via an SMS and Email. The customer then opens the link and enters their fund account (bank account or UPI) details. The moment they enter their details, the payout is processed instantly and they receive the money in the account of their choice.
For any ecommerce business, Cash on Delivery (COD) is one of the major modes of payment. Whenever a COD order is returned, businesses typically have to reach out to the contact to get their bank account details to refund the order.
With Payout Links, you just need to send a payout link to your contact and they can use it to get their refund in their preferred fund account.
Over the last few years, we have seen an increase in the rental business such as housing rental, furniture rental, appliance rental, car and bike rental and clothing rental.
All these rental services require an upfront deposit to be paid in exchange for the goods. Once the usage period ends, the deposit amount must be returned.
To refund the money, you have to reach out to the contact to get their bank account details. With Payout Links, you just need to send a payout link to your contact and they can use it to get their security deposit back in their preferred fund account.
For Gaming companies, getting fund account information to payout winnings can be a cumbersome process. With Payout Links, you can just send them a payout link and their winnings are processed instantly!
- Referrals and Cashbacks
Any business which wants to offer Cashbacks and other Referral payouts can do so instantly using Payout Links.
Payout Links also work when businesses want to process incentive payouts to partners, customers and so on.